U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-30-2016, 02:43 PM
 
6,353 posts, read 5,189,244 times
Reputation: 8529

Advertisements

Quote:
Originally Posted by jrkliny View Post
Sounds like a poor investment unless one is in poor health and seriously expects to use the LTC benefits at a early age.
He didn't quote the price, so how do you know?

However, $200K is very thin coverage for LTC.
Reply With Quote Quick reply to this message

 
Old 03-30-2016, 03:39 PM
 
Location: Sierra Nevada Land, CA
8,435 posts, read 9,192,829 times
Reputation: 13171
Quote:
Originally Posted by mathjak107 View Post
70% end up needing either in home care , assisted living or nursing home care at some point while according to census info 20% of the population over 65 is in a nursing home .
Your link says that 3.1% of people over 65 are in a nursing home and of those over 85, only 10.4% are in a nursing home for the year 2010. Did something change in the last six years?


.http://www.infoplease.com/ipa/A0905046.html

LTC insurance doesn't cover in home care or living in an assisted living complex. Also, I have a friend who required in home care that was all of four weeks. It was paid by Medicare as it was part of his outpatient care following surgery. Are you an insurance salesperson?
Reply With Quote Quick reply to this message
 
Old 03-30-2016, 03:58 PM
 
72,281 posts, read 72,222,083 times
Reputation: 49815
our ltc plan certainly covers snf ,assisted living and in home care . in fact in home care is 6 years . i never saw a ltc policy that had no in home care covered .

most plans cover in home and snf .

add up age 65 thru the 80's it is 20%

our policy:
The NYS Partnership for Long-Term Care (NYSPLTC) is a unique Department of Health program combining private long-term care insurance and Medicaid Extended Coverage (MEC). Its purpose is to help New Yorkers financially prepare for the possibility of needing nursing home care, home care, or assisted living services someday. The program works by allowing an individual or couple who purchases a Partnership insurance policy and keeps in effect to hold onto all or part of their assets (depending on the type of policy purchased) under the Medicaid program if their long-term care needs extend beyond the period covered by their policy.

If you buy NYSPLTC insurance and use the benefits according to the conditions of the program, you can apply for MEC, which may assist in paying for your on-going care. Unlike regular Medicaid, MEC allows you to protect some or all of your assets, depending on whether you select a Dollar for Dollar Asset Protection plan or a Total Asset Protection plan.

NYSPLTC helps New Yorkers pay for their long-term care without having to “spend down” their assets, as they would have to do if they relied totally on Medicaid to pay for their long-term care. By allowing New Yorkers to keep what they've worked hard to acquire, and reducing Medicaid costs for the State, NYSPLTC provides a win-win scenario for everyone.

Last edited by mathjak107; 03-30-2016 at 04:11 PM..
Reply With Quote Quick reply to this message
 
Old 03-30-2016, 04:50 PM
 
Location: Sierra Nevada Land, CA
8,435 posts, read 9,192,829 times
Reputation: 13171
Quote:
Originally Posted by Mr5150 View Post
Your link says that 3.1% of people over 65 are in a nursing home and of those over 85, only 10.4% are in a nursing home for the year 2010. Did something change in the last six years?


.Population 65 Years and Over in Nursing Homes by Age, 1990 and 2000

LTC insurance doesn't cover in home care or living in an assisted living complex. Also, I have a friend who required in home care that was all of four weeks. It was paid by Medicare as it was part of his outpatient care following surgery. Are you an insurance salesperson?
Seems to be the case:

Quote:
Originally Posted by mathjak107 View Post
our policy:
The NYS Partnership for Long-Term Care (NYSPLTC) is a unique Department of Health program combining private long-term care insurance and Medicaid Extended Coverage (MEC). Its purpose is to help New Yorkers financially prepare for the possibility of needing nursing home care, home care, or assisted living services someday. The program works by allowing an individual or couple who purchases a Partnership insurance policy and keeps in effect to hold onto all or part of their assets (depending on the type of policy purchased) under the Medicaid program if their long-term care needs extend beyond the period covered by their policy.

If you buy NYSPLTC insurance and use the benefits according to the conditions of the program, you can apply for MEC, which may assist in paying for your on-going care. Unlike regular Medicaid, MEC allows you to protect some or all of your assets, depending on whether you select a Dollar for Dollar Asset Protection plan or a Total Asset Protection plan.

NYSPLTC helps New Yorkers pay for their long-term care without having to “spend down” their assets, as they would have to do if they relied totally on Medicaid to pay for their long-term care. By allowing New Yorkers to keep what they've worked hard to acquire, and reducing Medicaid costs for the State, NYSPLTC provides a win-win scenario for everyone.
Your 70% figure in your previous post is what the insurance companies always say. If it were true, I'd buy LTC insurance, but quite frankly if it were true that 70% of us end up needing in home care or in a LTC facility, the insurance companies would lose $$$ big time.
Reply With Quote Quick reply to this message
 
Old 03-30-2016, 04:51 PM
 
72,281 posts, read 72,222,083 times
Reputation: 49815
that is not what is said , what is said is 70% of us will require long term care EITHER AT HOME , A SNF OR ASSISTED LIVING . READ WHAT I WROTE AGAIN .

i bet you will have to search to try to find a ltc policy that does not cover in home care . i never saw one in our state that doesn't from any insurer .

What Long-term Care Insurance Covers
Most policies sold today are comprehensive. They typically allow you to use your daily benefit in a variety of settings, including:

Your home
Adult day service centers
Hospice care
Respite care
Assisted living facilities (also called residential care facilities or alternate care facilities)
Alzheimer’s special care facilities
Nursing homes
In the home setting, comprehensive polices generally cover these services:

Skilled nursing care
Occupational, speech, physical, and rehabilitation therapy
Help with personal care, such as bathing and dressing
Reply With Quote Quick reply to this message
 
Old 03-30-2016, 04:53 PM
 
72,281 posts, read 72,222,083 times
Reputation: 49815
Quote:
Originally Posted by Mr5150 View Post
Seems to be the case:

Are you an insurance salesperson? .
Do i sell insurance ? i don't even have a job . i am a retired bum from the electrical industry
Reply With Quote Quick reply to this message
 
Old 03-30-2016, 06:50 PM
 
6,944 posts, read 7,342,419 times
Reputation: 9853
Quote:
LTC insurance doesn't cover in home care or living in an assisted living complex.
Maybe policies you considered or that some have don't. But all the one's I looked at did.

Part of the push and change of image of longterm care insurance has been educating people that LTCI is NOT just nursing home insurance -- as people used to refer to it or think of it. LTCI does indeed cover home care or assisted living care needs, if that's the policy you get.
Reply With Quote Quick reply to this message
 
Old 03-30-2016, 06:59 PM
 
Location: Tennessee
23,839 posts, read 17,744,737 times
Reputation: 27886
Quote:
Originally Posted by selhars View Post
Maybe policies you considered or that some have don't. But all the one's I looked at did.

Part of the push and change of image of longterm care insurance has been educating people that LTCI is NOT just nursing home insurance -- as people used to refer to it or think of it. LTCI does indeed cover home care or assisted living care needs, if that's the policy you get.
Same here. The point of these policies is to be comprehensive and fill in as many gaps as possible.
Reply With Quote Quick reply to this message
 
Old 03-30-2016, 07:39 PM
 
Location: Sierra Nevada Land, CA
8,435 posts, read 9,192,829 times
Reputation: 13171
Quote:
Originally Posted by mathjak107 View Post
that is not what is said , what is said is 70% of us will require long term care EITHER AT HOME , A SNF OR ASSISTED LIVING . READ WHAT I WROTE AGAIN .
The people who say 70% are the insurance industry. You did not use many words so reading what you wrote again was fast and easy. Your link gave a 3.1% of folk over 65 being in a LTC facility. Hardly worth spending $600 a month out of fear. Also, as a retired professional I know that 70% of people over 65 are not in need of in home care, assisted living or LTC. Been retired for three months. I am quite sure that things have not changed much since January.

None of my over 65 friends are in a LTC facility, assisted living or are receiving in home help. None of my friends of friends are. My former clients: yea 10%-20%, but they were all disabled!

And please don't YELL. I can read lower case just fine.
Reply With Quote Quick reply to this message
 
Old 03-30-2016, 08:53 PM
 
14,109 posts, read 7,526,443 times
Reputation: 25810
Quote:
Originally Posted by mathjak107 View Post
70% end up needing either in home care , assisted living or nursing home care at some point while according to census info 20% of the population over 65 is in a nursing home .
The flip side of this is that the median life expectancy of people going into nursing homes is about 6 months. The median life expectancy for males going into assisted living is about 3 years. I realize you're using LTC insurance to game the Medicaid coverage and protect your assets. If you're not trying to do that, self-insuring might be the correct decision. Personally, I think the Medicaid gaming will have gone away by the time I'd need it. If I end up remarrying, I'm probably better off shifting non-IRA/401(k) assets to the Caymans and spending down the visible assets.
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top