Long term care - Page 2

Neetgal2 · ‎02-12-2016

For years I heard people say who had several daughters, it was Nursing Home insurance! Well in our family it was. I am thankful for many things in this world and one was being able to stay home while my daughter was young and the other taking care of my parents before they died. My Dad's doctor did see to it he had a male nurse come in every other day!

My parents also had real nursing home insurance but wanted to be in their own home. Thankfully it worked.

Mom2Dogs · ‎03-09-2010

@skatting44 Wow, that is horrible. I guess it's important to read the really fine print.

BriggsiePeawiggle · ‎03-09-2010

My mother had it. She used it till it ran out -- two years. My brother took care of all the payments for her. He told me her long-term care insurance paid $75,000.00 before it ran out. My mom had it for about 10 years and never spent anything near that much for it back when she had it. My husband and I have it too -- and our financial advisor told me that it has gone way way up since we got ours, and that we should keep it. So we do.

Briggsie

patbz · ‎03-10-2010

@skatting44 : Long term care insurance is like car insurance in that it insures you against something that would be catastrophic, make you go broke. Its a bet that you'll need it and use it. Most policies don't start until you've paid the first 6 months or gone to a home directly from a hospital; its not a savings plan. That's why all of us should live within our means and plan for our elder years.

froggy · ‎03-10-2010

I wish I had taken my rmployer's plan while I was still working. They did not require a physical exam. I applied for LT insurance when I retired and they sent a paerson to our home to give us mental tests and fill out a very long questionnaire. Well I was 68 and my DH 73 at the time. Of course we had a history of medical problems. So we did not qualify.

When my father died we had to put my mother in a nursing home. She was a complete invalid - 90 years old - and there was no way any of us siblings could provide 24/7 home care. The only income she had was a small portion of my dad's pension and Social Security - somewhere around $2000/mth total. The full cost of the nursing home was somewhere around $10,000/mth. Even with her small income she barely qualified for Medicaid. The nursing home took it all except for about $100/mth. I just give these numbers to give an idea of the costs. If you are going to need nursing care for the rest of your life you are in trouble, especially if you actually have too much money to qualify for Medicaid.

I am just praying that one or another of the two of us is able to provide care at home for the other.

busymom22 · ‎07-26-2017

My parents took a LTC insurance policy out years ago at the suggestion of my uncle. At the time my mother laughed that she'd "never need it". She ended up getting dementia and received full care at home for 3 years. The insurance policy paid a large portion of that.

The problem now though is many companies stopped selling these policies and the ones that still do make it worthwhile only if you buy it early. If you wait until you have health issues you won't qualify.

Also, because costs have skyrocketed once you get a policy they will keep increasing your premiums. Some people get priced out this way. There really is no economical way to prepare for long term care expenses.

deeva · ‎03-09-2010

We've had it for about 14 years. Our type of coverage is no longer offered.

Well worth it if you can afford it.

Sooner · ‎03-10-2010

@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 Even the best of savers get money funnled off at the many thousands a month is costs.

Everyone should see a lawyer and/or financial planner way ahead of time. A few hundred thousand goes pretty quick!

Icegoddess · ‎03-19-2010

We have policies. I think mine is only because they had a special deal for the two of us. My reason for wanting something for my husband was that he is a large man and there is no way that I could help him if he became unable to care for himself. He is very ant-nursing home, and I can certainly understand why.

That being said, I think there are now better options out there if you have a good nest egg. I know my financial advisor would like to get me into a different plan that pays immediately and that I can use how I see fit rather than jumping through hoops, but my husband doesn't want to go that route. He may be changing his mind though since we got the Premium letter the other day. Went up significantly for both of us and we're both very healthy people.

Nobody in my family has ever required a nursing home. My father needed someone in the home with him for awhile at one time and at the end of his life he was supposed to go to my sister's house. My husband's father had a live-in nurse for awhile until he fell and ended up in the hospital where he died. So, the idea of living long term in a nursing facility isn't really something we think a lot about.

drizzellla · ‎03-14-2010

My Parents looked into LT Insurance but the cost was $$$$ by the time they looked into it. And decided against buying it.

THEN my Dad had a stroke. He was in a nursing home for 10+ years. Then Mom went into assisted living. She quickly went into the nursing home. But she insisted on keeping her assisted living apartment so she could use her phone at will.

They also insisted that they keep their house. They both wanted to move back home.

My Dad's sister and her husband bought LT Insurance with a major insurance company. And thought they were set. My Aunt had dementia and went into a nursing home. After a few years her insurance coverage ended and the family had to pay for her nursing home expenses.

Not sure which is best.