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I don't blame insurance companies. The skyrocketing costs must make this a very difficult coverage to offer.
I'm not giving up what I've paid in on all these years, but I no longer think it is going to be sufficient, if I develop something expensive, like dementia.
LTCShop: There are no set-up fees and no recurring fees. He only has to pay his monthly premium of $189.
Igloo: "If he forgets to pay, at what point (60 days, 90 days, more) is the policy cancelled?"
LTCShop: His premium is paid electronically each month from the same account into which his pension and social security are deposited. If for some reason the premium is not paid there is a 31 day grace period. If the premium is not paid by the end of the 31 day grace period another notice is sent to him, and a notice is sent to a relative that he has designated. He has 35 more days from the date that notice is sent to pay the premium (a total of 66 days from the premium due date).
Igloo: “Whats the 69 yr old initial period of self pay before the LTC will pay....is it 60 days?, 90 days?, 120 days? And will any hospitalization or “observation” days count towards the initial period of self-pay?”
LTCShop: He does not have to “self pay” for care during the 90 day Elimination Period. A relative could care for him during that time and that would satisfy the 90 days. Days in a skilled nursing home that are paid by Medicare would also count towards the 90 days.
Igloo: “This policy on the 69yr old make, is a really a traditional LTC insurance policy OR is it actually a “hybrid” so it’s life insurance or an annuity that allows for some of the policy to be used for LTC? So it’s actually bundled and not just a LTC policy?”
LTCShop: It is NOT a hybrid. It is a long-term care insurance policy. It is a special type of long-term care insurance called a “long-term care partnership policy”.
Igloo: “Just how does he get to “protect 200k of his assets.... from Medicaid”?”
LTCShop: He is a resident of Ohio. Ohio is one of the 44 states that has a Long-Term Care Partnership Program. If he uses up the benefits in the policy, he can apply for Medicaid. For every dollar the policy has paid in benefits he can protect one dollar of his assets from Medicaid. If the policy pays him $200,000 in benefits, he can apply for Medicaid and keep $200,000 of his countable assets.
Igloo: “Of the 3 LTC insurance companies you write the most, are all 3 licensed to sell in NY state?”
LTCShop: The 4 LTC companies I write the most are all licensed in NY state.
Whats the 69 yr old initial period of self pay before the LTC will pay....is it 60 days?, 90 days?, 120 days? And will any hospitalization or “observation” days count towards the initial period of self-pay?
This policy on the 69yr old make, is a really a traditional LTC insurance policy OR is it actually a “hybrid” so it’s life insurance or an annuity that allows for some of the policy to be used for LTC? So it’s actually bundled and not just a LTC policy?
Just how does he get to “protect 200k of his assets.... from Medicaid”?
Of the 3 LTC insurance companies you write the most, are all 3 licensed to sell in NY state?
As others have said the premiums are prohibitively expensive unless you start in your early 59s then you pay so much in premiums that you would be better off saving the money and investing wisely. Nothing I would consider even if they would have me now.
Thanks for that info. My mother has a great LTC policy, which she will never use. Daddy wanted her put in an ALF when she became a burden--well, we're well past that and my POA brother will never allow mother to leave his home. He intends to care for her until death. While that's admirable, he's counting on family help and I am the only one who can offer any--the other 3 sibs are totally MIA and do not want to be involved. Mother is still walking and caring for herself pretty well, but she is bored and lonesome.
We can't get LTC on hubby, he is a liver transplant recipient, but we can on me. I am going to look into it. I am sure I will have to take care of my hubby in his old age, but he would not do the same for me.
LTCS: Long-term care insurance policies that meet the federal guidelines only require assistance with any 2 of the 6 activities of daily living. If these people owned a policy that required needing assistance with 5, then it was definitely not a long-term care insurance policy they owned.
KK: “I found the insurance company was constantly looking for any reason to disqualify them. It was a constant fight to get benefits paid. And every 3 months we had to go through the whole thing again, meanwhile the benefit payments would stop. Massive hassle”
LTCS: This is why it’s important to buy long-term care insurance policies that meet the federal guidelines.
LTCS: Once a long-term care policy is issued, the insurance company cannot cancel it, unless the premium has not been paid. 13 different companies currently sell new long-term care insurance policies.
KK: "You don't get much benefit in the first 10-15 years, and after that the lifetime cap is too meager."
LTCS: With long-term care insurance, the full benefits are available from the very first premium payment. It doesn't sound like the policy they had was long-term care insurance. It sounds more like an annuity.
KK: "My parents bought a very generous plan when they were about your age. Cost them about $600 per month for both.... For the benefit it actually paid out they would have been miles ahead to put that same money away and save it. After 25 years of paying into that...the max lifetime cap was $215,000. They would have had far more than that even with low interest on their savings."
LTCS: Today a healthy, 70-year old couple, can share $200,000 of benefits for $146 per month per spouse. If the policyholder lives in one of the states that has a long-term care partnership program, their assets can be protected even if the policy runs out of benefits.
Personally I found that LTC are best used for those who can stay at home that is aging friendly and have either a lot of other $ to pay for caregivers outside of those paid by policy AND have $ to pay for home maintenance guys AND family nearby that can & will help mom & dad age out in their home. And if that is not likely your situation, it’s a waste as facility costs will outstrip the policy.
The conversion life insurance policies are nice. But you have to have a chunk of $$$ to get one done now as your almost 70. You needed to buy them before 60 to get any decent rats. Or have a lot of $$ to fund one written basically on a 70 yr old. Like your company is doing a merger so your getting $$ in the buyout and that big chunk goes to buying a comvertable life insurance policy.
https://www.consumerreports.org/cro/2012/08/long-term-care-insurance/index.htm
Most of them that are left really are a bad buy. You don't get much benefit in the first 10-15 years, and after that the lifetime cap is too meager.
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My parents bought a very generous plan when they were about your age. Cost them about $600 per month for both.... For the benefit it actually paid out they would have been miles ahead to put that same money away and save it. After 25 years of paying into that...the max lifetime cap was $215,000. They would have had far more than that even with low interest on their savings.
Of course, neither one of them lived long enough to use more than $30,000 of benefit!
Also....the benefit qualification was near impossible to meet....they had to have All 5 qualifications.... cannot walk, cannot dress themself, cannot eat (not cook.but actually had to be spoon fed), cannot bath themself, cannot toilet by themselves.
I found the insurance company was constantly looking for any reason to disqualify them. It was a constant fight to get benefits paid. And every 3 months we had to go through the whole thing again, meanwhile the benefit payments would stop. Massive hassle
My mom had long term care insurance. She developed dementia and no longer making wise decisions. Then stopped paying her premiums so the policy lapsed and not reinstated. She paid in for 10 years or so. Money lost, no coverage. Just make sure you set it up so you do not see this money at all so payments continue to be made.