Long term care insurance. Anyone have this and how much are your premiums? (funds, pay)

[kanhawk]

My employer (government) is sponsoring some long term insurance plans . I am thinking about getting this but would be interested to know anyone who has it and how much you pay in premiums per month.

[Charles]

Originally Posted by kanhawk

My employer (government) is sponsoring some long term insurance plans . I am thinking about getting this but would be interested to know anyone who has it and how much you pay in premiums per month.

Doesn't it depend on your age and other factors? Wouldn't you have to normalize your situation when those of people who reply? If I wrote $500/month and the next guy wrote $800/month, what would that mean to you?

[kanhawk]

Originally Posted by Charles

Doesn't it depend on your age and other factors? Wouldn't you have to normalize your situation when those of people who reply? If I wrote $500/month and the next guy wrote $800/month, what would that mean to you?

That's a good point. I am 48 and in good health.

[Charles]

Originally Posted by kanhawk

That's a good point. I am 48 and in good health.

I'd bet 99% of people your age do not have LTCI, regardless of their health. I don't (I'm 49) but I think I will probably get it in the next 15 years or so, though I do have four daughters - I'm raising my own personal skilled nursing facility.

[golfgal]

You have to qualify for LTC insurance so getting it younger is a great idea. We have it already and we are in our mid 40's because my mom, if she had had it would have filed a claim at age 45. Over time we will actually pay a little less in premiums vs having waited to our 60's-and then the chances of qualifying are less than 50%. Our premiums are $60/month for $160/day in coverage-which is average in our area. We have a lifetime benefit, meaning your coverage never stops. It has 100% in-home care (which is what we really want) and 100% nursing home care-the two most important features of the policy.

The issue we found when shopping around was that a lot of companies have either had HUGE rate increases lately or have gotten out of the LTC maket altogether. We have our policies through Northwestern Mutual and are very happy so far.

[Charles]

The other approach is to qualify for medicare. Make sure the bulk of you net worth is in your primary residence. Gift away other assets soon enough to beat the look back period.

[golfgod]

Charles wrote;

The other approach is to qualify for medicare. Make sure the bulk of you net worth is in your primary residence. Gift away other assets soon enough to beat the look back period.

So, your answer is to be a WELFARE CHEAT? How original. IIRC the look-back period on a house is no different than for any other asset, and something my wife was just looking at lately mentioned a 5 year look back. Regardless, if her funds run out (about 3 +/- years at current rate) the wife and I will pay it as her siblings are unable financially to do so and we are.

[golfgal]

Originally Posted by Charles

The other approach is to qualify for medicare. Make sure the bulk of you net worth is in your primary residence. Gift away other assets soon enough to beat the look back period.

You will have to sell your house and use the proceeds to pay for care either way so what does this matter? Most states have a 5 year lookback, some states like Florida are considering a 10 year lookback so if you survive with nothing for 10 years and want to go this route, more power to you?

[Charles]

Originally Posted by golfgod

Charles wrote;

So, your answer is to be a WELFARE CHEAT? How original. IIRC the look-back period on a house is no different than for any other asset, and something my wife was just looking at lately mentioned a 5 year look back. Regardless, if her funds run out (about 3 +/- years at current rate) the wife and I will pay it as her siblings are unable financially to do so and we are.

It's perfectly legal.

Besides, I paid for it through taxes.
A primary residence isn't a countable asset. I could have the government pay for my nursing home while I continue to own a $2M home (and little other assets) while the guy in the next bed over spends down his $600K in mutual funds until all he has left are non-countable assets.

There is no look back period on a primary residence that isn't gifted away; I still own it. Other assets like mutual funds can be gifted away more than five years prior to going into a home, or use all assets to buy a very expensive primary residence - all of the net worth is in that primary residence.

[Charles]

Originally Posted by golfgal

You will have to sell your house and use the proceeds to pay for care either way

Not true. A primary residence is not a countable asset.

Keeping House While In Medicaid Nursing Home | Under Medicaid and Keeping the House