Long Term Care Insurance--do you have it?
Rudebekia
7 years ago
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Comments (29)
jim_1 (Zone 5B)
7 years agomrreichart
7 years agoRelated Discussions
What to look for in a long term care facility
Comments (5)Make several visits--some with an appt, some 'drop ins'. We had started the process a few years back, when we thought we might get guardianship of MIL. The homes that impressed us the most, were the ones where the rooms looked more like apartments, than hospital rooms, where it was obvious that the staff loved the 'guests', where the food was nutritious, and beautifully served in friendly surroundings, where there were plenty of appropriate activities for the residents to enjoy. There should be onsite medical staff. One of the first questions you want to ask, is 'what happens if the money runs out'--not all facilities deal with medicare (that's US--don't know if you have something similar in Canada). You don't want to get mom settled, and then have to move her in a couple of years. The home we finally were impressed with offered a beautiful facility that looked like a gorgeous country inn. Rooms were beautiful, and included a small kitchenette (sink, microwave, small fridge), they were relatively spacious. The staff was fantastic. There was a dog and cat. The dining rooms were beautifully appointed--lovely drapes, linen tablecloths, small tables--looked like a pricy restaurant (although meals would be served in rooms for those unable to get to the dining room). We ate there, and the food was exceptional for an 'institution'. There were all kinds of activities, every day, all day long--music, crafts, parties, exercise, cooking, etc. There were no visiting hours, because guests were welcome anytime, night or day. They had field trips. They planned frequent family events--parties, pet days, octoberfest, etc. There was a 'bistro' where the guests could meet to visit and for (free) snacks any time during the day. Fulltime nurse on staff, dr. a couple of days a week. And one of the really amazing things was that while the facility was truly the best we visited, it was about mid-priced compared to others. Most important thing you can do is take your time, visit many, many times, talk to other residents and their families. And the more you look, the more questions will occur to you to ask--just keep asking until you find a place that gives you the answers you want. Good luck....See MoreLong Term Care Insurance question
Comments (12)Here's the issue with any type of variable universal life policy - the agent's premium and company fees can be set up different ways. Surprise, surprise - the default on running a customer quote is set to the agent/company advantage, NOT the consumer. You can get them to change this - BUT you have to ASK. The agent should be willing to do this, but very few of them will volunteer (not surprisingly). This is a hybrid policy currently very "hot" in insurance circles because so many people think they might be "wasting" their premium dollars. Needless to say, you will pay more for such a hybrid policy, than you would if you just bought level term life insurance and a standard LTC policy. Unless you seriously need life insurance for estate reasons - I have it, but for a very specific reason - I can't see why anyone would buy these types of policies. You pay for auto insurance and homeowners insurance for years, with most people never making any serious claims. Is that money wasted? No - it is intended to mitigate risk in an emergency. LTC insurance is no different. If your life expectancy factors are good, you want to age "in place", and you can't afford to self-insure, then buying an LTC policy can help mitigate the risk of running out of money and being forced into only Medicaid facilities, rather than having a variety of choices open to you. LTC insurance is not for everyone, and there are many policy details needing prudent and careful review. It may indeed be true that a hybrid policy would work well for you...but I would carefully compare it with the standard policy and a level term life quote before making any decision. Good luck to you and others going forward. This is not an easy or simple decision to make. You will need the help of an ethical insurance salesman, and that's something you will need to find on your own. They do exist, so start searching and asking lots of questions....See MoreLong-Term Care Insurance
Comments (18)I looked into it for my parents twice, but the first time my mother's financial advisor convinced her that it was not worth the money, and because of that she didn't take me seriously the second time. The second time I looked into a program open to federal employees and their relatives, and it looked like the coverage was good (but the premium for my mom would have been $400 a month). Premiums increased substantially with age, so I suspect the key is figuring out a good age at which to sign up (not so young that you're paying premiums for such a long time that it cancels out the benefit, but not so old that premiums are beyond reach). I wish that my mom hadn't listened to her financial advisor, and that she'd been open to a LTC policy, because I know that I am the one who would end up filing the financial gap if one or both of them needed long term care at a level and length of time that would deplete their savings and investments. For the peace of mind, it would have been worth the high premiums, which I offered to pay myself. At her current age, 69, I doubt she'd qualify for anything that we could afford, and my dad wouldn't qualify at all because he has cancer. A LTC policy for my parents would ease my mind because I know how illnesses that require full time care over a long time period can eviscerate savings. My grandfather had alzheimers for 15 years, and spent the last 10 of them in an assisted living facility. My grandmother kept him at home as long as possible (longer than made sense, to be perfectly frank), but the reality is, given his strength, his diminished mental capacity, and later health complications, he needed the kind of care that only a LTC facility or a full time live-in nurse could provide. This was in the 80s and 90s but it cost thousands a month. Despite being hardworking, a saver, living a frugal lifestyle (to the point of growing their own produce in the summer and freezing and canning it for winter), and having a pension, paying for care for that many years took all of my grandmother's retirement savings. So once the money, inevitably, ran out, they had to go on medicaid and my mom helped with living expenses. I am very worried about facing a similar situation with my parents, particularly since costs are higher now, and I live in an area with an extremely high cost of living. Just think about stories you read about people who have a major illness with medical costs that cause bankruptcy, then multiply that financial impact across multiple years. Planning for an emergency, or even setting aside money for a comfortable retirement, is not going to cover full time care for years. As I understand the costs, it would be like sending a child to an elite private college --- and few people can afford that for more than 4 years even if they have been putting money aside since the child's infancy. Paying that annually, indefinitely, can make a mockery of even the best laid financial plans. The odds are that most people will not need that kind of care, but if you do the financial costs are devastating....See MoreElderly mother cancelled her long-term care policy
Comments (26)I do have power of attorney for my mother, she is in a nursing home now and her house sold and all assets used to pay for the nursing home fees. There is no money left to pay for anything. At $13,000 a month the money goes quickly. Everything is gone which is why we are in the process of getting the medicaid application started. For years I tried to convince her to sell her house and move into a senior apartment, and then, if she declined further, assisted living. She refused to leave her home, and I could not force her. Eventually, there was no choice, but my sister did take her in for a few years until things got to the point where she needed 24 hr a day nursing home care. I can't speak for other elderly folks, but my parents became extremely stubborn as they aged. . We affectionately call Mom our 93 yr old toddler. I've learned a few things from this that I intend to do for my kids. I think its good advice for all parents as they approach old age: Sell my house when I can no longer take care of it. have all my important documents in one place and inform my kids where it is. take good care of my health, lose weight, stay active, keep social activities up so I can stay well and independent longer 4) Inform my kids I don't want them to take me in or assume responsibility of my home or my personal care. We will get our elder care policies so they don't have to worry about it. 5) Have a Power of attorney, will, DNR documents (already done this) My father is still in good health and mentally sharp but he also refuses to sell his house and expects us to do the work on it. But I have learned that its ok to say no, if he wants to remain in his house and has the money to pay for repairs, he is going to have to hire people to do it, we cannot do this anymore. We're tired, we aren't getting any younger either and its time to focus on our own home now. Dad refuses to discuss anything related to his aging, his funeral wishes, where and what he has, etc. I've told him do not choose me as power of attorney or executor if you do not let me know these things now. I don't want any part of trying to dig through this stuff again without any knowledge of where to begin. I told him I will leave it all to his lawyer if he doesn't give me more information. Much as these things are uncomfortable to talk about, the fact is we are all going to die, many of us will need extended care so the people we designate to take charge of these things need to have the information beforehand so they can make the right decisions. Leaving your kids in the dark until something happens is just wrong....See Morebengardening
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