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Guess what?
Its wasn't and it isn't. If mother were to use hers now, she would get about $75 a day added to her SS, That won't make a hill of beans difference. As they had added a codicil to include in home CG's, it could have been used all these years we kids (well, 2 of the 5) could have been helped along. As it is, I don't think she'll ever recoup a cent. Dad thought he was saving us kids the trial of having a difficult patient in mother, and he was right.
YB who is her self appointed primary CH will NOT ALLOW outside help of any kind.
DH and I have just been saving like crazy so we will not be burdens to our kids. That;s probably the best LTC insurance.
Many struggle to pay the increase because of a sunk cost. I already have this much invested. There are many who will disagree. But when you 30 tax and insurance attorneys say nah, I think one is wise to heed that.
If you are determined do,look into when they start paying. Under what criteria? How many facilities accept LTC pay, because many no,longer do so.
Read the fine print. Ask around who takes payment. From which companies. Why not yours.
The best LTC policy that we looked at a year or two ago included a partial return of premium if it went unused or kinda like life insurance. Even so, we decided against it.
The only direct experience I've had with LTC insurance was a family member who became a quadriplegic. He collected an amount about equal to what they had paid in over the years. Now, it's a lot more expensive than what they paid in premiums.
I do think insurance is important for many people--young families, especially, for example. But it needs to be based on your individual means and needs.
So, what made you decide to do it, specifically?
In fact, to "set aside" money would seem to imply not spending it on insurance.
If you have an LTC policy, it is most likely that at the time you need it, YOU WILL NOT BE ABLE TO HANDLE THE PAPERWORK AND LEGWORK TO FILE THE CLAIM. Therefore, you must have someone that will be there fore you TO FILE THE CLAIM for you. Otherwise I would say the policy is worthless.
There is extensive initial paperwork, including visiting doctor(s) to sign-off on things, there is monthly paperwork, and there is annual paperwork to continue the claim. I am lucky that my dad purchased a policy when they were spectacular and the policy has paid out as promised. It's my understanding you cannot buy a policy like this one anymore.
Just a thought.
Sort of like the question of whether to collect social security at 62 or 66 or 67. It depends. I will admit the LTC question is more complex and I doubt if anyone has the answer without the caveat being added that it is a gamble. So the question might be "Are you felling lucky" I didn't buy it. Will I regret it. "It depends".
I don't have the skills to work out comparisons but if I was single woman with no children I would feel my best course would be to set up an account as early as possible and keep it for this purpose only.
Your concerns about rate increases would be valid if long-term care insurance companies were allowed to price their new policies, available for sale now, the same way they priced their policies 10 to 20 years ago.
Fortunately, insurance regulators do NOT allow any policy purchased today to use the old pricing assumptions. To protect consumers purchasing LTC policies today, 41 states have passed strict pricing regulations. The new regulation has helped curb long-term care insurance rate increases because it forces long-term care insurance companies to lower their profits if they seek a rate increase. Even if a rate increase is approved, due to this new regulation, the result to the insurance company is less profits. Which insurance company wants to lower their profits?
Now that’s good news and that’s bad news. The bad news is that a policy purchased today costs more than a similar policy that was purchased 10 years ago.
The good news is that since today’s policies are priced more conservatively they are less likely to have a large premium increase in your lifetime.
That's a real eye-opener. Thank you.
The insurance companies love it when people buy these single-premium hybrids.
1) They earn money on your money for a very long time. The investment return on your deposit is usually less than zero. When you look at the guaranteed surrender value, if you cancel the policy you usually get back less than what you put in.
2) When you need care, they use your money first. If, for example, the single-premium is $100,000, they’ll use that money to pay for your care FIRST before they use their own money. If the single-premium is $100,000, essentially you’re buying a long-term care policy with a $100,000 deductible.
3) When you need care, you'll have to use even more of your own money.
A $100,000 single-premium “hybrid” policy will probably pay less than $4,000 for each month that you need long-term care. From the very first month you need long-term care you’ll have to use your own money in addition to the $4,000 the insurer gives back to you each month. Most “hybrid” policies have no inflation protection. Twenty years from now, if care is costing $12,000 per month, you’ll have to pay $8,000 per month from your own money to make up the difference.
I do this type of analysis for my clients every day. 99 times out of 100 these single-premium products are a bad deal for the consumer and a great deal for the insurer.
Thanks for making the distinction between projected values and guaranteed values. I'm curious about why you say they're not a good value for someone in their 50s or older. Can you point me to a resource or provide more information?
I was thinking it could be a good thing to purchase around age 60 when you have a good idea of what your available retirement funds will be.
A Life/LTC "hybrid" policy is usually a great choice for someone who buys it in their forties (maybe early 50's). They are usually not a good value for someone older than that. Be careful because not all hybrids have guaranteed premiums or benefits. Don't judge the policy by the "projected values". Judge the policy by the guaranteed values. Also, keep in mind that most hybrid policies do not have any inflation protection.
At least 50% of the seniors in the United States should NOT own long-term care insurance because they can qualify for Medicaid. Your mother is one of them. She doesn't need long-term care insurance, she has Medicaid. Today, when someone buys long-term care insurance, there's a form they have to complete regarding their income and assets. The form is designed to prevent people from buying long-term care insurance if they can easily qualify for Medicaid. It's a very important form and it's been required in most states since the late 90's. If that form had been required 23 years ago, in your mother's state, the insurance company would not have issued her a policy.
She is never going in to care. Brother will NOT ALLOW IT. She's with him until she dies. The mtg simply established what the rest of us sibs needed to know--was there really any money there for her care. Answer, no.
LT companies prefer to pay the Home Care benefit as it a smaller payout. Moving to the next level, Assisted Living , can be difficult as many policies claim to be " Nursing Home" only, when in fact, the contract verbiage covers Assisted Living.
Policies purchased now will also have issues, as no one can foresee the future.
You all need to know that if you have planned on your long term care to pay for your needs in 30 years, withno plan B , then you are taking a big risk!
The insurance landscape will have changed, as will the different types of facilities available. Care offered in 30 years from now, will most likely be very different ,with different licensing from today. These differences greatly affect your ability to collect on a claim.
Collecting on any insurance policy is never certain. Long term care is no different.