snowdie
Full Member
Posts: 164
Dec 30, 2018 4:45:59 GMT
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Post by snowdie on Nov 19, 2021 3:26:58 GMT
Just curious how many of you have this? Just turned 60 and I am considering it. My mom has it and her policy rate goes up every year. My dad thought it was smart to get saying LTC could be very costly and outweighs the cost of the policy..
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Post by katlady on Nov 19, 2021 3:38:30 GMT
I have it. I got it while I was still in my early 30's. My financial advisor says my rate is very very good and to not let it lapse.  The rate goes up once in awhile, but not every year. Every year, they ask if I want more coverage. My mom and dad looked into it when they were in their late 60's and it was very expensive for them so they didn't get it. |
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Post by kluski on Nov 19, 2021 4:06:41 GMT
I have it thru work but I don’t believe it follows me into retirement.
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Post by katlady on Nov 19, 2021 4:13:22 GMT
I have it thru work but I don’t believe it follows me into retirement. Mine is through work and it follows us into retirement. The payment will be made directly to the insurance company rather than it being taken out of a paycheck. You should check. It doesn't make sense that it ends when LTC is more for your old age. |
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Post by marysue63 on Nov 19, 2021 4:36:45 GMT
I have a life insurance policy that can also be used for long term care. Both of my husband’s parents had dementia so it’s a good bet that he may need LTC in the future.
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Post by nlwilkins on Nov 19, 2021 6:57:44 GMT
We got it for both of us 20 years ago. The amount they pay out goes up every year but still costs us the same. It also has as part of the plan that you can get help in your home when you are no longer able to take care of yourself. Now we are in our 70's it helps to know it is there and relieves a bunch of worries.
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SweetieBsMom
Pearl Clutcher
Posts: 4,612 
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Post by SweetieBsMom on Nov 19, 2021 11:44:58 GMT
We had a nightmare of a time with my Dad's policy thru Prudential. So much so that I won't get it, I'll save a different way for it. He had his policy for 30+ years and when it came time for him to use it they dragged their feet. He died without being able to access a damn dime after paying the premium for YEARS. I'm still pissed about it.
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Post by Basket1lady on Nov 19, 2021 12:06:07 GMT
It can be very difficult to access the policy. We successfully did for MIL, but still pay out of pocket for FIL. Their insurance has 6 criteria for activation and they need to meet 4 of the criteria for it to activate. Things like dressing and feeding themselves. But it doesn’t include cooking for themselves. It’s physically feeding themselves.
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Post by jjpeapea on Nov 19, 2021 12:13:45 GMT
Ours has gone way, way up. Some of the online reviews say what others are saying - it is difficult to get them to pay out. But DH says “well the price is still less than two months in a good care facility”. Definitely read reviews and get a policy from an established company you trust.
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iowgirl
Pearl Clutcher
Posts: 4,137
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Post by iowgirl on Nov 19, 2021 12:45:27 GMT
We don't have it, but the cost of LTC is frightening for sure. I think people that have no exposure to it would be shocked to learn the cost of it.
You can quickly use up all your assets paying for it. You can not transfer your money/assets to anyone before going into LTC - they can go back 5 years (maybe more) and demand those in payment.
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Post by Basket1lady on Nov 19, 2021 13:06:44 GMT
We don't have it, but the cost of LTC is frightening for sure. I think people that have no exposure to it would be shocked to learn the cost of it. You can quickly use up all your assets paying for it. You can not transfer your money/assets to anyone before going into LTC - they can go back 5 years (maybe more) and demand those in payment. Yup. We put the in-laws into care in Minnesota in August of 2020. The in-laws spent thousands on setting up trusts for their assets and none of it is recognized as protected assets. None. It's about $9,500 a month for MIL's (88) care in a memory care unit (but the unit isn't locked down as she isn't a wanderer). FIL (89) is about $3,500 in assisted living with aides helping him shower and administer medications. We also split their assets. State aid will kick in when MIL's assets fall below $3,000. At that time, as a married couple, FIL can only carry $126,000. They are old enough to remember the depression era and have lived a frugal life and have forgone medical care/glasses/hearing aids trying to not spend money. This past year, we have worked to get all of that seen to and new glasses and hearing aids procured before they fall below their asset levels, trying to keep their cost of living low when they fall below the level. We paid about $500 for a lawyer's advice on all of this and it has been well worth it. |
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Post by voltagain on Nov 19, 2021 13:08:24 GMT
Just curious how many of you have this? Just turned 60 and I am considering it. My mom has it and her policy rate goes up every year. My dad thought it was smart to get saying LTC could be very costly and outweighs the cost of the policy.. I looked into it at 59 years old. If you have any health issues currently they will deny you coverage simply because it increases the likelyhood you will use it but you won't have paid enough premiums over decades to cover your payout. |
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Post by lisacharlotte on Nov 19, 2021 14:14:23 GMT
My MIL bought LTC insurance at least 30 years ago, maybe longer. She was a nurse and worked home health for a long time. She’s now 83 and regrets spending all that money on premiums for insurance that turns out isn’t going to be that great if she needs it.
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Post by kamper on Nov 19, 2021 14:35:56 GMT
We don't have it. I looked at policies outside of work provided ones in my 40's. It seemed like the premium would just go up and up and that there was no guarantee that they wouldn't just drop you at 65 or 70. We just saved more money.
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Post by Patter on Nov 20, 2021 11:24:22 GMT
Our financial advisor advised against it for us. We will not get it.
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desertgirl
Pearl Clutcher
Posts: 2,646
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Post by desertgirl on Nov 20, 2021 16:05:18 GMT
We don't have it. I looked at policies outside of work provided ones in my 40's. It seemed like the premium would just go up and up and that there was no guarantee that they wouldn't just drop you at 65 or 70. We just saved more money. Our financial advisor advised against it for us. We will not get it. These two posts apply to us, too. It would be to your advantage to see a certified financial planner. I was a teacher and dh was a state-employed worker so we are not talking wealthy here. And we weren't miserly at all. Please look into this and search for someone you can work with to maximize your investments. |
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Post by MZF on Nov 20, 2021 16:12:52 GMT
I bought a policy for me and DH through work about 10 years ago. Rate was very low for a decent policy. It has only increased once since purchasing, but the rate literally doubled. It's still considered inexpensive compared to the same amount of coverage we could get today. The cost of insurance over, say 20 yrs, is less than what they will pay in benefits in a short 6 months.
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janeinbama
Pearl Clutcher
Posts: 3,174
Location: Alabama
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Post by janeinbama on Nov 20, 2021 21:12:43 GMT
Our financial advisor advised against it for us. We will not get it. Same here. |
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Post by littlemama on Nov 20, 2021 22:02:42 GMT
See an estate attorney amd a financial advisor. they will be able to help
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Post by crazy4scraps on Nov 21, 2021 1:09:09 GMT
I’d look into it at least. A good friend of ours was in a tragic life altering auto accident a several months ago and has been bounced between the ICU, the hospital or in a specialty care nursing home ever since. I can’t even imagine how much money his care so far will already cost, and since he is still on a ventilator it’s going to continue to be very expensive until he can either recover enough to lose the vent and be moved to a place with a lower level of care, or die. It’s not looking like he will ever be able to walk again and it’s doubtful he will ever be able to go back to his own home. The whole situation is incredibly sad and very stressful for him and his son.
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Post by angieh1996 on Nov 21, 2021 2:03:10 GMT
My MIL has a policy and has for years. Pay out is excellent (when they actually pay). She’s been in assisted living for a couple of years and it’s been a nightmare dealing with them. Her policy requires her to meet 2/5 criteria. She actually meets 3. She gets confused sometimes and they did an over the phone assessment with her because of covid. No one knew about it and so no one was present with her to help guide her through the questions. Of course they ask the same thing several times differently and now all the sudden they say she doesn’t qualify. The facility has sent in info showing she does and her Dr. Has sent in info also. It’s ridiculous. She’s going blind. Needs help showering, getting dressed, needs help with meds and she can’t cook for herself. I like the concept of long term ins but Christ almighty are they a giant pain in the ass.
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Post by librarylady on Nov 21, 2021 2:35:06 GMT
I bought one for me when I was about age 62.
My mother had Alzheimer's Disease so I figure I may need it. DH does not have one.
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peaname
Pearl Clutcher
Posts: 3,389
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Post by peaname on Nov 21, 2021 12:08:34 GMT
I work in long term care. Many insurers lost a lot of money paying out on these policies in the 90’s and early 2000’s and don’t offer them or have very strict criteria for payout and they’ve become very expensive. My plan is to save for long term care. Another option is to hire an estate planning attorney and set up a trust but I’m not interested in hiding assets to go on welfare I’ll pay for what I need as I do now.
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Post by peasapie on Nov 21, 2021 12:47:18 GMT
I did some research on this a while back. According to what I read, buying today’s LTHPs is generally not worth it. Rates for this have gone way up, and the average individual doesn’t spend enough time in managed care to cover what they would pay for it. Also the insurance now is very limited on how long they will pay. Apparently, it’s better to put what you would pay monthly for insurance into an an interest-bearing account, to be used for this (or not if you don’t need it).
My MIL is one of the rare few who got very good long-term insurance through her state job, and used it. She was in assisted living for 7 years, completely paid for by her insurance. Those kinds of policies are a rarity now.
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The rate goes up once in awhile, but not every year. Every year, they ask if I want more coverage. My mom and dad looked into it when they were in their late 60's and it was very expensive for them so they didn't get it. 
