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Old 12-29-2015, 09:56 AM
 
71,613 posts, read 71,751,865 times
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the hitch to leaving the state with a partnership plan is the perks are over .

all you get is the payment for insurance and it reverts to a dollar for a dollar plan .

no more full asset protection , no more income protection .

not worth buying if you leave the state .

whatever agreement you had with nys in my case ends .

In reciprocal states, Total Asset Plans will be considered Dollar for Dollar Plans, or plans that allow for the disregard of assets under Medicaid up to the total amount of benefits paid out by the insurer on behalf of the covered person. "
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Old 12-29-2015, 10:32 AM
 
Location: LTCShop.com
236 posts, read 113,242 times
Reputation: 151
Quote:
Originally Posted by mathjak107 View Post
the hitch to leaving the state with a partnership plan is the perks are over .

all you get is the payment for insurance and it reverts to a dollar for a dollar plan .

no more full asset protection , no more income protection .

not worth buying if you leave the state .

whatever agreement you had with nys in my case ends .

In reciprocal states, Total Asset Plans will be considered Dollar for Dollar Plans, or plans that allow for the disregard of assets under Medicaid up to the total amount of benefits paid out by the insurer on behalf of the covered person. "
"

If he leaves NY he can move back to New York after he exhausts the policy and he'll still have total asset protection from the state of New York.

Last edited by LTCShop; 12-29-2015 at 10:41 AM..
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Old 12-29-2015, 11:13 AM
 
71,613 posts, read 71,751,865 times
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odds are once you are disabled in a home you ain't going no where . the ultimate question will be where are our kids and grand kids . that is where i will be .

moving back after ny is not your primary state has the applying for medicaid and getting put in a home not an option until you can apply as a resident again regardless of the plan .
that can take a very long time .

you are subject to to terms of mec.

but like i said , if you are home material you are not leaving .

playing games trying to pick the right state as a primary at the right time is asking for trouble .

sure you can keep ny your primary and have a place in florida but if you need care after insurance in florida i am not sure how they define resident .
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I am planning to move out of New York State. Can my Partnership policy cover me in other states?

The Private portion of your partnership policy can be used in any of the 50 states. New York now has a reci-procity agreement with other Partnership states. If you move to a state that has a reciprocity agreement at the time that you apply for MEC, you will be able to protect your assets. The assets protected in a recipro-cal state will only be under the terms of a “Dollar for Dollar” policy but you may return to New York to protect all of your assets if you have a Total Asset plan. Please note that a state can opt out of reciprocity at any time and only those who are currently receiving Medicaid services will be exempt from new regulations (grandfathered). Medicaid eligibility and services are determined on a state-by-state basis

Last edited by mathjak107; 12-29-2015 at 11:35 AM..
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Old 12-29-2015, 03:22 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,932,507 times
Reputation: 6716
There are other financial considerations. Like saving money on taxes if one moves from a state like New York or California to a state like Florida or Nevada. Saving on one's COL too. Also saving on the cost of any senior care facilities one might need as well. Many/most posters/readers here aren't very old. I suspect the majority are under 70. The average person who moves into a SNF here is in his/her mid-80's - and lives for an average of 2 1/2 years after moving into a SNF. So - on average - you're not talking about a daunting amount of money.

I have lived in Florida for 40+ years - and wouldn't necessarily advocate moving here only for tax/financial considerations (although many people with money do so). OTOH - given the tax/financial benefits where I live - it would take a lot to get me to move out of state. Robyn
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Old 12-29-2015, 03:45 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,932,507 times
Reputation: 6716
Quote:
Originally Posted by RiverBird View Post
Excellent thoughts imo. Even if I could afford the pricey care at a SNF, honestly I wouldn't want it. I've seen enough of the reality of those places (they were "high quality") for elders I know. As long as pain could be managed, I'd want my comfy bed with my feisty Jack Russell (and spouse!) snuggled next to me, my great view out the bedroom window (if we're still here), eat what and when I want, watch my own TV/movies, blast Bach, and have people stopping in any time with offerings. The mere thought of being in a nursing home makes me break out in hives. We cannot control what happens, though.
I think the biggest issue is whether - if you're married/have a life partner in a loving relationship - you're the first or second to go. I have seen relatively well spouses take care of infirm spouses at home for a long time. It is honestly a labor of love for many of the well spouses. Once your spouse is gone - there usually isn't anyone in the whole world who will do for you what your spouse might have done (including children). As a result of this reality - both my husband and I want to go first.

One of the saddest things I ever saw was at my late FIL's SNF. One relatively healthy husband who lived in the adjacent independent living place took care of his very sick wife best he could for a long time. He used to push her around in her wheel chair. After she died - he continued to push around her (empty) wheel chair. He wasn't crazy/demented - just lonely.

I don't know about anyone else here. But I've been married for close to 45 years now. I would do anything I could for my husband - and he would do anything he could for me. Once spouses die - we will have to settle for a far distant second best - what money (as opposed to love) can get us. Robyn
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Old 12-31-2015, 09:40 PM
 
825 posts, read 564,997 times
Reputation: 2603
Quote:
Originally Posted by Robyn55 View Post
I don't know about anyone else here. But I've been married for close to 45 years now. I would do anything I could for my husband - and he would do anything he could for me. Once spouses die - we will have to settle for a far distant second best - what money (as opposed to love) can get us. Robyn
I feel exactly the same way. My long marriage ended through divorce, not death. But the death of a marriage amounts to the same thing as the death of a spouse. You must face everything alone from that point on, including old age and helpless infirmity.
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Old 12-31-2015, 10:31 PM
 
2,952 posts, read 1,639,396 times
Reputation: 5292
Quote:
Originally Posted by Clemencia53 View Post
Medicaid pays for nursing homes
Only if you are flat broke. Medicare facilities smell like urine, vomit & crap. Just walking in the door will make you sick from the smell.
These poor folks life span is shortened due to minimal care. Most of them stare at the wall, waitin for someone to come along ONCE a day to change diapers.
Chances of getting bed sores are very high due to crappy care. Never mind diaper rash or UTI's.
My grandma was in one.Thank God for her, she didn't live lomg under these conditions.
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Old 01-20-2016, 09:48 AM
 
Location: LTCShop.com
236 posts, read 113,242 times
Reputation: 151
Quote:
Originally Posted by HopHillers View Post
LTC is extremely expensive. My agent talked me out of even thinking about it. He didn't think the potential benefits justified the cost, and he said it's impossible to know the cost. Insurers have and will continue to increase premiums once you commit.
1) The bolded statement would be correct (and your concerns would be valid) if insurance companies were allowed to price policies today the way they were priced in the 1990's. Fortunately, insurance regulators do NOT allow any policy purchased today to use the old pricing assumptions. Additionally, 41 states have passed very strict pricing regulations for any policy purchased today. Thatís good news and thatís bad news. The bad news is that a policy purchased today costs more than a similar policy that was purchased 10 years ago. The good news is that since todayís policies are priced more conservatively they are less likely to have a premium increase. But, most importantly, any policy purchased today is protected from the pricing mistakes of policies sold years ago.

For example, if an insurance company is losing money on a policy form it sold in 2004, the insurance company CANNOT raise rates on the newer policy forms to try to make up for the losses on the older 2004 policy form. New policy forms are protected from the old pricing mistakes.

Thereís a short, educational video that explains this at the following link:

Truth About Long Term Care Insurance Rate Increases


2) If you're going to consider long term care insurance, work with an agent who specializes in long term care insurance and represents 8 to 10 of the top companies. The quote you got from your agent, HopHillers, is ridiculous. Your agent must work for one of the most expensive companies selling LTC insurance. Don't ask your auto insurance agent or your life insurance agent to give you a quote on long term care insurance. That type of agent is usually limited to selling only one or two companies (and they are usually the companies that have overpriced policies.) Those agents prefer to sell life insurance policies that have a "chronic illness" rider because the commissions on those policies are usually twice as high as a long term care policy.

3) The quote you got was almost twice as expensive as an A++ rated company that has been selling LTC insurance for 16 years and has never had a premium increase on any of their LTCi policyholders.

4) You and your wife could share about $1M in LTCi benefits for about $170 per month per spouse. If all LTCi policies were as expensive as the one your agent quoted you, I wouldn't buy it either.
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Old 01-20-2016, 11:02 AM
 
Location: Connecticut is my adopted home.
2,277 posts, read 3,079,972 times
Reputation: 7018
We had two trusts made for for my mother. We have a legacy property (century old family home/farm) that we don't want to be sucked up by creditors should my mother need nursing home care for long term. That went into an irrevocable trust. I am the trustee, my mother has lifetime benefits and my bother is the beneficiary. The rest of her assets except her IRAs (those are managed via designation of beneficiary forms) went into a revokable trust to be paid out to the rest of us (siblings and I) after death. My mother manages her assets in that trust and her IRAs. She has a LTC policy but there are limits to it's benefits as do most. It has provided a tremendous sense of peace of mind. My grandmother (Mom's mom) died intestate and it was a big fat mess, causing heartache amongst my mother's generation. Good luck OP.

Last edited by AK-Cathy; 01-20-2016 at 11:12 AM..
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Old 01-20-2016, 01:44 PM
 
6,884 posts, read 7,284,046 times
Reputation: 9786
Quote:
Eight years ago we placed our home in an revocable trust. Our children are the trustees. We had an attorney who specialized in seniors. At the same time we had our Wills, POA, living wills, etc. updated. It cost us about $1000 for both of us for the entire package.
Well, it may be past the 5-year look back, so that may be what makes it safe -- NOT because it was revocable (it should have been Irrevocable)
Maybe someone can weigh in on this.

Quote:
the idea is to save enough of your assets to get in to the home of your choice and pay a year or 2 . . once you are in , most homes will keep you once medicaid takes over payments .

while the nicer one's may not take you on medicaid day one they generally will keep you when you switch .

that is why we wanted the 3 years insurance . there isn't a place around here that wouldn't drool over 3 years payments at a very high rate compared to what medicaid pays
Thank you!

Depending on how much money the OP is talking about -- or anyone has, for that matter…..
Give some away to heirs, get your trust, or whatever……and KEEP about 2-3 years of SNF money in your name.
IF you make the loopback period -- FINE. you made it. If God forbid you don't make it then you don't' make it, But at east you tried.

GET INTO a facility as private pay, then go one Medicaid. MOST people don't' live more than 2 yard in a SNF anyway.

You can do all this without even getting into the complications of annuities and loan structures, etc. If you plan ahead, you really can keep it simple.

Quote:
I've got LTC from work when I first join. It costs me less than $100 a month for $320 a day for 3 years or 5 years.
Thanks for the info to inform others.
But I have to say it cracks me up when people talk about these great deals they got on LTCI through their jobs (especially gov't workers)…and the LTC they have for less than 100 a month. It's good for other people to know they may be able to get it though their jobs. But that isn't the real world rate for most people. No where near it.
A friend was shocked that I didn't have LTCI…"Oh you don't' have it??" I got mine through work 20 years ago (a fed gov't job)…..she lamented that the premium has gone UP to 70.00 a month. I wanted to smack her.

I love it when people say "oh you should get it"….but then you say, "uh well you do know the only reason your's is so cheap is because your a fed gov't worker right? On the open market that 70.00 you're lamenting would be more like 250 a month." THEN they get all shocked and say well no if it cost THAT MUCH, I wouldn't get it." Ignorance is bliss sometimes.

Last edited by selhars; 01-20-2016 at 02:14 PM..
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