Do you have LTC insurance?

debo_2006

14 years ago

I've been reading so much to learn about Long Term Care Insurance to make sure it's right for us. My gut is telling me we should have this. I've become quite educated about the subject from reading on-line and getting in touch with various sales reps to gain more knowledge. And with people living longer these days, more of us will need help later.

My biggest fear is that should we need assistance in our older years, we have no children or family that will care for us - not that they'd want to anyway. I saw my mother go through hell when she cared for her husband at home all while she was fighting breast cancer. It was tough on both of them and they both were nasty with each other. While she did have a health worker come in daily, it was still a strain. She had to move him to a home after awhile just to have a break. Home care is what more people prefer, rightfully so, but knowing there's an option to move to an assistant living or other facility eases the mind, if we get the insurance. I'm big having things in order for my older years should I make it that far.

I prefer to get it now since premiums are alot higher if we wait until our late 50s (now 49/51). We're not in a position to self-insure either.

What's your experiences with this type of insurance or any comments you care to share? Thanks.

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Comments (12)

msmarion
14 years ago
I have no personal experience, but I can tell you that one of my friends mother had the foresight to purchase it. She was able to stay at home with CNA care until almost the end. She did go to a nursing home about two weeks before she passed on. I know my friend was very thankful that her mom had this insurance.
sue_va
14 years ago
Get it now, but be sure you are getting it with a reliable company. And read the fine print.

I don't have it, but I wish my DH and I had gotten it when we were young. At that time we couldn't afford it, but now I realize how important it is and we probably could have afforded it if we really had taken it seriously. DH is gone now so it is just me.

I will be 85 in a few days. I have been counting on my stock shares to pay for LTC when and if I need it, but that won't happen now!

So yes, I say get it now.

Sue
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Like Jim_1, we evaluated our risk profile for morbidity and decided on buying it. We have the equivalent of "Cadillac" LTCi (I guess that might be Mercedes-Benz or Bentley, these days, lol), purchased through the state pension fund which polices the LTC carriers very strictly. It's costly. But we knew that going in. I'd worked in insurance for almost 20 yrs and still have friends in the industry, including corporate actuaries. I told DH that the original pricing was too low and we should be ready to budget for premium increases in the future. Those increases have happened, and fortunately we're still able to afford the premiums. We have no intention of letting them go. Our morbidity risk is still high. In 2013 we moved my MIL to a wonderful full-care senior facility. She had early dementia but was fine with a regular daily routine. She was a sociable sort but shy about making friends on her own, so the facility was great for her. She was age 85 when she moved in, and sure she was still "too young" for this place. Imagine her shock when she was seated at a dining table with three other residents, and she was the YOUNGEST. One of her new companions was 100 yrs old and had been living in the facility for 30 years! Because MIL needed to have enough $$$ to afford Memory Care as she declined, we were and still are, conversant with what facilities charge for Skilled Nursing and Memory Care in our area. Interestingly, when we were researching facilities for MIL, there was little difference in the Asst. Living monthly rents, although costs for services varied, between the for-profit and non-profit facilities. But when looking into SN and MC units, the difference was substantial, to the tune of more than $3K/monthly. It had nothing to do with the quality of care; the non-profit we selected for MIL was one of the more reasonable ones yet is rated 3rd in the state. In 2015, the cost for SN/MC at this facility was $8500/mo. You need to remember although this cost is inclusive of all medical services, personal items and some extras deemed non-essential are NOT provided by any facility we interviewed. Such items, for increased comfort or emotional support, are the responsibility of the resident or resident's family, so that is an additional cost. It should also be noted that all the facilities we interviewed did not accept Medicaid patients at all as initial residents. All of the non-profits and a couple of the for-profits said their policy was to apply for Medicaid for residents who eventually ran out of funds (helping defray those SN/MC costs is one of the major expenses in a facility's General Budget). Some of the for-profits, however, said if a resident ran out of funds, they were asked to leave. These facilities would contact the state to arrange for a transfer to a Medicaid facility that would accept the resident: no choice of where to go, btw. As pointed out above, if you think there is any risk of needing Medicaid, it would be wise to find out the laws in your state, AND STAY UP TO DATE ON THEM. Medicaid is 50% federally funded and is always dependent upon the goodwill of Congress for its funding. Currently 80% of the U.S. elderly in SN and MC facilities are being funded by Medicaid. HTH.
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czech_chick
14 years ago
My DH and I both have it. We don't have kids, so we really need LTC.

I have a 3-month deductible. Without it, I would pay a small fortune.

Buy LTC right before your 60th birthday - I believe once you hit 60, the premium goes up; an extra $200-$300 a month.

Carol
azzalea
14 years ago
Have heard too many horror stories about it. Wouldn't touch it with a 10' pole. But then, I don't believe in being insurance-poor, nor in betting on my death or disability. Nor, in this economy, do I trust in any company to be around in the longrun. And with insurance ocmpanies, there have beeen too many in the past, that have sounded reputable when they TOOK clients money, but then found all sorts of loopholes to avoid paying it out when it was needed. I prefer to do my own investing, and controlling of my money, so that I'm prepared for whatever emergency or need crops up.

Keep in mind, (as long as the rules don't change), you only have to be able to pay for 2 years of care privately, before you qualify for Medicaid. My aunt is in a very luxorious place, and will be able to stay there once she reaches that stage.

Also, if you're considering your financial future, be sure you sit down with an eldercare attorney, as well. There are many other issues you may want to address to protect yourself.
monica_pa Grieves
14 years ago
Ditto to what Azzalea said.
jannie
14 years ago
No, and it's too late for me and DH. He has multiple sclerosis and can't drive or walk, he uses a walker at home and an electric scooter outside. And I have kidney failure requiring dialysis three times a week. Talk about pre-existing conditions! We joke that we hit Double Bad Lotto! What are the chances both halves of a couple would end up with chronic immune diseases?
neesie
14 years ago
No, I would never get it after hearing horror stories of insurance companies not keeping their end of the bargain. They benefit by collecting premiums and then denying care once you become disabled. They sure can afford to wait for something to go to trial while you get sicker and sicker. There have been cases of people disabled by cancer or heartfailure that can't work anymore and STILL can't collect their insurance. Heck, the insurance companies can afford to wait and go to trial while you're sick. That's their ploy. They do not make money by paying out claims. Look at all their fancy buildings and employees! Where does that money come from?

I'm fighting with my homeowners insurance right now over hail damage that I had repaired (all according to the rules, no shady business, receipts for everything) and I'm short on my checks by almost $5000; I'm finding how hard it is to fight the insurance companies. Do I want to do it when I'm sick and or disabled? No! Take that premium money and put it in a bank, a bond or under a bed!
sue_va
14 years ago
I personally have never heard of anyone's LTC company defaulting.

Over the years I have had two homeowner's claims, one small, the other very large. Both were settled perfectly and even better than anticipated. The Agents were polite and helpful.

That is why I said to be sure to use a reliable company. Check them out before signing up.

A claim where you have been the loser is like me, a loser in the stock market. Who would have thought?

Sue
western_pa_luann
14 years ago
DH and I both have LTC insurance.
Silverdove
14 years ago
I've had LTC insurance for several years.

My daughter worked as a nursing home administrator for many years, and she wants to make sure that if I need nursing home care, it will be a "nice" one.
cate52
14 years ago
Oh yeah... but I'd get some serious advice and there's a couple of websites if you google.
My aunt who is now 98 had it -- but she's been in the care facility for almost 5 years and we're going to have to switch over to medicaid.
She fell & broke her hip -- I thought she'd never last til Christmas... but the wonders of regular meals & meds delivered appropriately [we discovered she'd been 'covering' her short term memory loss very well..

Started out at $135 per day and is now up to $167 - but that's a non-shared room.. Figure on the price of a good hotel...
She had a couple of policies dating from the mid 70's -- one was for a total of $10K and the other had a limit of 3 years and paid directly to the facility -- since then we've sold her home [60K and a car for 1800] and run thru almost $250K in CDs, savings etc. It sure aint cheap.
mariend
14 years ago
We bought ours before DH retired thru the company he was working for--therefore better rates, as they really checked everything out. The rates have stayed the same, because that is what they signed with the company, but I would not be surprised it they do go up. But it is only good for 3 years, does cover both home and nursing care. Therefore it could be stretch out more than 3 years. The company is Transamerica Life Insurance in Hurst TX. If you have some nursing homes in your area you feel comfortable with, you could also talk with the administrators. Also check with your state insurance commissioner for complaints and ratings. But do be aware that it is not long term, meaning forever. You might get more coverage if you have a 3 year term, or 5 year term. Just ask lots of questions. What insurance company do you have now? I understand that companies like Allstate have policies. Also check with AARP.
good luck

Do you have LTC insurance?

Comments (12)

msmarion

sue_va

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