Wellness

[Tinkrbl44]

Gals, LTC is a women's issue ......   since, statistically, men live 7 years less than women, a common couple "scenario" is that the husband's health fails and the wife is the caregiver .... then, after his death, at some point she needs care and who takes care of her?    Is she supposed to hope some relative will take her in?

Women living longer need to consider this ..... hope this helps.

[Another new name Sue]

Another angle to this is that if you have health issues, insurers might decline you.  You have to fill out forms and give your health history.  They don't want to insure anyone who might actually need to use the insurance.

[LilacTree]

While I was still in my early 50s, our firm offered LTC care to its employees.  I was a divorced working mother, still supporting one of my children at the time and helping to support two grandchildren who were living with me.

I joined the plan and paid into it until and after retirement.  Then I came down with RA and other autoimmune illnesses which have made me disabled.  I filed for benefits with the LTC company (the first in the plan to do so in that firm).

Once I was able to prove my claims, my LTC benefits were approved and I have been receiving benefits now for over six years.  My policy is for an "indefinite" period of time and my family is allowed to provide my care in my home.  It was the best decision I ever made, as my medical care, at home, is ensured for however long I live. 

I know it is different now, as it hasn't been as profitable for the insurance companies as they thought it would and many have dropped the LTC plans altogether.  I was lucky, for once.

However, my life insurance company is threatening me every year with cancellation of my life insurance policy and raising the premium as well because they say it is costing them more to manage my account since I turned 75 two years ago.  So I'm getting it from them.  My premium has tripled in the last three years.  I expect a new letter from them any day with the same threat.  I have put too much money into that policy to let this happen, so it's a race against time whether I will die before the policy lapses.  I contacted the State Insurance Commission about this issue and they did nothing for me.  They are in bed with the insurance companies.

In short, insurance companies don't like it when they're not making huge profits.

[cater]

Lilac ,I am in the same mess you are with the life insurance policy. My mess is the result to listening to a agent from Met. Life who told me to change my policy years ago. turns out now it is worth less unless I pay the increased premiums every year. I just got a letter from them they want almost $500. now and they are still raising my monthly payment on top of this. I have been paying these increased payments for over 3 years. The guy who sold me this policy is no longer with them good thing I would have plenty to say to him.

[LilacTree]

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@cater wrote:

Lilac ,I am in the same mess you are with the life insurance policy. My mess is the result to listening to a agent from Met. Life who told me to change my policy years ago. turns out now it is worth less unless I pay the increased premiums every year. I just got a letter from them they want almost $500. now and they are still raising my monthly payment on top of this. I have been paying these increased payments for over 3 years. The guy who sold me this policy is no longer with them good thing I would have plenty to say to him.

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Yes, exactly the same "con."  We're getting old and they don't want to have to pay out.  I know I bought a whole life policy and they are insisting I bought a stock market-related investment policy.  I know I did not, but cannot prove it. 

They also said the guy who sold me the policy hasn't been with them for "years."  My copy of the policy is not the same as theirs, which is dated six years later than when I bought it.  They have a "signature page" with my signature on it changing the policy.  I never did so, and if I did, I obviously fell for someone's con.  As I said, I filed a complaint with the State and after many, many months, the State informed me the insurance company was in the right.  So I have the Sword of Damocles hanging over my head and, as I said, a race against time.  I try not to think about it anymore because when I do, it makes me crazy.

[Lucky Charm]

I got mine in my early 50's and last years premium was around $1600.  We pay in one lump so as to save as opposed to bi annually or quarterly.

Off the top of my head the amount per month is $5,000 for 5 years coverage, I think. 

It can be 'broken up' if needed such as if I needed in home care or even rehab care for a few months, but was able to recover, I would use a small portion, but have the duration of the 5 years.

My bill comes around the end of the year and it's only increased a little each time, never stayed the same.

But even if it doubled, it would still be worth it for me.

My husband has a policy, but with another company, but pretty much the same.

My parents didn't get theirs till they were in their 70's and the cost was not too expensive.  They went through a senior group they belong to I believe.

If you belong to any senior groups or church or even a credit union, inquire if they have any group rates or at least someone you can talk to.

[lulu2]

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@pggoody wrote:

I should have looked in to this sooner, but I will be turning 65 in a few months and  realize that long term care is something my husband  and I need.  I am sure the cost is more expensive the older you enroll. Does anyone have any recommendations? Suggestions? Experience with? Pros and Cons?   Any input would be appreciated. Thanks 

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At 65, a new policy will be pricey.  My husband is 66 and I will be 65 in December.  We looked into LTC insurance about 15 years ago.  He was able to get it, but I could not due to my health history.  The annual premiums were not too bad but a few years ago they suddenly doubled.  He chose to cancel his policy.

I would consult an expert and not just a broker.  My FIL has a policy that was initiated at least 35 years ago.  He is 92 and homebound but refuses to allow a stranger to care for him.  He now lives with his daughter who cares for all his needs.  His policy will not pay anything unless there is a certified homecare provider.  For whatever reason my SIL refuses to try to get the certification.  So all these years of paying (and he is still paying) for LTC insurance has been nothing more than good money after bad money.

[Tinkrbl44]

One more thing comes to mind .... if you buy a LTC policy, it's a waste of $$ unless you also get the INFLATION RIDER .... some states still let you purchase it without that rider, and some are now making it mandatory.   They are usually a 3% or 5% increase per year.

If you buy something that's good for today's prices, but don't need it for 10-15 years, without the inflation rider, it won't go very far.

[151949]

Our post hospital care insurance (LTC) costs us $90/month for the 2 of us. It covers all post hospital care like home health aides, or home PT or nursing home care. I have used it for home PT when I had knee surgery, it reimbursed me for the copay on my PT. Our policy was through AARP and is with Met Life. It pays up to $300,000 a year. We both started when we were 50 as that keeps the monthly cost down. Now at 66 and 71 we have quite a bit invested in it but we feel assured they will care for us when we need them. There is a limit built into this policy to prevent them from raising the premium too much.It is why we chose this company. 

[ebf]

yes very important to get. it is higher at 65 but it works out in the end. my mother  has it and is using it living in an asst living facility. i also have it for future use (got it at 65)

i bought from my son who is in finance

hope this helps