Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My in-laws had LTC insurance, purchased about 25 years ago. Highly recommended policies (at the time) through a reputable company, allegedly indexed to inflation. When my FIL went into nursing care in 2013, the care was running about $5,800 a month. LTC, which they expected would be a great help, paid $11 a day after it actually kicked in, which took a bit. The monthly premiums were about $40. So they were paying $40 and getting about $300 - better than a sharp poke in the eye, but not really a significant help.
After my FIL died in 2014, my MIL just stopped paying on the policy (she died late 2015 and it would never have kicked in for her).
My in-laws had LTC insurance, purchased about 25 years ago. Highly recommended policies (at the time) through a reputable company, allegedly indexed to inflation. When my FIL went into nursing care in 2013, the care was running about $5,800 a month. LTC, which they expected would be a great help, paid $11 a day after it actually kicked in, which took a bit. The monthly premiums were about $40. So they were paying $40 and getting about $300 - better than a sharp poke in the eye, but not really a significant help.
After my FIL died in 2014, my MIL just stopped paying on the policy (she died late 2015 and it would never have kicked in for her).
Whatever your inlaws had it was not LTC insurance.
Each state has minimum amounts that must be purchased.
There's no state that allows someone to buy a policy that pays only $11 per day.
I do plan to lose some major weight in the next few months, since I'm tired of being fat.
When I told my doctor (in a recent exam) that I was experiencing memory gaps after a lifetime of having a sharp memory, he advised me to get a neurology work-up. If I get that work-up, which will surely include tests, could I be denied or surcharged more for long-term care insurance, even if the results do not indicate dementia? Should I postpone the tests until after I get long-term care insurance or decide not to get it?
Also, I still have no real idea of the range of cost for a long-term care insurance - it could be that it's just not in my budget if I want to continue living where I do now. But I don't know...
The main reason I'm considering long-term care insurance is that I have no family that could help me if I need to go into some kind of nursing home in ten or twenty years, or have some kind of illness/injury that needs frequent medical care or in-home therapy. Both my parents had some kind of dementia shortly before their deaths, but they were in their early 90's.(though in my mother's case, I think she had mentally declined for a few years before that; however, she was in good shape through about her early 80's.)
Since you're doctor has already recommended the neurological work up, you should probably get it done before applying for LTC insurance.
They are okay but vanguard is cheaper . I prefer them taken out at older ages and used as longevity insurance
The cheapest my father bought were from USAA (maybe veterans only?).
One thing we have noticed in recent years is some of the high quality companies my father bought his SPIAs from have sold them to companies that are lower quality/less solid. Don't know how that would play out if any of these new companies went under. I'm not particularly concerned about it since my father is 97 - but - if he was 77 - I might be, Robyn
There are about 9 to 15 companies to choose from depending upon your state of residence.
Which company will be best for you depends mostly upon your health history.
The key is to work with an experienced agent who specializes in LTCi.
If an agent sells lots of different types of insurance don't ask them for LTCi quotes.
Work with an LTCi specialist ONLY.
That's all I'll say otherwise I might violate the TOS.
I hope to retire in IL.
My health is OK, no major problems.
When applying for LTCI… (as for the physical part)
-- do you have to get a physical with an insurance company doctor?
-- can you get one at your doctor s/he just fills out the company's form?
-- does the company want copies of your actual records?
I ask because of this:
Quote:
Since you're doctor has already recommended the neurological work up, you should probably get it done before applying for LTC insurance.
I'd say try to get the LTCI before you're tested. So that when you're asked have you have this kind of test? you can honestly say "no."
our insurance company sent an examiner to the house . they did everything . we couldn't use our own doctor .
the insurer already has access to all your medical history on line .
i was amazed when they told me prior to me getting my diabetes under control my last 5 a1c tests were at the high range of prediabetic so they surcharged me .
they see just about everything through the various data bases where the labs report your info with every blood test . you agree to that with every filed insurance claim .
Last edited by mathjak107; 02-25-2016 at 04:03 AM..
The agent we bought our ltc plan from was denied himself just for being over weight.
They are so strict. They did drug testing ,aids testing and full blood and urine work ups on us as well as memory tests.
I had a year or so history of being prediabetic and was surcharged for it.
From what you said i think you will be denied or surcharged to a point it would be to costly.
That is why many say that buying sooner than later is the best time while health is still good. I have learned some great CCRC info of late including talking with a house guest who is on the board of a quality CCRC. They are former neighbors and we have discussed over the years and his thinking has evolved. The role of LTC plans is interesting. In some cases you are required to buy upon admission to help cover the cost of higher cost placements after independent living.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
