Re: Something good from our long term care insuran... - Page 2

shoesnbags · ‎03-10-2010

On 4/11/2014 esmerelda said:
On 4/10/2014 ------ said:
It's standard practice in CA.

Providing that information was part of my sign up when I got the insurance. MetLife is catching up.

No, they're not catching up. We have Met Life long term care insurance and had to provide that info when we first signed up many years ago. They periodically send a letter to update the information. Maybe that's what happy housewife received.

"Breathe in, breathe out, move on." Jimmy Buffett

cabbi · ‎03-21-2010

I am not willing to pay for ins. if at all possible to avoid. Zero reasons to buy life ins. Feel the same abt. LTC. Dropped renters when dropped auto and stopped driving. Have plenty savings to buy new to replace very old stuff and much less new stuff if apt. wiped out. I also don't go to casinos.

151949 · ‎03-09-2010

On 4/11/2014 cabbi said:
I am not willing to pay for ins. if at all possible to avoid. Zero reasons to buy life ins. Feel the same abt. LTC. Dropped renters when dropped auto and stopped driving. Have plenty savings to buy new to replace very old stuff and much less new stuff if apt. wiped out. I also don't go to casinos.

Some of us feel it is important to protect our spouse if one of us has to go to a nursing home - that is what this insurance is all about to me.I would not want one of us to lose all our savings because the other one needed nursing home or assisted living care. I'm a nurse - I could most likely care for my DH if needed but he would not be able to care for me. He can't even stand to put a band aid on a cut finger for me -let alone do all that could be needed to care for an ill person at home. so the other choice is either assisted living or a nursing home. We don't have any kids - we are being realistic. 20 years ago my Dad was in a car accident - he was paraplegic from the neck down and had to be on a ventilator for the rest of his life. His nursing home bills were more or less $20,000/month. How many months could your savings hold out - and that was 20 years ago - imagine what it would cost today.

RainCityGirl · ‎12-16-2012

My neighbors were in a situation when the wife had a debilitating stroke, which eventually landed her in a nursing home, barely able to talk, unable to walk, and finally unable to eat without a feeding tube. It was $5,000 a month at that facility, and that was at least 10 or more years ago. Who knows what it would cost now. Anyway, she and he both had retirement checks and savings. Medicaid doesn't kick in until the patient is down to I believe the last $2,000. However, the spouse cannot be left without a home or support. He was told he would always have the house and at least $80,000 in savings, investments, retirement funds, etc. Hence, a spouse can't be wiped out and deprived of a means to survive in the advent of the other spouse's confinement.

151949 · ‎03-09-2010

On 4/11/2014 RainCityGirl said:
My neighbors were in a situation when the wife had a debilitating stroke, which eventually landed her in a nursing home, barely able to talk, unable to walk, and finally unable to eat without a feeding tube. It was $5,000 a month at that facility, and that was at least 10 or more years ago. Who knows what it would cost now. Anyway, she and he both had retirement checks and savings. Medicaid doesn't kick in until the patient is down to I believe the last $2,000. However, the spouse cannot be left without a home or support. He was told he would always have the house and at least $80,000 in savings, investments, retirement funds, etc. Hence, a spouse can't be wiped out and deprived of a means to survive in the advent of the other spouse's confinement.

I am certain that varies from state to state. each state manages it's Medicaid differently. Most would not kick someone out of their home but once a person is retired they have to live off their savings and most states do not allow the spouse to have many remaining assets once they put someone on Medicaid. In my dad's case his assets included the assessed value of his home.

151949 · ‎03-09-2010

On 4/11/2014 shoesnbags said:
On 4/11/2014 esmerelda said:
On 4/10/2014 ------ said:
It's standard practice in CA.

Providing that information was part of my sign up when I got the insurance. MetLife is catching up.

No, they're not catching up. We have Met Life long term care insurance and had to provide that info when we first signed up many years ago. They periodically send a letter to update the information. Maybe that's what happy housewife received.

We first signed up 19 years ago and I don't recall having to provide that information then.Anyway, after 19 years that could have changed anyway.

RainCityGirl · ‎12-16-2012

On 4/11/2014 happy housewife said:
On 4/11/2014 RainCityGirl said:
My neighbors were in a situation when the wife had a debilitating stroke, which eventually landed her in a nursing home, barely able to talk, unable to walk, and finally unable to eat without a feeding tube. It was $5,000 a month at that facility, and that was at least 10 or more years ago. Who knows what it would cost now. Anyway, she and he both had retirement checks and savings. Medicaid doesn't kick in until the patient is down to I believe the last $2,000. However, the spouse cannot be left without a home or support. He was told he would always have the house and at least $80,000 in savings, investments, retirement funds, etc. Hence, a spouse can't be wiped out and deprived of a means to survive in the advent of the other spouse's confinement.

I am certain that varies from state to state. each state manages it's Medicaid differently. Most would not kick someone out of their home but once a person is retired they have to live off their savings and most states do not allow the spouse to have many remaining assets once they put someone on Medicaid. In my dad's case his assets included the assessed value of his home.

My neighbor's wife had her assets taken, but in my state, they do not take the healthy spouse's means of surviving, nor the roof over his head. The spouses are considered separate entities in this situation.

Snowpuppy · ‎03-09-2010

On 4/10/2014 RainCityGirl said:
I would never spend that much money on long term care insurance, especially when many contracts don't cover what people expect them to cover.

The facts are that most, not all, but most people never see the inside of a nursing home and when they do, it's short term like recovery from hip replacement, physical therapy, etc.

19 yrs worth of LTC insurance? I'd buy myself a 'vette first and have fun. ${#emotions_dlg.laugh}$

RainCityGirl · ‎12-16-2012

On 4/11/2014 Snowpuppy said:
On 4/10/2014 RainCityGirl said:
I would never spend that much money on long term care insurance, especially when many contracts don't cover what people expect them to cover.

The facts are that most, not all, but most people never see the inside of a nursing home and when they do, it's short term like recovery from hip replacement, physical therapy, etc.

19 yrs worth of LTC insurance? I'd buy myself a 'vette first and have fun. ${#emotions_dlg.laugh}$

This is exactly what my financial advisor told me. My mother didn't even have the option of purchasing long term. In the end, she WAS in a nursing home, but my dad's pension, Social Security, and savings took care of it. She died paying her way the entire time. Same thing with my grandmother, though she was in the facility a much shorter time before she passed away.

151949 · ‎03-09-2010

Long term care insurance is, obviously,not for everyone. to me, we are paying for peace of mind.Everyone should do what is best for them.There are many people in this country who have no idea though what nursing home care or in home care costs. And are you all aware that when a person can't pay for their nursing home care they go on Medicaid? That means you and I are paying for them to be cared for in a home. This uses up more of each states Medicaid budget than anything else.