Wellness

[Lucky Charm]

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.

[Tinkrbl44]

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.

[LilacTree]

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.

[bonnielu]

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.

[LilacTree]

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.

[chrystaltree]

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.

[katiescarlett]

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.

[lulu2]

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.

[LilacTree]

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.

[Abrowneyegirl]

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.