Community Chat

[tansy]

On 6/10/2014 croemer said:

On 6/10/2014 tansy said: My heart goes out to your mother, croemer. She's quite the survivor. How long ago was the fall?

She has very soft bones from osteoporosis tansy.

My mother refused to use her walker, got up to use the bathroom in the middle of the night, fell getting on or off the toilet and broke her hip and dislocated a shoulder. She came through the surgery okay but died three weeks later. She also had osteoporosis and a strong streak of stubbornness.

[croemer]

On 6/10/2014 tansy said:

On 6/10/2014 croemer said:

On 6/10/2014 tansy said: My heart goes out to your mother, croemer. She's quite the survivor. How long ago was the fall?

She has very soft bones from osteoporosis tansy.

My mother refused to use her walker, got up to use the bathroom in the middle of the night, fell getting on or off the toilet and broke her hip and dislocated a shoulder. She came through the surgery okay but died three weeks later. She also had osteoporosis and a strong streak of stubbornness.

My mother can and does sometimes use her walker but she fears falling so is in her wheelchair 99% of the time...which is making her muscle's weaker. Oh and stubborn...my mother fits that bill...it can be a minus and a plus.

[kittymomNC]

I have CNA LTC which I purchased through my employer in 1990. It was a portable policy, so I kept it when I left there, at the same premium. In fact, I pay within a dollar/month of the same premium I paid when I originally got the policy - 24 years. CNA will only raise my premium if they raise the premium for everyone my age, but so far, that hasn't happened.

Having worked for a major insurance/financial company for several years, which sold LTC policies, I look at it this way. Since I got the policy at a much younger age, my premium is extremely low. If it doubled, it would still be extremely low compared to what it would cost me for the same coverage if I bought a new policy--not to mention the fact that I would have to qualify medically at my current age - I could never afford the premiums. So I just keep my fingers crossed that they won't raise it because it would make it more difficult to pay the premium, but if they do, it would still be WAY cheaper than a new policy even if I could qualify, which is doubtful.

[Financialgrl]

I have long term care insurance but not thru the carrier you describe. Mine had two minor increases over the year but also went up substantially last year. I got it because there is only me - no hubby, no kids and I do not want to be a burden to anyone, now I have to hope it is still around and pays if/when I need it.

That's the double edge sword with LTC insurance - the large expense or we have to hope the policies are still honored and the insurance companies don't get out of the LTC business (many are due to the spiraling cost of healthcare).

[croemer]

Amen kitty and beancounter...agree with each of your posts. I know it has worked out for my mother. My DH and I took it out hoping if and when one of us becomes ill we will not bleed our savings down so quickly.

[kittymomNC]

Actually, CNA stopped selling new LTC policies a number of years ago, and I think sold their LTC business. They had started selling the coverage in the early days of its availability, and apparently misjudged the actual costs going forward. Once these kinds of policies had been in effect for a number of years and costs kept escalating, they got out of that part of their business. However, I still send my premiums made out to CNA Insurance. It gets so confusing with the way companies buy each other out, or buy part of another company's business, just like with banks. When I was working for the financial company, sometimes it was extremely difficult to track down policies that were sold many years ago under one insurance company's name, and then had gone to two or three more, or they were being serviced by a different company. At least I still have a valid customer service number if I have a question...

[Financialgrl]

On 6/10/2014 kittymomNC said:

I have CNA LTC which I purchased through my employer in 1990. It was a portable policy, so I kept it when I left there, at the same premium. In fact, I pay within a dollar/month of the same premium I paid when I originally got the policy - 24 years. CNA will only raise my premium if they raise the premium for everyone my age, but so far, that hasn't happened.

Having worked for a major insurance/financial company for several years, which sold LTC policies, I look at it this way. Since I got the policy at a much younger age, my premium is extremely low. If it doubled, it would still be extremely low compared to what it would cost me for the same coverage if I bought a new policy--not to mention the fact that I would have to qualify medically at my current age - I could never afford the premiums. So I just keep my fingers crossed that they won't raise it because it would make it more difficult to pay the premium, but if they do, it would still be WAY cheaper than a new policy even if I could qualify, which is doubtful.

I hope you are right - I too bought LTC insurance very young b/c my financial planner told me to get it. I've had it close to 10 years and I was told the same thing - they will only raise it if they do so for everyone in your age range. I had two very minor increases, then last year it took a 28% increase. BUT I continue to pay b/c I know I wouldn't even qualify for it today (I had cancer 3 years ago). Also I saw how much it cost since I was looking for dad. I live in the middle of nowhere (it's much cheaper out here) and the facilities I found started at $4800 for an initial cost and there was a whole list of "extras" that would have taken my father's care closer to $5600/month when you added in those extras along with transportation to his dialysis appointments.

Even with the increase - it's STILL cheaper than not having it and having to pay all of it out of pocket. We were lucky with dad in that he saved money to the point of it almost being a mental illness so he had more than enough from that along with with his monthly pension. Sadly he fell, broke his hip and died 2 weeks later.

[151949]

We have LTC insurance with Met Life - built into the policy are the increases that we will get - no more than 5% and no more often than every 5 years. However we can count on getting that 5% every 5 years like clockwork. However, i feel that is very reasonable. Our current premium is $47.50/month. Mine just went up $2.50/month as it hit the 5 year anni.

[Cakers1]

On 6/10/2014 croemer said:

On 6/10/2014 tansy said: Does anyone here remember what company Ford's LTC insurance was with? OP, this is a big reason why we opted not to get this insurance and it does worry me.

I worry too. We just put our Mom in an assisted living facility and the hoops we had to jump thru to prove she needed it was mind boggling. She has fell and broken both arms, both hips, her wrist, elbow and collar-bone. Is in a wheel chair but we finally got approval. Once you are approved the payments to the insurance company stops. She has paid more years then I can count...but we are so fortunate she was wise enough to take the insurance out...because it is certainly needed now.

{{{croemer}}} I'm so sorry.

[tansy]

On 6/10/2014 happy housewife said:

We have LTC insurance with Met Life - built into the policy are the increases that we will get - no more than 5% and no more often than every 5 years. However we can count on getting that 5% every 5 years like clockwork. However, i feel that is very reasonable. Our current premium is $47.50/month. Mine just went up $2.50/month as it hit the 5 year anni.

Wow. That worked out very well for you, HH. Good deal.