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Can someone who has started LTCi past the age of 65 please outline
- whether preexisting conditions are accepted
- what you pay in premiums per month (starting the policy past age 65)
- what exactly is your coverage - at what day does it kick in and for exactly how long and what it covers during that time
And... if someone has what they believe is a stellar plan from a company (not through their state), please if you would DM me the name of the company.
Generally 65 is too late but has been done. Premiums are quite high. If you do get it a general 1 year benefit would be 150k. Most popular company is John Hancock. You could ask an Ameriprise agent what is available. You can Google up FLTCIP an read through that site. They have some good videos and information.
Can someone who has started LTCi past the age of 65 please outline
- whether preexisting conditions are accepted
- what you pay in premiums per month (starting the policy past age 65)
- what exactly is your coverage - at what day does it kick in and for exactly how long and what it covers during that time
And... if someone has what they believe is a stellar plan from a company (not through their state), please if you would DM me the name of the company.
I can't answer all your questions but I will try to help.
I got mine just a few months after 65 - should have done it earlier. My husband got his 15 years ago (53) and pays around $1,300k annually with unlimited coverage. Mine is through a state partnership plan which was not available for him, but I pay 2k more than him annually for five year coverage and then Medicaid supposedly picks up with some of my assets saved. Mathjak explained it well previously. I have at least 4K coverage for facility or home care monthly now (and rising with the inflation rider) and my husband has much more now due to the inflation rider. Staying at home if possible is the main reason we got it as we can live on one level.
I could have chosen the 3 year plan for less but I have had many friends who had parents in LTC for years, although mine were not. I know the statistics don't say that but I unfortunately know many people personally who needed LTC. Strangely, many were in great health during their lives, lived to old ages and just became too frail to live independently.
Our policies both kick in at 90 days - remember Medicare pays for some of that time in rehab after a hospital visit.
It was really starting to bother me that I was not covered and I am irritated with myself that I did not do it sooner for less money. Everyone has their own viewpoint on this.
Keep in mind after 65 the insurance company usually sends a nurse to your home for a battery of memory tests, math exercises in your head, strength exercises, blood pressure and a health survey. Diabetes is not widely accepted as well as an overweight problem. The nurse was very interested in my exercise routine - how many minutes a day, how many days a week, etc., as well as volunteering and other activities. I am not sure about pre-existing high BP or taking medication for conditions as I don't have those issues.
I checked out John Hancock and Mutual of Omaha LTC. Different companies have various views on what ore-existing conditions they will accept.
I would've loved to have gotten long-term care insurance, but by the time I was considering it, guess what--I had a newly diagnosed pre-existing condition. At least I have some current coverage, but it would've been nice to get a better plan together. If I do anything now, premiums would be quite high and I'm not sure if it'd be worth it.
This assumes that you are going to be a sickly, vegetable with a million health problems and that you run to doctors every second of the day.
How bout you just oh, take care of yourself?? Quite frankly, the reason these long-term care places exist are BECAUSE of the medical industry. It creates long-term patients for long-term gain.
Gross generalizations. My mom was in an LTCF for the last 3 months of her life. She had had vascular dementia for a number of years, and had been living in an ALF. She had a hemorrhagic stroke and spent time in a hospital, and then was sent to a LTCF for rehab therapy, which she did receive. When it was known that her ALF could not provide her needed care, she stayed at the LTCF for the last three months of her life.
The medical industry did not create this situation. She had not taken very good care of herself, but she didn't drink or smoke. Her condition was a part of her old age, and we could not give her good care. I do not think AFLs are wonderful, but for her it provided a safe, structured place where she could eat regularly and have her meds dosed.
The LTCF treated her well. They called me as she was dying, and showed great compassion and kindness. (I lived in a different state) I do NOT think these places are perfect, but for my mom, whom we could not manage, they were extremely helpful.
YES! Peace of mind, serenity Gleeful. Just knowing if I stepped off the curb and got hit by the Bus that my LTCi WILL pay over $100,000 a year, forever! What's not to be happy, relatively speaking, about that? All for a little over $20,000 in premiums. I sure don't miss that money.
As I've stated before, there are few investing plans that can provide what my LTCi does. If hopefully I never need it my estate will be $100,000 smaller vs. possibly hundreds of thousands PER YEAR depletion. I'll gleefully make my premium payments.
I've posted it in other threads. My coverage is through CalPers. They've had their issues but they can pay today and I believe they will be around decades from now.
I agree 100 percent. We are planning now for down the road and as I have said before visiting some very nice CCRC's. We have figured out the cost and options and may well be putting down a deposit to go on a waiting list. Could be a number of years but at least we have things cost out. We already have LTCi and looked at places that expect you to have it and those that expect you to buy through them with a one time up front payment. It is nice to know how to eventually lock things down with a good margin of error and how to financially maintain and grow the resources needed. Insurance is not just a dollar and cents issue but also and comfort and sense issue to some people. Not all but some.
And BellaDL, my understanding is that many, if not most or all companies don't even offer the lifetime option anymore.
So, just so we're clear…I mean the same insurance COVERAGE for the same premium
That is why I was so strongly urged by others to get it in my fifties and glad we listened. Problem with getting it younger is while premiums are lower the policy may not meet the way services are provided when you need them.
Except that with whole life, someone will get the money at some point. It is still not as good as investing unless you pass away significantly earlier than expected, which is not a good plan in my book. But that is the big benefit.
Most LTCi policies have no cash surrender value - use it or lose it.
So why not do both if you want if you don't want sure don't. LTCi and investments to have a strong nest egg as a back up.
“This massive, 83 percent premium increase will come as a shock to the more than 274,000 federal employees and annuitants and their spouses enrolled in the Federal Long Term Care Insurance Program (FLTCIP). They are now faced with difficult choices – pay substantially higher premiums; reduce coverage substantially; or, in the worst case scenario, drop the coverage some have paid into for more than 14 years,” said Thissen (National President of the National Active and Retired Federal Employees Association)."
I looked into LTC insurance a few years ago but decided it was best to self insure as I am single with no need to leave an inheritance and own a home that should fund a few years in assisted living or a nursing home.
Good points. The problem with LTCi is that it isn't for the larger part of the population. Ownership is best served if it is part of a comprehensive financial program with the resources to be able to pay for serious premium increases as you have shared. There are reasons why financial service companies recommend such large amounts of assets in order to retire financially secure. As many in the forum indicate in our discussions those amounts are beyond the reach of most people. So when you look at the OP question the reality is that many folks are not financially able to prepare for long term health care and that is why we are on the road to a financial crisis that will crush Medicaid. So while everyone might need a plan only a number less than half are able to pay for one beyond family.
Go burn down your house if it will make you FN Happy!
I have no idea how you made the logical conclusion that me finding it strange you achieve a state of "glee" from paying insurance premiums means I'd be happy burning down my house to get better monetary return from mine.
Quote:
Originally Posted by honobob
You have an odd outlook to finances. I try to buy what gives me the best payback. I have a buddy that spent thousands on Hard Rock t-shirts. Who knew? While on vacation we HAD to make a stop to get the local t-shirt. I went in and stood in line with him. Yes, they have an actual separate line just to buy the crap. But it was a temporary high as most of those shirts are rags now and of little interest to him. At this time he sees the stupidity of his purchases. I buy crap that other people might think stupid but I can tell you that there are few things I spend money on that I regret. I have a healthy relationship with finances.
That is a cool story about your friend's t-shirts, but your attempts to judge my financial outlook from my distaste for paying insurance premiums is quite misplaced. You have no idea what I spend money on, and frankly it is pretty asinine to make the condescending assumptions you do about others financial habits based on very little information.
If you pay insurance premiums but don't derive actual monetary benefit, your payback is quite poor. That doesn't mean it isn't wise to have insurance, but I'm still baffled as the assumptions of good payback. If most people derived more benefit than they received there would be no profitable insurance companies, yet we have them with billions in assets.
Because they provide a financial service. You lack understanding of insurance as a financial tool.
The fact they provide a financial service does not qualify the consumer coming out ahead from using the service, and I understand insurance perfectly fine I suspect even better than someone who thinks just paying premiums gives a financial payback. Sure you're getting peace of mind, protection, etc. but most people do not come out financially ahead and if you haven't received claims for more than you've paid in premiums you haven't either.
Quote:
Originally Posted by honobob
I've mentioned earlier how my having the ability to pay for immediate LTC needs allowed me to make better financial investments. People take insurance when they have a need. I even compared it to term life insurance that people use WHEN they have the need. What part of that don't you understand?
You seem to think everyone who disagrees with any opinion you hold on finances either doesn't have the capacity to understand or you make broad assumptions about their financial outlook and start babbling about your friend buying too many t-shirts. I've stated repeatedly that I've paid for insurance, so spare me the lectures about what insurance is or does.
Maybe all those premiums you paid for LTC would have gleefully grown if wisely invested and you're be a wealthier person.
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…I mean the same insurance COVERAGE for the same premium
