Wellness

[Group 5 minus 1]

Does anyone out there know that the waiting lists for managed care are long?

[Silkeej]

You must have the same LTC insurance I do. I was shocked they are asking for a 23.12% increase to take place over the next three years. That's quite a jump and I assume this is going to hit Seniors the hardest. If you drop you lose all the money you have paid in for the years you've had it. This insurance company has gotten out of the LTC business and it seems they are trying to get rid of the customers who still have LTC with them by asking for an outrageous increase. I personally hope it is denied. We purchased this insurance and paid monthly to have something to fall back on if we ever need it.   I called AARP which is who I purchased the plan from and was told they don't have any say in rates so much for the AARP protection. The only option they are offering is to lower your protection and I think those of us got the lower protection thru AARP. It looks like a no win situation for those of us affected.  I think the insurance companies should be looking at the Nursing homes, Assisted Living facilites and Home care and the prices they are charging. It is also very high and maybe they should look at what customers are getting for the huge cost they are charging. AARP told me to call the insurance company and talk to them I tried to tell her I didn't think it would make any difference they are going to say pay up or drop your insurance. I am thinking of contacting my Attorney General's office to see if this is legal? I know cost go up but I think maybe this industry is not as regulated as it should be to protect consumers.

[151949]

We do not have children so in 1994 DH bought LTC insurance from Met Life thru AARP. 5 years later I too bought into it. Each of us as soon as we turned 50. Built into our policy it says they can not raise the rate more than 5% nor more often than every 5 years. We only pay $45 /month a piece for $300,000 max  a year in coverage. We feel confident that neither of us will end up running the other into bankruptcy because we have these policies.

Unfortunately, Met Life found it wasn't financially viable to continue this coverage so now they only cover those who already have a LTC policy with them and they have not accepted anyone new for many years now. I feel this LTC can be a real scam and it is important to have the policy looked at carefully by an attorney before signing to be certain you will get what you need when the time comes.

[shoesnbags]

---

@ncascade wrote:

Many people brag about having this but do not realize where they are going. 

---

@Group 5 minus 1

You don't have to be "going" anywhere.  As some other posters have mentioned, our LTC insurance will pay for in home care. 

[Ainhisg]

I have the best of both worlds.  I have an annunity with a long term care rider.  If I die without using it, all the money goes to my husband or next of kin.  If I do need it, I get a certain sum a month for 5 years.  Not enough to entirely pay for long term care, but combined with my current retirement and savings--will help pay for most of the cost.

[Carmie]

This thread is old.  It’s from last March.

[151949]

---

@shoesnbags wrote:

---

@ncascade wrote:

Many people brag about having this but do not realize where they are going. 

---

@Group 5 minus 1

You don't have to be "going" anywhere.  As some other posters have mentioned, our LTC insurance will pay for in home care. 

---

Ours too.

[LilacTree]

I bought into the company's Long Term Care Insurance at age 55.  The premium was deducted from my paycheck and I never missed it.  When I retired at age 66 I had to decide whether to keep it or not.  I decided I should keep it.  I then paid the premium myself for about two years.  By that time I had come down with RA and I became disabled very quickly. 

I applied for my LTC at about age 68, and had to provide all of my medical information.  They had a Board made up of nurses that approved all applications for benefits.  They approved mine.  I am now almost 80 and have been collecting $2300 per month for almost thirteen years, far more than I ever paid in premiums.

My plan was such that I was able to stay in my own home and "informally" pay my daughters for my care, which I did and which they have always done.  I looked into assisted living, and in this state it is approximately $5,000 per month.  My plan would have paid only $2700 of that.  Social security was my only other income. 

My plan is also for an "indefinite" period which means until I die.  And I had to pay no premiums once I started collecting. 

Getting a Long Term Care Insurance plan was the best decision I have ever made.  They don't bother me.  My PCP fills out a form once a year, and they call me once a year for an update.  They deposit the check directly into my bank account on time, every month.  This doubles my income and I am able to have my sick daughter live with me when I otherwise would not have been able to do that financially.

Everyone thinks they're never going to get sick.  That is wishful thinking.  If you're lucky enough to live a long life, as I have, you are more than likely going to have health problems than not.

My opinion only.

[LilacTree]

I didn't realize this was an old post and I had already posted on it.  So I basically said the same thing twice!!

[Hoovermom]

---

@LilacTree wrote:

I didn't realize this was an old post and I had already posted on it.  So I basically said the same thing twice!!

---

@LilacTree:  I am glad to see that you are collecting on your policy.  If I recall, weren't you having problems with it and almost risked losing it over increased rates?