Wellness

[LilacTree]

On 2/23/2014 Abrowneyegirl said:

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.

I really lucked out with my insurance company. Even though they made me do all the work (retrieving all of my medical records to have sent to them) and it took several months, once they received all of the information, they qualified me in less than a week, and I received my first benefit check two weeks after that.

Perhaps it's because I have a lot wrong with me, but I'm sure there are folks out there who are just as sick or sicker than me. It depends upon the insurance company and one's particular representative, and I had good ones in both cases.

I've heard these horror stories. There must be some way to regulate this.

[151949]

On 2/23/2014 Abrowneyegirl said:

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.

Our LTC policy has the limits they can raise the rates built into it - no more than a small% every 5 years. we would not have bought it without that.I can not emphasize more to look into what AARP is offering if you are looking for this insurance. They do the research for you - just like an insurance agent would do- and make the best policies available. I also would carefully emphasize that you will get A LOT of incorrect information about LTC (or any insurance) on this BB.

[Sameolmollysmama]

If you are in your 40s and healthy, GET LTC insurance!!!! We went to a seminar, by our ins company, and since I have take pain pills for arthritis in my back, and my husband has had injections in his back for pain (which was successful - hasn't needed a redo), we were told we couldn't qualify!!! No cancer. No heart disease. Just run of the mill problems, and we are left high and dry. I implore you to attend a seminar - the projected costs are horrendous, and after 30 days, you are ON YOUR OWN to pay. $5000.00 per month wasn't out of the ballpark, and I live in the "cheap Midwest."

[qualitygal]

On 2/18/2014 millieshops said:

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.

Millie's right. Read, make calls, seek professional counseling and not from who you would purchase it from. Be sure in all concerned, that who you ask, would have YOUR best interests at heart and not theirs.

[qualitygal]

On 4/21/2014 mollysmama said: If you are in your 40s and healthy, GET LTC insurance!!!! We went to a seminar, by our ins company, and since I have take pain pills for arthritis in my back, and my husband has had injections in his back for pain (which was successful - hasn't needed a redo), we were told we couldn't qualify!!! No cancer. No heart disease. Just run of the mill problems, and we are left high and dry. I implore you to attend a seminar - the projected costs are horrendous, and after 30 days, you are ON YOUR OWN to pay. $5000.00 per month wasn't out of the ballpark, and I live in the "cheap Midwest."

$5000 is lower and we live in the Midwest too. Personal experience.

[violann]

By the time my mom died I was paying 10,000+/ per month. We have LTCI, and as soon as I lose about 10 more pounds, we will be applying for a fee reduction and our agent says we should get it.

[Sameolmollysmama]

On 4/21/2014 violann said: By the time my mom died I was paying 10,000+/ per month. We have LTCI, and as soon as I lose about 10 more pounds, we will be applying for a fee reduction and our agent says we should get it.

OMG Violann. First of all, I'm sorry for the loss of,your mom. I'm so disgusted by the expense you were forced to put out every month. It just isn't right. The only good thing is you know firsthand what can and does happen, and you were so smart to get LTCI. I try to encourage people I their 30s/40s all the time, but you know that goes - "It's not gonna happen to me." Anyway, congrats on just needing to lose 10 more pounds - yay!!

[Sameolmollysmama]

On 4/21/2014 mollysmama said:

On 4/21/2014 violann said: By the time my mom died I was paying 10,000+/ per month. We have LTCI, and as soon as I lose about 10 more pounds, we will be applying for a fee reduction and our agent says we should get it.

OMG Violann. First of all, I'm sorry for the loss of,your mom. I'm so disgusted by the expense you were forced to put out every month. It just isn't right. The only good thing is you know firsthand what can and does happen, and you were so smart to get LTCI. I try to encourage people I their 30s/40s all the time, but you know that goes - "It's not gonna happen to me." Anyway, congrats on just needing to lose 10 more pounds - yay!!

Gosh, sorry for all the grammatical errors! I'm watching "Dancing with the Stars" at the same time, and clearly I can only do one thing at a time lol!!

[SouthwestGal]

My husband was a Benefits Advisor who offered LTC through United Teachers Assoc. Many are correct, it is best to really get an assessment from a professional to really determine your individual needs, etc. One thing to keep in mind for those who say they have family willing to help; yes that's wonderful. But are you comfortable with a family member bathing you, assisting with bathroom needs (specifically wiping you after a bowel movement), etc.? Yes you need to really consider these scenarios.

[151949]

On 4/21/2014 mollysmama said:

On 4/21/2014 violann said: By the time my mom died I was paying 10,000+/ per month. We have LTCI, and as soon as I lose about 10 more pounds, we will be applying for a fee reduction and our agent says we should get it.

OMG Violann. First of all, I'm sorry for the loss of,your mom. I'm so disgusted by the expense you were forced to put out every month. It just isn't right. The only good thing is you know firsthand what can and does happen, and you were so smart to get LTCI. I try to encourage people I their 30s/40s all the time, but you know that goes - "It's not gonna happen to me." Anyway, congrats on just needing to lose 10 more pounds - yay!!

For the most part they won't start you on this insurance until you are 50.if you start buying it at 50 you do get it for a reasonable price, and you should be certain that the amount they are allowed to increase your premium is built into the policy - for instance ours has a 5% every 5 years increase limit built into it.