Long term care

Mom2Dogs · ‎03-09-2010

Does anyone have long term care insurance? Or are there other ways to prepare and pay for a long term illness with out going in to a facility?

september · ‎03-09-2010

My husband had it, and paid into it for many years. I'm not sure if he ever got his money's worth.

it would have paid more for skilled nursing, but his was used for assisted living. It covered only about 25% of the monthly fees.

Carmie · ‎10-25-2010

I don't have it, but when I was working for a health insurance company, they offered it to their employees at a lower cost than what it was sold to the public.

I wanted to buy, but it was still too expensive.

I am POA for an elderly friend. She is in long term care now. She is on Medicaid. I am in the process of selling her home and cleaning it out. She gets everything paid for by Medicaid now except about $1500 a month. Her savings are almost gone. The sale of her house will continue to pay that $1500 a month unril it runs out.

She can keep $7000 in savings untouched, but when the rest of the money from the home sale is gone, she will only get $45 month for her personal use. Her SS and retirement check will go to the state.

She has no family. I imagine long term care insurance would have helped her, but right now it doesn't matter. She has no one to leave any money to. She might as well, just spend it down and leave nothing behind.

Long term care insurance is not really affordable for most people.

FancyPhillyshopper · ‎05-02-2017

This is an important but sad topic. You can find lots of information on websites like AARP. Unfortunately, long-term care in facilities in extremely expensive, and the insurance options are shaky and somewhat complex. LTC premiums differ by age and by state. Potentially you should review the proposed LTC policy contracts with a lawyer so that every component is completely understood.

The cheapest solution is to be at home and have family members provide care--and hopefully they can be paid for that.

I have had family members in both of these situations, and there is never an easy solution. Best wishes.

Mom2Dogs · ‎03-09-2010

I have an acquaintance that is currently in a nursing home, she has cancer, and is roughly 55 years old. She qualifies for medicaid.

I ask the question because thankfully DH and I have been good savers but we do not have long term insurance.

I wonder if there is a government plan that would allow family members to be a caretaker in the home instead of placing the person in a nursing home?

Carmie · ‎10-25-2010

@Mom2Dogs There are several government plans to help seniors stay in place in their homes.

One such plan will even pay family members to take care of you.

Other plans provide care in your home by aids.

There are so many plans available, but your income must be at a certain level and you must meet medical guidelines.

patbz · ‎03-10-2010

My parents self insured and its a good thing they started saving early and had a great estate plan. While they were in their own home they received round the clock care for 13 years. After my Dad passed, I flew my Mom to my small city in CA and she was in a convalescent home for three years. DH and I definitely learned from this experience and we got Long term care insurance when I was 59 and husband was 52. We still have it and haven't yet had to use it ( would cover a home or at home nursing). We both worked for Federal govt and our insurance pre dated when they started offering this but their policy and ours are approximately equivalent. I understand that trying to get it now is very difficult and very expensive. I'm 77 and my premium for me, alone is $2000 yearly ( a deal when you figure what nursing homes or homecare now cost). My DIL is Navajo and also an occupational therapist and she is caring for her Mom in DIL's home. Her Mom gives her her SS and daughter has put aside enough to provide a nice funeral and also buys her whatever she needs or wants ( including a 50" t.v. in her own bedroom). As far as I know, the only other reasonable option for most elderly is spending down to near poverty and then moving into convalescent home probably with a roommate ( not an ideal situation).

skatting44 · ‎07-26-2019

Had a relative that paid tens of thousands of dollars into LTC insurance through Federal Gov employee plan and it paid Nothing ! She became very ill and went into rehab with an endstage disease, she had to pay 6 months out of pocket before the LTC insurance would pay anything. She passed away within a month. No refund on any of the money . insurance is a racket

Foxxee · ‎10-03-2014

@Mom2Dogs wrote:
I have an acquaintance that is currently in a nursing home, she has cancer, and is roughly 55 years old. She qualifies for medicaid.

I ask the question because thankfully DH and I have been good savers but we do not have long term insurance.

I wonder if there is a government plan that would allow family members to be a caretaker in the home instead of placing the person in a nursing home?

@Mom2Dogs

You could talk to your state Department of Aging to see if anything is available. They would know about Federal, too.

Mom2Dogs · ‎03-09-2010

@Carmie Am I understanding that if a person has a higher income level that family does not have the option to keep the loved one at home and also receive any assistance to pay family or a nursing aide to care for that person?

If you have to much money you could keep that person at home but paying for help would be on the family....correct?