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Old 04-02-2016, 04:12 PM
 
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the policy's today are far simpler and written in plain english . it is pretty easy to tell what you are or not getting as well as the terms .
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Old 04-02-2016, 05:04 PM
 
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Quote:
Originally Posted by mathjak107 View Post
the nice thing about having the resource's behind you is you can possibly stay out of a nursing home and have care at home instead .

having the funds to modify your home so you can stay there is priceless

What I don't get is the federal government and others are pushing all this "aging in place" instead of nursing homes, which is fine; however they don't say how persons are supposed to pay.


IIRC Medicare does not offer much in the way of home nursing care (nursing assistant, home help, etc...), but Medicaid does.
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Old 04-02-2016, 05:08 PM
 
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like our retirement system , it is the yoyo plan .

you're on your own .

aging in place can be very costly as mods and special equipment may be needed . that is why depending on medicaid may be a poor idea . you can end up 100 miles away from family in a dump some where , which if you had the resources you could stay at home .
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Old 04-02-2016, 05:36 PM
 
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Your chances of ending up in a nursing home and/or long-term care are pretty low.

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.

How Many Seniors Really End Up in Nursing Homes?
http://nursinghomediaries.com/howmany/

Last edited by matisse12; 04-02-2016 at 06:27 PM..
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Old 04-02-2016, 06:27 PM
 
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Originally Posted by matisse12 View Post
Your chances of ending up in a nursing home and/or long-term care are pretty low.

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.

How Many Seniors Really End Up In Nursing Homes? | Nursing Home Diaries

Today unless someone has major health issues (and even then) and is without a strong support network (friends, family and or help from social service agencies), there is no need to be in a nursing home per se.
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Old 04-02-2016, 06:49 PM
 
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70% of us though will end up needing some kind of long term care , in home , assisted living or a snf .

What the census data does not reflect is the fact that while 13% of the population represented those over 65 in 2010 we are headed up to 21% with aging boomers . The other factor is since 2000 we have added 1 more year of life every 4 years.

Nursing home numbers dropped a lot because medicaid has been shying away from nursing homes and diverting more funds towards in home care and community based services. The amount spent on snf is half of what it was in 1990.

You really have to look under the hood to understand the numbers.

Overall the odds are very high some form of care will be needed by ourcage group compared to the past.

but as i always say are you prepared to be impoverished or your spouse if the unlucky one is you ?.

Last edited by mathjak107; 04-02-2016 at 07:13 PM..
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Old 04-03-2016, 02:05 PM
 
Location: SF Bay & Diamond Head
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Quote:
Originally Posted by BugsyPal View Post
Today unless someone has major health issues (and even then) and is without a strong support network (friends, family and or help from social service agencies), there is no need to be in a nursing home per se.
My father had 13 brothers and sisters living in his small Indiana town. When it became apparent that he could not live alone I asked each brother and sister how often they could visit him in a local nursing home. They were honest that they had their own health issues and their own kids and grandkids to deal with and their time was limited. There was a possibility of having in home care for him but social workers said I'd spend half my time hiring caregivers and the other half firing them and figuring out what they stole.

I brought him to CA to be in a nursing home. Within 5 months his health improved enough that he could live with me but he had to be in adult day care while I worked. Friends and family don't want to be around a caregiver. Over almost 10 years of this I went to group sessions to try to get a grip on my sanity. It just took a couple of sessions to realize how good I had it as a single because the married men in my group complained how the spouse was more of an issue than the person they were caring for whether that person was their parent or their child. Don't put too much faith in your "village".

Fortunately I have lifetime inflation adjusted LTCi. If I need it when I'm 80 I'll be getting over $300,000 ($150,000 for in home care) a year for life at a probable expense of about $70,000 over 30 years.
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Old 04-19-2016, 04:11 AM
 
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Originally Posted by Serious Conversation View Post
I was talking to a buddy of mine over the weekend who runs a small elder care consultancy practice, primarily providing advisory services on EoL financial planning. He has taken out a hybrid LTC for him and his wife that provides a ~$100,000 life insurance component and ~$200,000 total LTC component at age 70. As one ages, the LTC component increases, and the life insurance component decreases.

He's saying more of his clients go to toward the hybrid option, as traditional LTC is either use it or lose it, and traditional LI doesn't cover the long-term costs of someone who is impaired. Pair a hybrid with a strong acute care policy, and he thinks most bases are at least partially covered. Most people are probably the most underfunded and vulnerable from the LTC perspective.

Do you think these policies at least cover more bases? Are they a trend going forward?
No, they donít cover more bases and theyíre not right for every individual.

You can incorporate long term care components to life insurance but the coverage is not that comprehensive compared to that of a traditional long term care insurance policy. Another downside is the additional cost for the riders. Itís not that costly compared to traditional policy but as Iíve said earlier, itís coverage is very limited.

If youíre worried that you might not use your stand alone policy, then better get a return of premium rider which gives you assurance that a part of your premiums or everything will be given to your beneficiary if you didnít use your policy.

So which one is for you?

The right policy for you will always depend on your future needs and financial capabilities. You can ask help from experts or make a thorough research in order to come up with a well-informed decision.
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Old 04-19-2016, 04:26 AM
 
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lack of inflation adjusting on hybrids is a problem as well as relatively small limits and 20-30 years from now can leave you with insurance that is useless and does not keep you off medicaid at the end of the day since it can't cover much after inflation . .

the other problem is late in life they usually require a sizable sum of cash to get a hybrid . it is crazy to tie up that much cash at such low returns when you can invest the money normally , take a small part of the average gains and pay for a real ltc policy with 5% inflation adjusting and possibly other perks like partnership plans give you . .

while the hybrids are better then nothing if you can't qualify for an ltc policy i have issues with them as a first choice
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