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Old 09-17-2014, 06:18 PM
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I can see why 1 out of every 4 get denied in their 60's and almost 1 out of 2 in their 70's.

You really have to do this before things deteriorate.
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Old 09-17-2014, 09:23 PM
Location: Middle Tennessee
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Originally Posted by mathjak107 View Post
very interesting , we had the examiner come tonight to do the exam for the LTC INSURANCE we applied for.

they take all your measurements,weight , waist ,chest ,height ,. they do urine ,full blood and hiv testing ,blood pressure and give you word association questions.

they read 10 words and you repeat each one . then you have to name all ten from memory.

you have to repeat this 3 times.

then they read off groups of 3 animals at a time. you have to pick one you feel is different from the other 2 .

they give you all different combinations of 3 animals at a time. some are even the same question in a different order and each time you have to pick the one you feel is different for your own reasons.

the last thing is you have to list all 9 animals used .

i think we did okay as we got like 9 out of 10.

all in all it was quite interesting to see how carefully screened you are.

results take about 10 days as to whether you are accepted or not..
I should be hearing back on my application any day. They did my cognitive memory test over the phone and did not request an actual medical exam; just access to my medical records. It will be interesting to see where they slot me as far as premiums (if they accept me).
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Old 09-18-2014, 02:08 AM
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. Good luck. The rejection rate is quite high. In fact the examiner was rejected because of his weight. as they say the younger you apply the better your chances.
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Old 09-18-2014, 07:10 AM
Location: Loudon, TN
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I got my LTC policy through CalPERS and had no exam or cognitive test at all. I was in my forties though, so maybe that had something to do with it.

I would not go without LTC insurance. I have seen what the alternatives are and they aren't appealing to me. As for how many will need it, I think the statistics are probably pretty close to accurate. My dad (77) was in a lockdown alzheimers ward in a facility, while my step-mom lived across the street in the ALF, because she had breast cancer in her 70's and needed more help than my brother (her son) and his wife could manage. My mom lived in independent living apt (subsidized) until she had to go into the hospital and from there into SNF. My friend who is 58 is in a small ALF because she has advanced Parkinson's, and her care is too much for her husband to handle. My close friends' parents almost all needed some type of care in their last years.

I will figure out how to handle my DH if he needs care, should it ever be necessary. He is 5 years older, so it is likely that he will be gone when I need the help. His family has better genes than mine though, so either way I have LTC for myself.

I just want to let people know of a benefit that can help people afford ALF or SNF when they need it if the person or their spouse was a veteran from the WW2-era, (not sure about Korean war). Veteran's Aid and Assistance is a program that can provide a monthly payment to a vet or spouse of a deceased vet. It is about $1050 per month and the individual must need help with at least a couple of the ADL's. Check with the VA website to learn more. We wanted to apply for my MIL, but she is too functional for it now and is in independent living. If she goes into ALF she will be able to get it and it will help us greatly.
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Old 09-18-2014, 05:20 PM
Location: Prescott Valley,az summer/east valley Az winter
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I think there re different criteria in different states and different LTC policies. I did not get checked by a nurse etc. on my policy, just hd to fill out a lot of forms and open my medical records. Did receive a call from them to answer a question about my medical history though. Remember the call well " It says on your form you were in the hospital recently, what was this for?" " I was in getting my tendons repaired because of a workplace accident" " you qualify for insurance at a reduced rate, we thought it was for an illness" Insurance issued next day.
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Old 09-18-2014, 05:23 PM
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Alot depends on age
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Old 09-18-2014, 07:01 PM
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Group policies as with insurance are easier to get. One of the advantages of associations/ unions.
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Old 09-19-2014, 04:16 AM
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funny how i can't remember a thing typically but i still have those stupid words in my head lol..
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Old 09-19-2014, 05:44 AM
Location: Near a river
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Originally Posted by mathjak107 View Post
bet you can't find one sane person with a payed off home who let their fire insurance lapse and have none. even without a mortgage few would ever go with no insurance and yet there is a fraction of a chance it will be used.

the reality is we have our priorties mixed up when it comes to our money.

we just seem to hate spending money to protect our money in retirement and yet our finances are one of our biggest worrys.

folks do not insure their income stream by using annuity products and they do not insure their assets by using ltc insurance and those are the two biggest risks retirees face.

we decided to cut policy costs by taking 300 and not the 400-500 a day suggested in our area. we only took 3 years and will self insure the last 2 years,.

if accepted we will pay 7300.00 a year for premiums with a 20% tax credit from our state. i am 61 and marilyn 63.

while high ,our break even after 20 years would still be only a few months of care.

that is a fair trade off.

but the bigger issue is what happens after the insurance is up. most folks still get slammed by medicaid income restrictions. it is all well and good you get to keep the assets but living on 2931.00 a month for the at home spouse can be really tough in many areas.

that is another reason we shyed away from the life insurance type of ltc. our plan has agreements with our state over income and assets. most ltc insurance unless state sponsored has no provisions for allowing any form of substancial income from those assets you protected by having the ltc.
Am I reading this right (in bold, above)—that with 20 yrs of premiums, in the end the coverage is only 3 years, or worse, only a "few months" of care?
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Old 09-19-2014, 06:13 AM
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not following the deal.

typically private plans require 5 years to clear look back periods if any asset shifting is going to take place.

ours will cover 6 years in home care/ 3 years nursing home care at 300 a day for nursing home care increased yearly by 5%. over 20 years that amounts to about less than 1 years stay we will pay in premiiums, maybe even just a few months worth of stay that our premiums may cost us. .

but our partnership plan at the end of 3 years when the insurance runs out requires no look back ,no asset shifting ,and most important no income restrictions on the stay at home spouse once medicaid picks up the bill when the insurance runs out .

we found out we will not have to cover 2 years on our own as the special partnership deal is no look back after 3 years and a special form of medicaid called extended medicaid is utilized..

know what that is worth? priceless . what good is shifting assets if the stay at home spouse is limited in income to whatever medicaid limits are in your state which are quite low..

so yes for what they charge it is a great deal. at 120k a year for a home in our area in todays dollars paying in about 1 years premium and getting all those perks when it runs out is a bargain . we get 20% back of the cost as a tax credit in ny.

don't forget you get to pick a nice home where you go with insurance, once the insurance runs out you stay there and medicaid picks up the bill by your agreement with the state..

if you go on medicaid directly first you have no say and can be in some awful place 100 miles from family since you go wherever there is an opening..

we want the insurance so we have the option of not going in a home as once medicaid says you are going you are going.

odds are we will utilize the in home care statistically to the tune of 77% and not the nursing home portion.

what do you think home insurance would cost if there was a 77% chance of filing a nice size claim? a whole lot more in comparison to what they are charging for that ltc insurance. folks in parts of florida spend more than that ltc premium on home insurance and that is for 1 years coverage..

Last edited by mathjak107; 09-19-2014 at 06:49 AM..
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