Long term care - Page 3

Carmie · ‎10-25-2010

@Mom2Dogs I am no expert on this. I have been helping my friend for years..taking her to doctor appointments, grocery shopping, etc. when I first started, she was in pretty good shape physically and mentally, but was living from check to check, but she managed.

Then she went down hill and went through her savings. From there, she took out a line of credit on her home and after a while, her monthly repayments were over half of her monthly income. She couldn't pay her taxes and had no money for food.

I had no idea until she was in the hospital and I tried to pay her bills. After that, I started to buy her groceries, clothing and paid a few bills for her monthly. My brother paid her taxes.

I tried to find programs to help her as she got worse. That's how I found out about what was out there. She qualified for many programs, but refused to go on them. Most of them had their own doctors and she didn't want to give up hers.

I wish I would have forced her against her will, but I didn't. She could have still been in her home receiving care.

I don't know if there are programs to assist people who have a higher income. I never needed to know about them.

My guess is that if you are well off, you will have to pay for your own services in your home or in long term care facility. If you spend down and are now in financial need, you will receive help from government programs.

You can always ask to see what is avaliable where you live.

skatting44 · ‎07-26-2019

@patbz wrote:
@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.

My point is that even though my relative was discharged from an acute care hospital to rehab for endstage pulmonary reasons she would have been better served instead by putting the $50,000 into her bank account instead of towards the LTC insurance premiums so that she would not have had so many rules and regs on when and if the LTC insurance was going to pay for the Nursing Home .

FancyPhillyshopper · ‎05-02-2017

@Carmie wrote:
@Mom2Dogs I am no expert on this. I have been helping my friend for years..taking her to doctor appointments, grocery shopping, etc. when I first started, she was in pretty good shape physically and mentally, but was living from check to check, but she managed.

Then she went down hill and went through her savings. From there, she took out a line of credit on her home and after a while, her monthly repayments were over half of her monthly income. She couldn't pay her taxes and had no money for food.

I had no idea until she was in the hospital and I tried to pay her bills. After that, I started to buy her groceries, clothing and paid a few bills for her monthly. My brother paid her taxes.

I tried to find programs to help her as she got worse. That's how I found out about what was out there. She qualified for many programs, but refused to go on them. Most of them had their own doctors and she didn't want to give up hers.

I wish I would have forced her against her will, but I didn't. She could have still been in her home receiving care.

I don't know if there are programs to assist people who have a higher income. I never needed to know about them.

My guess is that if you are well off, you will have to pay for your own services in your home or in long term care facility. If you spend down and are now in financial need, you will receive help from government programs.

You can always ask to see what is avaliable where you live.

So sorry to hear, Carmie, how difficult this was for you in caring for your dear friend. We all try our best, but illness and death cannot be overcome. I am sure she knew how much you valued her friendship, and was thankful for the loving acts of kindness by you and your brother. May special memories help to comfort you.

Carmie · ‎10-25-2010

@FancyPhillyshopper Thank you for your kind words.

My friend is still among the living. I can now visit her twice a week in the long term care facility. She has really gone down hill since I last saw her before the lock down.

She is very sweet, and thinks I am her favorite aunt. Physically, she is doing well, mentally not so good. She asks about her house and tells me to take what I want. Her house is under contract to be sold...I am waiting for settlement later this month.

I feel so guilty selling and giving away her things, but I must do it. It makes me so sad. In her will she has provided to help so many people, but in a short while, she will have nothing to her name and nothing to leave to others.

lulu1 · ‎03-29-2011

My in-laws had it; my MIL died before she tried to use it. My FIL needed to go to a nursing home but refused. LTC insurance would pay for a certified health care aide. He refused to allow someone in his house. My SIL took care of him at home so the LTC insurance was never used.

At one point my husband had it and paid into it for years. They kept upping the premium and he finally cancelled it. They would not cover me because I had a pre-existing condition.

cotton4me · ‎03-09-2010

My mother had long term care insurance, but they kept raising the premiums so high that she could no longer afford it. All the money she paid into it went down the drain.

In my case, we didn’t have long term care insurance. My husband had to go into nursing care and when the insurance ran out it cost $20,000 per month. Thank goodness they let him come back to our independent living apartment and I became his caregiver until he died.

I moved to a continuing care community in an independent living apt. They also have assisted living, memory care and nursing care. They require an entrance fee but no matter what level of care I may need in the future, I will never have to pay more than the independent living rate. To me, it’s like having long term care insurance and gives me peace of mind.

Mom2Dogs · ‎03-09-2010

@Carmie I appreciate the reply....DH and I are not wealthy, I did not mean to imply that we were...the friend I am speaking about must not have much money as they are trying to get her on medicare...if she lasts that long.

Her situation got me thinking about it because we would not qualify for any assistance and just wondered what others were doing about care as they age or need to go into a facility.

It has to be so difficult to see you friend face such dire circumstanes...but it sounds like she is in a safe place...with a lot of help from you, you are a good friend.

bmorechick · ‎03-11-2010

My parents were always concerned about a LTC facility draining their savings and the equity in their home. They turned the house over to my siblings and I with lifetime rights. That way the home belonged to us on paper. Nothing changed for them other than it was deeded to us. They also put every monetary investment or bank account in our names. They had one bank account that their soc sec checks went into so they were literally "Poor on paper". That would have allowed Medicaid to pay for any LTC if needed, which didnt happen. My dad is still with us at 95 and manages all his own monthly bills. If he ever needs LTC, all his lifetime assets will remain, with his children as equal recipients which is what both of them always wanted. You have to protect your stuff, but this plan doesnt work for all families. We are grateful it has with ours.

software · ‎06-08-2016

Unless you are a millionaire, literally, you can't afford nursing home care.

That's what Medicaid is for. Be sure you protect all of your assets now.

All the rules are different but depending on your diagnosis & ability to care for yourself, you may qualify for home care.

Don't bother with insurance, too many exceptions & loopholes & don't save for it. You cannot save enough money to pay $50k a year for a nursing home. You'll go on Medicare & the state will empty your bank account

patbz · ‎03-10-2010

@bmorechick : I understand that your parents think they are doing the right thing by transferring their assets so their children can inherit. The problem is that someone has to pay the $10000 a month for a convalescent home and if they don't pay their own way who will? Think about it.