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View Poll Results: Do you have Long-Term Care Insurance?
Yes 38 27.74%
No 78 56.93%
Still thinking about it 20 14.60%
Refuse to think about it 3 2.19%
Multiple Choice Poll. Voters: 137. You may not vote on this poll

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Old 05-18-2011, 08:33 PM
 
Location: SoCal desert
8,093 posts, read 13,236,672 times
Reputation: 14870

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(Not covered by traditional health insurance or Medicare. Specifically to cover home care, assisted living, adult daycare, respite care, hospice care, nursing home and Alzheimer's facilities.)

Other questions ...

What was your age when you signed up for it?
What's your monthly cost per thousand?
What will be your daily or per month benefit?
Did you get the annual inflation protection?

And anything else you can think of

(The poll is private, and you can choose more than one)


Woo hoo. My first poll!

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Old 05-18-2011, 08:37 PM
 
Location: The Triad (NC)
28,502 posts, read 62,199,370 times
Reputation: 32187
Sorta.


YouTube - ‪Scarface - Say Hello To My Little Friend‬‏
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Old 05-18-2011, 10:11 PM
Status: "I am Blessed." (set 9 days ago)
 
Location: Spurs country. "Go, Spurs, Go!"
3,416 posts, read 3,970,488 times
Reputation: 8856
What was your age when you signed up for it? 46 or 47.
What's your monthly cost per thousand? I pay $94.50 every 3 mos.
What will be your daily or per month benefit? I don't remember.
Did you get the annual inflation protection? I can choose to increase my coverage (and my payment) every 5 years. This has occured only once, and I declined it at that time.

I worked for state government at the time, and MetLife offered LTC as a new benefit. I locked myself in the bedroom to read and absorb all the information about it, and liked what I read. I understand now that this is hard to find nowadays, as it is not profitable, and that MetLife in particular is no longer offering this benefit.
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Old 05-18-2011, 10:17 PM
 
Location: Wisconsin
21,541 posts, read 44,028,155 times
Reputation: 15150
Here's a good discussion on the subject. Key appears to be are your assets in excess of $300K and will you be able to continue paying the premiums into your old age - unless you find a product that is a 10-year pay. Good product with inflation adjustment is costly.

Bogleheads :: View topic - Is long-term care insurance worthwhile?
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Old 05-18-2011, 10:29 PM
 
5,621 posts, read 8,555,192 times
Reputation: 7710
Technically no, and I'm not yet 30.

But some of ya'll check me on this:

I'm medically retired from the Marines:

Worst case (And I'm not able to put myself out of my misery first)

I would be put in one of those Hell Holes called 'VA long term care'
(I'm also a combat vet)

So that's SOMETHING...
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Old 05-19-2011, 01:17 AM
 
Location: Florida Gulf Coast
4,406 posts, read 5,928,354 times
Reputation: 7121
I don't have it (61), don't understand it, and don't trust it. I read the entire two pages of the above link and am more confused than ever. I would like to hear a real-life example of someone who has used it -- how much are they paying for it, how much it is paying for, what type of care, and what was the criteria they needed to meet in order to make a claim? I know from personal experience with my mother (88) that it's not a simple process to qualify for a nursing-home level of care, even at her age, so I can't imagine that it would be easy to justify the need for assisted-living or home care for folks in their 60's or 70's.
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Old 05-19-2011, 03:48 AM
 
71,651 posts, read 71,777,271 times
Reputation: 49241
im still holding off. its a crazy market place... people have taken it only to find premiums jumping 30% and now cant afford it.
john hancock i believe jumped 30% last year.

you loose what you paid in if you stop paying.

other companies have pulled out altogether realizing its to hard to make money so that may be an indicator as to where rates will be headed. met life said they are no longer offering policies. its to difficult to stay profitable. if met life pulled out and john hancock went up 30% thats telling us something about how much premium costs may escalate.

i read that studies have shown that nursing homes claims are 88% women and the chances of much being payed out for a man is very slight so many couples are sharing one policy sucking much of the profit to the insurer out of the deal.


some states like ny offer a state plan but until i know what state we will end up living in i cant go that route yet.

Last edited by mathjak107; 05-19-2011 at 03:59 AM..
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Old 05-19-2011, 06:19 AM
 
Location: Near a river
16,042 posts, read 18,982,141 times
Reputation: 15649
Forget it. Check this out:

The Stealth Retirement Community - SmartMoney.com
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Old 05-19-2011, 08:44 AM
 
Location: Baltimore, MD
3,745 posts, read 4,219,341 times
Reputation: 6866
Quote:
Originally Posted by Gandalara View Post
(Not covered by traditional health insurance or Medicare. Specifically to cover home care, assisted living, adult daycare, respite care, hospice care, nursing home and Alzheimer's facilities.)

Other questions ...

What was your age when you signed up for it? 54
What's your monthly cost per thousand? d/k; premium is $167/mth/ 3 yrs / Max: $219,000+ (compounded, see below)
What will be your daily or per month benefit? $200+
Did you get the annual inflation protection? yes, minimum 5% compounded annually.

And anything else you can think of
Policy provides access to portion of benefits if I stop paying after 5 years. Most recent payment completes the 5 year period.

(The poll is private, and you can choose more than one)


Woo hoo. My first poll! Congratulations

At the time I enrolled (via state employment), I anticipated having significant assets. "Post" recession, that is no longer true. However, research leads me to believe that the first thing that will be cut from the federal budget will be medical assistance, particularly medical assistance for long term care. I have also concluded that this is going to hurt long term care facilities and that facilities are going to demand proof of the ability to pay its fees. I hope I never need to enter a facility or need in-home assistance, but that cannot be predicted. Will I continue paying the premiums forever? I dunno. (Most folks don't stop all payments - if premiums are significantly raised, they switch to a lesser benefit and reduce their premiums. THIS is how the insurance companies reduce THEIR risk. ) Oh, and I'm not concerned that the insurance company will successfully deny my benefits - DD is also an attorney and Hell Hath No Fury like a Lenora2 in a snit.
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Old 05-19-2011, 09:06 AM
 
Location: Boca Raton, FL
5,176 posts, read 8,698,297 times
Reputation: 6199
Smile Long term care insurance

Yes, my husband and I have it.

Age at inception: 51

We pay $101 per month (each)

Benefit would be $7000 per month (each).



My sister had her husband take it out at age 50. Eleven years later, he has Stage 4 or 5 Parkinsons - it's with John Hancock - she has 3 girls (aides) coming to the house (wonderful young caring girls) - 8 hour shifts each - insurance pay 100% - she doesn't know how she would handle it otherwise.

Somedays, for 5 or 6 hours, he walks around; other times (esp at night) not so good.
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