topic Re: Long Term Care??? in Wellness

Long Term Care???

Jhincher — Tue, 18 Feb 2014 19:44:54 GMT

Does anyone know anything about Long Term Care Insurance and is it worth it?

Re: Long Term Care???

millieshops — Tue, 18 Feb 2014 20:07:12 GMT

What you will get here is personal experiences, but unless you know ages, income, family situations, savings, health conditions, etc., those experiences may have nothing to do with who you are.

No one, whether here or someone selling financial products, ought to be telling you whether LTC is "worth it" until they know the answer to all the above topics and more.

My advice to anyone I advise is to read as much as you can find out about LTC and then ask a more specific question, but be very careful. That whole industry is undergoing massive changes, so books and articles written even 5 years ago aren't necessarily true for today.

Re: Long Term Care???

walkingal — Tue, 18 Feb 2014 20:17:17 GMT

As soon as the government agency who I was working for offered LTC insurance, I signed up for it. I'm retired now, and I still kept it. I wouldn't be without it. It puts my mind at ease. Check out the web sites of some of the popular financial advisors like Suse Orman, Dave Ramsey, and see what insurance companies they suggest.

Re: Long Term Care???

LilacTree — Tue, 18 Feb 2014 20:47:06 GMT

I am presently a recipient of long term care benefits. It tooks months to get it processed, and a lot of work on my part, but I am qualified to receive it and I am receiving it. It is making a huge difference in my life, and I am so glad I stuck with paying the premiums for twenty years. It was expensive, but I made it a priority because I knew that was all I was going to have. Coincidentally with my claim, the premiums have doubled for those who still have the policy but are not sick yet. I don't know if I could have afforded to keep it based upon the new premiums. For once in my life, I got in just under the wire. Once one starts collecting, premiums are no longer required to be paid.

It is changing though, the policy I had is no longer available from my insurance company for new employees. I was obviously "grandfathered" in because I had the policy for so long. With people like me living longer, but quite debilitated, I think the insurance companies lose money on long term care policies now, so they are beginning to stop offering them.

If one has a policy, I would suggest keeping it. The benefits are very significant once one has qualified.

Re: Long Term Care???

kaydee50 — Tue, 18 Feb 2014 21:08:09 GMT

DH and I are in our mid 60s and we opted not to get LTC insurance. To me it seems that there are too many loopholes, i.e., premiums can escalate dramatically, companies go out of business. etc. Since we have no children, at some point we plan to enter a Life Care facility that has independent living, assisted care and nursing home all in one building. The entrance fees and monthly costs can be substantial but we feel it is a better value for us and will provide security and peace of mind.

Re: Long Term Care???

Kachina624 — Tue, 18 Feb 2014 21:36:51 GMT

I've had it for years and wouldn't be without it. The younger you are when you enroll, the cheaper the premium.

Re: Long Term Care???

Barbiedr — Wed, 19 Feb 2014 07:01:02 GMT

Susie ORMAN said it was a great thing IF you are sure you can continue to afford to pay the premiums well into retirement. To start it and then drop it because it got too expensive, would be a total waste.

Re: Long Term Care???

151949 — Wed, 19 Feb 2014 14:27:12 GMT

After learning what it cost to keep my Dad in a nursing home for a few months, DH and I signed up for this insurance as soon as we turned 50 through AARP. Ours is through Met Life - despite that someone on this BB insists that Met Life no longer offers this insurance. They still send us a monthly bill and we still pay it so the coverage does go on. We are now 65 & 69 and if we tried to buy coverage now it would cost a fortune - you really have to buy it as soon as you can so the high cost of it is spread out over a period of time. We did not need to get physicals or send them any health information. Personally , i would not be without this coverage. Ours is called POST HOSPITAL COVERAGE. So it covers home health aides and nurse and PT or hospice or nursing home care. Good luck in your research about this.

Re: Long Term Care???

151949 — Wed, 19 Feb 2014 14:28:40 GMT

On 2/18/2014 Barbiedr said:
Susie ORMAN said it was a great thing IF you are sure you can continue to afford to pay the premiums well into retirement. To start it and then drop it because it got too expensive, would be a total waste.

The thing is - if you start it while you are younger it isn't that much per month. It only gets pricey when you wait to get it til your older.

Re: Long Term Care???

151949 — Wed, 19 Feb 2014 14:29:25 GMT

OP - look into AARP and see what they have to offer.

Re: Long Term Care???

Lucky Charm — Wed, 19 Feb 2014 17:40:11 GMT

We have it and got in in our early 50's. We pay one annual premium to keep costs down. We had to have physicals, our doctor had to fill out a lot of paperwork (I saw it all). Before that process our agent came to our home and asked us a million questions. I know that high BP, depression, obesity, etc. could knock you out of eligibility. I'm surprised some policies are issued without even a physical.

Re: Long Term Care???

Tinkrbl44 — Wed, 19 Feb 2014 23:37:25 GMT

I can offer a few insights ....... Long term care is a good tool to preserve assets when someone needs care. Not all people should buy it ..... if it's going to a challenge to keep it, unless you have some "threatening" hereditary illness, maybe you should pass. I can't help with that,

HOWEVER ............. There's 3 types of coverage that should be in a policy and here are examples. I'm a little fuzzy on the terminology, but you'll get the idea.

1. In home care. Most people want to stay in their home rather than lose it and move into a facility, so there's coverage for X number of visits per week or month.

2. Temporary rehab. Grandma goes out to get the mail, slips on ice and breaks her hip. She has surgery and goes into a rehab facility to recover ... and then goes back home.

3. Permanent residence. Grandma cannot live on her own and has to go into a facility and won't be coming out. The home will be sold.

One important point ..... EVERY LTC policy should have an inflation rider in it ... usually increases daily benefits by 5% per year. A policy without the inflation rider is a total waste of money!

Ladies ....... LONG TERM CARE IS A WOMAN'S ISSUE ........... Statistically, with older couples, the husband dies first ..... and who takes care of him while he is in poor health and dying? The wife. Now, the widow becomes ill ... who takes care of her? Many women now believe that "no one is going to do for me like I did for him" .... and buys insurance. Just a situation to consider.

Hope this helps.

Re: Long Term Care???

LilacTree — Sun, 23 Feb 2014 17:24:42 GMT

On 2/19/2014 Tinkrbl44 said:
I can offer a few insights ....... Long term care is a good tool to preserve assets when someone needs care. Not all people should buy it ..... if it's going to a challenge to keep it, unless you have some "threatening" hereditary illness, maybe you should pass. I can't help with that,

HOWEVER ............. There's 3 types of coverage that should be in a policy and here are examples. I'm a little fuzzy on the terminology, but you'll get the idea.

1. In home care. Most people want to stay in their home rather than lose it and move into a facility, so there's coverage for X number of visits per week or month.

2. Temporary rehab. Grandma goes out to get the mail, slips on ice and breaks her hip. She has surgery and goes into a rehab facility to recover ... and then goes back home.

3. Permanent residence. Grandma cannot live on her own and has to go into a facility and won't be coming out. The home will be sold.

One important point ..... EVERY LTC policy should have an inflation rider in it ... usually increases daily benefits by 5% per year. A policy without the inflation rider is a total waste of money!

Ladies ....... LONG TERM CARE IS A WOMAN'S ISSUE ........... Statistically, with older couples, the husband dies first ..... and who takes care of him while he is in poor health and dying? The wife. Now, the widow becomes ill ... who takes care of her? Many women now believe that "no one is going to do for me like I did for him" .... and buys insurance. Just a situation to consider.

Hope this helps.

I have:

1. In home health care (my rental apartment).

2. My family is allowed to take care of me at any time (called "informal care").

3. They are allowed to come on their own schedule, unless I need them for a specific reason (like a doctor appointment).

4. My last premium paid prior to receiving benefits was refunded to me.

5. My benefits were retroactive to the beginning of my symptoms, surgeries, hospitalizations, etc. That was six months of benefits. Also received 15 days of benefits for the prior three months which was the deductible period.

Although I had to do a lot work myself in getting the records to them (no small feat), once they received the information, they worked very fast and I received my first benefit check (the retroactive one) within two weeks.

I guess it depends on which insurance company one has and what their benefit policy is, but, I have already received more in benefits than I paid in premiums over the prior 20 years before I submitted my claim.

In my case, it was definitely worth the sacrifices I had to make to keep the policy going for so long. My family appreciates it too, because they don't have to be financially responsible for me. It was the best choice I ever made financially, and certainly healthwise.

Re: Long Term Care???

bonnielu — Sun, 23 Feb 2014 17:35:35 GMT

We have it. I feel more comfortable that way.

One caution: Make sure there is a third party who will be notified if you accidentally do not pay for the insurance. They will cancel you in a flash. Good friend with dementia cancelled policy by mistake. Needs insurance for himself and his wife. His son went looking to activate it and it was all gone. Insurance company said "what policy" to him. He WAS the third party to be notified but they SAID they mailed a letter. None came to him. He went to his state congressman and the vote failed. I have approached our representative to look into a state mandate.

I called my insurance company (agent who sold it) and requested they contact me by phone, gave them my daughter as third party. However they and the insurance company will not use registered letter. THEY DO NOT HAVE TO.

Need legislative help to push insurance companies to use both third parties and send registered letters. These policies are primarily for seniors who often eventually have failed health and might not remember to pay the bill, monthly or annually as in our case.

Re: Long Term Care???

LilacTree — Sun, 23 Feb 2014 17:57:09 GMT

On 2/23/2014 bonnielu said:
We have it. I feel more comfortable that way.

One caution: Make sure there is a third party who will be notified if you accidentally do not pay for the insurance. They will cancel you in a flash. Good friend with dementia cancelled policy by mistake. Needs insurance for himself and his wife. His son went looking to activate it and it was all gone. Insurance company said "what policy" to him. He WAS the third party to be notified but they SAID they mailed a letter. None came to him. He went to his state congressman and the vote failed. I have approached our representative to look into a state mandate.

I called my insurance company (agent who sold it) and requested they contact me by phone, gave them my daughter as third party. However they and the insurance company will not use registered letter. THEY DO NOT HAVE TO.

Need legislative help to push insurance companies to use both third parties and send registered letters. These policies are primarily for seniors who often eventually have failed health and might not remember to pay the bill, monthly or annually as in our case.

That is reprehensible. I hope they can get that reinstated.

Re: Long Term Care???

chrystaltree — Sun, 23 Feb 2014 18:03:25 GMT

If it gives you a sense of security and if you can really afford it without making concessions, get it. Odds are you will never need it. The vast majority of elders never need long term care. If you get it,do it while you are young. The older you get, the more expensive it gets.If you can even get it after a certain age.

Re: Long Term Care???

katiescarlett — Sun, 23 Feb 2014 18:08:54 GMT

I have had long term care insurance for years through my employer and I signed up as soon as it was offered. I did not have to have a physical and I don't recall having to provide health information. My premiums are lower because I signed up when I was younger. I am hoping that it will allow me to stay in my home, should I need to use the policy, particularly as I live alone and will be retiring soon.

Re: Long Term Care???

lulu2 — Sun, 23 Feb 2014 18:20:37 GMT

My FIL is 90 and has had a policy since the late 1970's. He has numerous chronic conditions but it's his mobility that is most compromised. He should be in a nursing home but refuses to go into one. My SIL lives with him and takes care of his needs. His policy would pay for home health care but will not pay her a nickle because she is not a certified home health care aide. My FIL refuses to allow an outsider come into the house so the policy is pretty much useless.

Be careful and read the details.

Re: Long Term Care???

LilacTree — Sun, 23 Feb 2014 18:37:50 GMT

On 2/23/2014 lulu2 said:
My FIL is 90 and has had a policy since the late 1970's. He has numerous chronic conditions but it's his mobility that is most compromised. He should be in a nursing home but refuses to go into one. My SIL lives with him and takes care of his needs. His policy would pay for home health care but will not pay her a nickle because she is not a certified home health care aide. My FIL refuses to allow an outsider come into the house so the policy is pretty much useless.

Be careful and read the details.

I don't blame him. I wouldn't want strangers in here giving me baths, etc., either. I am so fortunate that my family is allowed to take care of those things for me. I guess he should have confirmed that before he paid in all that money, but I didn't think of it either. Fortunately for me, my insurance company allows family members to care for me.

I guess some insurance companies are afraid of "fraud." However, IMO, one should be allowed to have whomever they want, since they paid in all those years. That is a ripoff for him, and he should try to fight it. It's an "out" for the insurance company and shouldn't be legal.

As far as my benefits, I pay my daughters an hourly rate similar to what "certified home health care aides" get. They didn't want to take it, but I told them I wanted to handle this strictly on the up and up, and they reconsidered. I feel better about paying them, they deserve it.

Re: Long Term Care???

Abrowneyegirl — Sun, 23 Feb 2014 19:07:56 GMT

The IDEA of LTC insurance is great but the reality is a mess! I have worked in the LTC industry for years and we have found more problems with these insurance companies than worth it.

The loop holes are endless.

If payments are a day late they will drop a high risk claim patient in a heartbeat! If you are in the hosp and a payment is late, too bad you have now lost your insurance that you paid into for YEARS, and now that you need it too bad.

If the premiums skyrocket due to rising medical costs will you be able to afford the rate? We have seen 40%+ increases. People can not afford it drop it and lose everything they have invested over the years and receive NOTHING in the end. There is no cash value to these plans.