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Honored Contributor
Posts: 25,929
Registered: ‎03-09-2010

Re: Over 50 and LTC plans

[ Edited ]

@Abrowneyegirl wrote:

@151949 wrote:

My dad was 72 and he was in a terrible accident that left him paralysed from the neck down and on a ventilator. His car insurance & the other guys maxed out within 4 months.His care at a special facility where they take ventilator patients cost $30,000 a month + meds + a private duty LPN to stay with him from 7AM to 7 PM and assist him to eat, catherize him every 4 hours, and keep him cleaned up.All in all - over $40,000 a month. And that was 25 years ago. I can't even begin to imagine what that would cost in todays world, but I seriously doubt anyone could cover it long term from their savings.


This is a gray area in modern times, the above scenario would more than likely NOT be covered by LTC insurance as is not longer considered LTC is would move into intermediate or sub-acute area.  What is described above is not considered LTC under current care classifications.  Trust that insurance companies will work magic to get out of footing that bill.



@Abrowneyegirl wrote:

@151949 wrote:

My dad was 72 and he was in a terrible accident that left him paralysed from the neck down and on a ventilator. His car insurance & the other guys maxed out within 4 months.His care at a special facility where they take ventilator patients cost $30,000 a month + meds + a private duty LPN to stay with him from 7AM to 7 PM and assist him to eat, catherize him every 4 hours, and keep him cleaned up.All in all - over $40,000 a month. And that was 25 years ago. I can't even begin to imagine what that would cost in todays world, but I seriously doubt anyone could cover it long term from their savings.


This is a gray area in modern times, the above scenario would more than likely NOT be covered by LTC insurance as is not longer considered LTC is would move into intermediate or sub-acute area.  What is described above is not considered LTC under current care classifications.  Trust that insurance companies will work magic to get out of footing that bill.


WHAT ??? He was on a ventilator and had a trach - he REQUIRED an RN & a resp therapist be available. He could not cough - he was paralysed - he had to be frequently suctioned. Yep - that's sub acute care all right.Even when they would bring him to the hospital he had to be in ICU because he was too much care for on a regular floor. You really don't have a clue!!!

And anyway , my point was that you can't possibly know what is going to happen to you and it can happen in a mere moment.

Honored Contributor
Posts: 9,305
Registered: ‎06-08-2016

You are welcome to your opinion but it's legal.   You work hard to pay for a home to leave to your family then lose it due to catastrophic illness.    Hope you never find yourself in a situation where you have to make that decision.  The best insurance never covers everything.   You can plan, but you never know what the future holds.

 

@Mom2Dogs

Honored Contributor
Posts: 12,997
Registered: ‎03-25-2012

@tansy wrote:

@KarenQVC wrote:

@LilacTree  You may wish to check out adult foster care homes.  They tend to cost less than the fancy assisted livings.


@I was thinking of suggesting that, too, @LilacTree.  Usually a private home is outfitted to care for up to six adults.  

 

 


@tansy@KarenQVC

Sorry for the late response, I just saw this.  My daughter and I live in a small but nice apartment in a huge development.  It is not cheap, but we can afford it with both of our incomes. 

 

It will accommodate four people, although they are obviously assuming "couples" when they say that, because it is not big enough for four singles, for sure.

We are both afflicted with chronic diseases, mine autoimmune and hers chronic Lyme.  She has to spend nearly all of her income on doctors because no insurance company recognizes chronic Lyme, so it's all out-of-pocket for her.  She is on one of the Obamacare plans, but has never used it for that reason.  However, she is afraid that if something does happen that is covered by insurance, she won't have it, so she pays that premium too.

 

Most of my stuff is covered by Medicare, thankfully, and my LTC benefits are a godsend.

 

Like a lot of folks, we take it day at a time.  Anything can happen to either of us which could put the other on the street.

Formerly Ford1224
We must always take sides. Neutrality helps the oppressor, never the victim. Silence encourages the tormentor, never the tormented. Elie Wiesel 1986
Valued Contributor
Posts: 774
Registered: ‎03-09-2010

If you think Assisted Lliving is bad look at Nursing Home costs.Often people will go into Nursing Home as private pay. You pay your bill monthly until your funds run out. Then your home and assets are sold and you are covered by Medicaid. If you want to protect your assets you have to put them in someone elses name like a child x number of years before you need services. The number of years for Medicad  spendown may vary by state. If you have a spouse living at home they get half of the assets. ex: they would be able to live in the home, have 1 car and half of the monthly income. It gets confusing.

Valued Contributor
Posts: 774
Registered: ‎03-09-2010

LTC costs multiple thousands of dollars a month if you are private pay. As I said most people working in that industry don't have LTC insurance. I urge anyone looking into a policy to be very careful.

Honored Contributor
Posts: 25,929
Registered: ‎03-09-2010

@fluffysmom wrote:

If you think Assisted Lliving is bad look at Nursing Home costs.Often people will go into Nursing Home as private pay. You pay your bill monthly until your funds run out. Then your home and assets are sold and you are covered by Medicaid. If you want to protect your assets you have to put them in someone elses name like a child x number of years before you need services. The number of years for Medicad  spendown may vary by state. If you have a spouse living at home they get half of the assets. ex: they would be able to live in the home, have 1 car and half of the monthly income. It gets confusing.


Actually - the spouse is able to remain living in the home but it has already been turned over to the state. They can take the income of the spouse who is in the nursing home only - not the one living out in the community. So if the wife is only getting half her husbands SS check, but he gets his whole check plus a pension and their savings is in his name in an IRA - and he goes to a nursing home - they could spend down his entire IRA savings and take his home , his pension and his SS. She would be left to live on just her small SS each month. It happens all the time. 

For example - say he gets $2000/month from SS , so she gets $1000. He has a $500pension, and they have an IRA which is in his name since he was the one whose name was on it at his job, and they draw $500/month from it for living expenses. They could live very comfortably on their$4000/month.But if he goes in a home they will spend down his assets, all his IRA and she will have to siign over the house (though she can still live in it) but his SS & his pension will go to the home leaving her $1000/month to live on. That is pretty darn scant.

Honored Contributor
Posts: 18,611
Registered: ‎10-25-2010

@151949  You did a great job explaining how Medicaid and your assets work when you go into assisted living. I am sure that was helpful for a lot of people.

 

 

Esteemed Contributor
Posts: 6,633
Registered: ‎10-21-2010

Re: Over 50 and LTC plans

[ Edited ]

It would be very smart if you are allowed to take your pension in a lump sum to do so. Do not take monthly draws. Put it into a annuity where it can gain interest. Then you can have both your names on it. I wonder what happens if both spouses names are on all the   Investments. Why would your retirement investments only be in your spouses name. That is ridiculous.

Valued Contributor
Posts: 694
Registered: ‎09-09-2010

And why do you think things are going to change, radically, in the next 4 years? @151949

Valued Contributor
Posts: 694
Registered: ‎09-09-2010

@ccassaday,  our retirement accounts are in both our names, jointly, then we are each the beneficiary, if something happens to one of us. Then our sons are secondary beneficiaries, 50% each, if there is any left after we

BOTH pass.

My husband recently turned 70& 1/2, so we are REQUIRED to take a distribution from our  account..the reason being the government wants their tax money now, as it was a pre-tax investment.