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I know you've purchased LTCi for the same reason as I have, that is, so that the spouse not in LTC becoming destitute. My question is, what are your plans should one of you pass on? Are you planning that the survivor keeps the policy in force? I'm certain the income streams for the surviving spouse are enough to cover LTC, however, there will likely be little inheritance for family. My initial thoughts were for the surviving spouse to drop the insurance, but I'm not really certain about it.
So, what are your thoughts about keeping or dropping LTCi for the surviving spouse?
our policy is for only 3 years . the remaining spouse will have to evaluate things at that point and see if it is still worth keeping in place .
it depends on what is left for heirs and how much if anything they want to leave .
it really is a question we can't answer so far in advance .
here in ny we have an agreement with the state so once the insurance is up we have full asset and income protection .
so the question i have for you is do you have a plan in place for not impoverishing the stay at home spouse in case one of you is in longer then your coverage and didn't expire so quickly ? my dad went 6 years fully paralyzed from a stroke
I know you've purchased LTCi for the same reason as I have, that is, so that the spouse not in LTC becoming destitute. My question is, what are your plans should one of you pass on? Are you planning that the survivor keeps the policy in force? I'm certain the income streams for the surviving spouse are enough to cover LTC, however, there will likely be little inheritance for family. My initial thoughts were for the surviving spouse to drop the insurance, but I'm not really certain about it.
So, what are your thoughts about keeping or dropping LTCi for the surviving spouse?
akck in our circumstance it will depend on the time frame, who is left and what is left of our savings. If it is DW I would hope that she would keep hers going just in case. If it is me I would drop it. I have the VA so it would be easier for that. In my wife's case she is good with day to day finances and our income would go on even after my death at a reduced rate but still go on.
so the question i have for you is do you have a plan in place for not impoverishing the stay at home spouse in case one of you is in longer then your coverage and didn't expire so quickly ? my dad went 6 years fully paralyzed from a stroke
Sorry, I totally forgot about this thread and it scrolled off the first page.
The short answer to your question is no, we don't have a contingency for out living our coverage. I figured averages, so I'm betting we won't outlive coverage. Prior family experience would point to short stays as no family member went more than 4 months in a care facility. But it really doesn't predict what our experience might be.
In thinking about it, we can extend coverage years by doing in home care, should the illness potentially be a long one. My FIL lasted 3 months in a nursing home and after being there constantly and seeing his care, we considered bringing him home and doing it ourselves (with help). So we'd extend coverage out with in home care until we could no longer handle it.
states are starting to realize that good partnership plans can be both a money saver and avoid a state filled with impoverished seniors hurting the state's economy even further .
hopefully each year more and more states will add more and more features for when the insurance runs out .
new york so far is the premier example as they not only protect assets but protect income to the community spouse . that is a huge feature since if medicaid eventually is needed in many areas the income allowed to the stay at home spouse is a poverty lifestyle .
Our nursing home care has a 60 day elimination period with a unlimited time period. The only cap is the daily amount which has inflation protection of 5%. The daily amount is healthy. The home and community has a daily cap with a lifetime cap of 189K and also a 60 day elimination period. In planning the critical thing was for each of us to have more than enough to cover the elimination period and we each have our own identical policies.
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