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Ever think about or deal with Long Term Care/or Insurance for L-T Care?

 
 
Linkat
 
Reply Tue 24 Feb, 2009 03:09 pm
We recently had grandparents requiring assisted living. It is shocking how much this can cost. Fortunately these grandparents have some money put away so at least in the shorter term they can live in a very nice facility and live together. The other alternative would be to live separately and in a nursing home. Unfortunately because of the cost, it is going to eat away their hard earned savings pretty quickly. Their hopes of leaving a good amount to their grandchildren and daughter is dwindling.

Anyone have experience with the above? Also, as a result my husband and I talked about getting Long Term care insurance so our children would not be burdened with the thoughts and concerns we have. And so we, if need be, have the option of the care we may some day need. I know the insurance is expensive, but after what we are experiencing are considering it.

Anyone familiar with this sort of insurance and have experience with it? Anyone have a similar experience with caring for loved ones as they age/the expense balancing with their comfort and needs?
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Type: Question • Score: 6 • Views: 2,353 • Replies: 9
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realjohnboy
 
  1  
Reply Tue 24 Feb, 2009 06:17 pm
Our family has had the same insurance company person for personal and businesses for 25 years. I am confident that "Pat" is honest and would never put me into some policy that was not suitable.
I asked her to put together a proposal that would cost about $1200/month, which is equal to my social security benefit.
I'll bring it home from the office tomorrow.
For the benefit of those of yall with little or no direct experience with these facilities, I do know this. A nice assisted living facility, one that you would be quite happy with, can run $5000 a month (here in Charlottesville), and the cost is only going to go up. Scary, huh?

Believe it or not, one factor keeping me from getting the insurance is that both sets of my grandparents, both parents and my older brother essentially dropped dead. No messing around with L/T care in our family!
Green Witch
 
  1  
Reply Tue 24 Feb, 2009 06:59 pm
This is a tough one. I've explored the healthcare/insurance industry for years and the news is not good. There are so many nightmare stories about people not getting the kind of long term care they thought had paid for through insurance. You can find horror stories all over the net. You have to really examine any policy from top to bottom and I recommend a lawyer be involved to seek out the small print. You also have to watch for changes that are made during the life of the policy as you age. Also be aware that many of the best care facilities do not want the hassle of dealing with some insurance agencies, so you might want to do a little research in that direction also. Insurance companies are not our friends. Their sole interest is in making money.

Many Americans will lose everything at the end of their lives because we have no safety net. Medicare covers less than most people think. Medicare typically pays for 21 days of nursing home care and after that you have to sell the house and liquidate the savings before you see another dime towards institutional care. People save for years thinking they will leave a nice inheritance to their children only to end up losing it in a few months because of nursing home care.

Linkat, you might be better off fighting for a change in our medical system in this country. You should also speak to an estate lawyer.

I just posted this site earlier on another thread, but not to this specific link:
http://www.aarp.org/issues/dividedwefail/health/longterm_care.html
Linkat
 
  1  
Reply Wed 25 Feb, 2009 11:57 am
@realjohnboy,
It is and that is the worry - that they will run out of money. And then you begin to think about yourself - you don't want to be dumped in some sh*t hole because you can't afford 5k/month.
0 Replies
 
Linkat
 
  1  
Reply Wed 25 Feb, 2009 11:58 am
@Green Witch,
Thanks I'll take a look through. I also was concerned about changes 30/40/50 years from now when I am more likely to need assisted living.
0 Replies
 
ossobuco
 
  1  
Reply Fri 20 Jan, 2012 11:49 pm
@Linkat,
Insurance? I sold my parent's house to pay for care - and it turns out I could have lived there and saved it but my legal folk were asleep. It is shocking how much this can cost? Wait till all that costs. That house then multiplied in value.

Obviously I'm not talking calmly about all of this.
I, being an elder with varied dreams, have some of them placed in places I know.
Sometimes in dreams I see that house again.
Linkat
 
  1  
Reply Sat 21 Jan, 2012 08:34 am
@ossobuco,
Just been through that with my parents - met with a lawyer and put their house in a trust to prevent the house to be used for medical payments if needed. Seems silly that you need to pay all this money and you are just moving the assets via paper. Why isn't there just some assets that cannot be touched period?
0 Replies
 
parados
 
  1  
Reply Sat 21 Jan, 2012 09:00 am
@Linkat,
My wife and I bought long term care insurance after her mother went into the nursing home and a similar experience with the cost quickly eating into her savings.

I believe the policy pays a set maximum monthly benefit with a maximum amount over it's life. It requires a certain amount of time before it activates. (3 months?) It also allows for payments for home care including payments to a spouse who is providing the care. It's not a perfect solution, but it is a way to help pay for costs without draining our other savings if we have a need for it.
Linkat
 
  2  
Reply Sat 21 Jan, 2012 10:26 am
@parados,
there are legal ways to protect your assets via trusts - but this also takes time - I'd imagine you have more, choices too via LT Care insurance
0 Replies
 
vishal1
 
  -1  
Reply Thu 5 Jan, 2017 01:50 am
Nice Idea
0 Replies
 
 

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