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Old 01-16-2016, 11:21 AM
 
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Quote:
Originally Posted by reneeh63 View Post
But how much did she pay in to get the benefit of only 50% payment - which amounts to ANOTHER $60k a year? That seems like a lot - especially when you don't even know the odds that you would need the care. THere are just too many variables - inflation, security of the insurance still being around when you need it (since it's supposedly best to get when in your '50's).

I guess I just have to take my chances - I don't have enough money to throw another $500 a month at LTC insurance on top of saving 20% of my income for retirement.
I am not inclined to buy LTCi and do not see it being financially worthwhile for me in my situation. One cannot say what may happen but I am content most situations are taken care of until or unless I get dementia. Then you do what you have to do including a Medicaid bed or ccrc buy in. Etc

My sister who is also single has LTCi and it reduces her fear of being not taken care of when the time comes. IMO she spends a lot of her income on the insurance as you mention but it is her choice

I think of LTCi as a fear industry that preys on single women's worst fear of being alone and in need of care or security

Putting a spouse on LTCi to ensure future care for him or her may be a little different circumstance.
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Old 01-16-2016, 12:26 PM
 
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Excellent question, OP -- and so I researched it on-line. This, I think, is an excellent article:

Facing the Future — Long Term Care — Presented by Lincoln Financial Group

The succinct answer, according to the article is this (quote, my italics): "according to a study by the U.S. Department of Health and Human Services [snip], anyone reaching the age of 65 years has a 40 percent chance of entering a nursing home, with a 20 percent chance of staying there for at least five years." (end quote)

So, you probably WON'T end up in a nursing home, but there is also a very good chance that you MIGHT.

One thing I will say, though, is that I think a lot depends on genetics. In my case, three out of four of my grandparents did end up in nursing homes but not until they were 90 or older -- and once admitted, the longest any of them lived thereafter was only two months. However, they were all mostly mentally and physically healthy until that point, and I also think that the fact that they insisted on being independent for as long as they could also had a lot to do with it.

Last edited by katharsis; 01-16-2016 at 12:43 PM..
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Old 01-16-2016, 12:58 PM
 
Location: SoCal
13,227 posts, read 6,331,374 times
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Quote:
Originally Posted by TuborgP View Post
Quality CCRC's offer daily check up, medication and health assistant services in their Independent Living perhaps with fee along with the usual linen services etc. Makes it real easy to live on your own. Throw in a few monitoring systems on your own and family can check on you online and if worried call the 24/7 desk to rave them check on you. Much can come with a stiff monthly fee.
Except that my MIL was living at home. My SIL wanted her to move to a nursing home near her but she didn't want to. We finally talked my SIL to leave her at her house. It was the right decision. Maybe she would have lived longer but she went fast after a stroke, more like 4 days. I think we honored her wish for independence and that was the key. But also her daughter came down and visit often, but not every week. She lived 2 hours away.
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Old 01-16-2016, 01:14 PM
 
Location: Albuquerque NM
1,659 posts, read 1,525,009 times
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My family members, including the older generation, like their independence and don't want to be a "burden" (perceived or not) on their children or relatives so have not moved in with family members in their old age. I'm only 60 but would definitely prefer living in a senior apartment or CCRC before moving in with a relative. As Robyn pointed out, differences in lifestyle can play a role. One of my cousins wants her 91 year old mother to move in with her but it is a small house in a cold climate and one likes the temperature at 60 and the other at 80 plus a number of other personal differences. The mother lives in a senior apartment and is interested in assisted living but cannot afford it so makes do with hiring extra help. Even if she had LTC insurance, it would not pay as she is capable of performing life functions herself - just has bad arthritis and cannot walk very far.

I also have an aunt and an uncle in their 90's in assisted living for the last couple of years on their own dime who may eventually go to a nursing home. Of the three, only the aunt (by marriage) with dementia would currently benefit from LTC insurance. My other five aunts and uncles lived at home before death as did my older sister. My own mother went directly into a nursing home and stayed there for several years until death but she badly abused prescription drugs for many years and refused to take care of her health so it is an atypical case. She could never have afforded assisted living or LTC insurance. I debated on LTC insurance as it is recommended for single women but decided that I could afford to self-insure and would prefer to invest the extra money.

Last edited by ABQ2015; 01-16-2016 at 01:44 PM..
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Old 01-16-2016, 05:55 PM
 
1,106 posts, read 1,819,442 times
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Quote:
Originally Posted by reneeh63 View Post
But how much did she pay in to get the benefit of only 50% payment - which amounts to ANOTHER $60k a year? That seems like a lot - especially when you don't even know the odds that you would need the care. THere are just too many variables - inflation, security of the insurance still being around when you need it (since it's supposedly best to get when in your '50's).

I guess I just have to take my chances - I don't have enough money to throw another $500 a month at LTC insurance on top of saving 20% of my income for retirement.
She'd been paying in for 11 years before she started receiving benefits. She was paying $300/month. Every few years there'd be an increase in the premium for an increase in coverage--but the increase was only $70 total over 11 years. Premium payment ceases while you're receiving benefits.

Her lifetime max benefit is $197,000 and she "only" paid in $39,600. In this case, she's making out like a bandit. We haven't had any problems with getting paid.

Every case is different. This is just my story.
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Old 01-16-2016, 06:10 PM
 
6,620 posts, read 3,748,154 times
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Quote:
Originally Posted by Suevee View Post
I am curious. I hear and read so much about financially preparing for these living arrangements. In my family and in my husband's family no one has used these options. All of them have lived in their homes or with family until death. All were comfortable up to the end surrounded by family. Some combined resources with other family members, some stayed independent in their own homes with family near by for support. It seems if we survive our sixties, we stick around until our mid-eighties and some beyond that.

Are we an anomaly? Or is this more common than reported?
It's becoming more common, now that people have smaller families and/or family moves away more often. Also, more people now don't have kids.

I live out of state from family members. I also have no children. If I need help, it'll have to be a friend....or a facility. Or home health care, maybe.
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Old 01-16-2016, 06:24 PM
 
Location: Hampstead NC
5,587 posts, read 5,100,423 times
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If you are hesitating about purchasing LTC insurance....I'm pretty sure that if you die without actually using it for LTC, your heirs will get a refund. I could be wrong about that.

Does anyone actually know?
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Old 01-16-2016, 07:36 PM
 
10,817 posts, read 8,063,256 times
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Quote:
Originally Posted by whocares811 View Post
Excellent question, OP -- and so I researched it on-line. This, I think, is an excellent article:

Facing the Future — Long Term Care — Presented by Lincoln Financial Group

The succinct answer, according to the article is this (quote, my italics): "according to a study by the U.S. Department of Health and Human Services [snip], anyone reaching the age of 65 years has a 40 percent chance of entering a nursing home, with a 20 percent chance of staying there for at least five years." (end quote)
.
That's an insurance seller website and they didn't give the specific HHS source for that statistic. I went to the latest available HHS report but couldn't find that stat. The report is 107 pages long, though, so I could have missed it.
I did find a Morningstar article that included the 40% stat but their source link led to a dead end. Morningstar's length-of-stay stats were shorter than the insurance site. It also cautions against heeding stats put out by insurance providers.

The most relevant sourced statistic I could find was a Congressional Budget Office report. On page 29, it shows that in the 65+ age group now alive, approx. 2.7% are in nursing homes and 1.1% are in long term care.
It further breaks that group down into age groups and summarizes it as follows:
Quote:
in 2010, about one in eight people
age 85 or older (13 percent) resided in institutions,
compared with 1 percent of people ages
65 to 74.
It defines "institutions" as
Quote:
a
nursing home (a facility licensed to provide
skilled nursing care as well as personal care), in
a long-term care facility that provides 24-houra-day
supervision (such as a residential care
facility), or in a facility that offers assistance for
people with functional or cognitive limitations
or offers supervision of medications.
With those kind of actual current figures, it's hard to see how someone would get to a prediction that 40% of us 65+ folks will enter a nursing home or LTC, unless they're super short stays. Many people who have surgical procedures, especially orthopedic ones, do short-term Medicare paid rehab stays in LTC's. Perhaps those short stays help account for the 40%, if correct, of seniors projected to enter them?


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Old 01-16-2016, 07:39 PM
 
5,426 posts, read 3,449,470 times
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According to the U.S. Bureau of the Census, slightly over 5 percent of the 65+ population occupy nursing homes, congregate care, assisted living, and board-and-care homes, and about 4.2 percent are in nursing homes at any given time.

The rate of nursing home use increases with age from 1.4 percent of the young-old to 24.5 percent of the oldest-old. Almost 50 percent of those 95 and older live in nursing homes.

http://nursinghomediaries.com/howmany/

Last edited by matisse12; 01-16-2016 at 08:33 PM..
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Old 01-16-2016, 08:04 PM
 
Location: Backwoods of Maine
7,114 posts, read 8,154,458 times
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Quote:
Originally Posted by whocares811 View Post

One thing I will say, though, is that I think a lot depends on genetics. In my case, three out of four of my grandparents did end up in nursing homes but not until they were 90 or older -- and once admitted, the longest any of them lived thereafter was only two months. However, they were all mostly mentally and physically healthy until that point, and I also think that the fact that they insisted on being independent for as long as they could also had a lot to do with it.
I think this is more typical than not. In my family, no one has gone into a nursing home or ALF. But then, there is absolutely no dementia, and they stay sharp until the end. They also stay healthy until the end, and usually pass on within a week or two after that final illness.

I think hospice is a better thing to plan for in my case. After age 75 or so, any serious illness is likely to portend the end. I am one of those stubborn old coots who will be independent until my death-bed. And I'm surrounded by 3 other old coots who feel the same.
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