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Failing to plan is planning to fail. You first have to decide if you want to go the LTCi or CCRC route. If not, you should focus on building slowly over time your own "CCRC" setup. The key ingredient is to own a home with a split design (privacy concerns) located in an area that would attract housemates when the time comes. Also, make sure your house is age-friendly (no stairs).
I know that by the time I need assisted living that I would not be using much of the expensive facilities (pool etc) so why pay for it. You probably get much more bang for your bucks by setting up transport to whatever facilities you desire (malls, restaurants, ballrooms etc) than paying for the CCRC overheads.
A younger boomer in their 50s may want to get to really know other boomers like themselves with a view of perhaps one day setting up their own "Golden Girls", "Golden Guys" or "Golden Girls & Guys" arrangement. Remember the "Three is Company" sitcom ... Wouldn't it be cool to set up a senior version of it??? It is never too early to start because you never know when someone compatible may cross your path.
Feel free to click below link to see how I have set my LTC plan in motion although I will not be eligible for Social Security for a few more years
I also know if we need more medical care than a simple care giver can give, we will pay a lot more for that service.
This seems more comfortable and less expensive than prepaying for CCRC, tell me if I'm missing important information.
I would be concerned about finding good caregivers, especially as I become older and, due to declining faculties, less able to judge the quality and honesty of applicants for the position.
While I want to stay in my home as long as practical, hiring help for house and yard work, there will come a point where a CCRC becomes the best option.
1) keep my BMI below 25; this involves dieting (purpose : aesthetic)
2) jog exactly a total of 1 mile a week (indoor : treadmill) (purpose : cardio health)
3) hike for a total of 2 hours every other week except in winter (outdoor : 1 hour ascent; 1 hour descent) (purpose : leg strength)
4) play 5 piano pieces once a month (purpose : finger strength)
5) take care of grand kids once a month (purpose : memory and bonding)
I am on this regimen for more than a year now and it works great for me.
If burger flippers who cannot afford to plan plan to fail, why should they even bother?
If burger flippers work as burger flippers for their entire life then they don't need LTCi. They will not have the resources needed nor needing protection. But that don't mean they should not have some sort of plan. If you notice the title of the thread said
Quote:
Everyone needs a plan for how they are going to handle long-term care
Not
Quote:
Everyone needs an insurance policy to handle long-term care
What they still should have as a plan is who will be responsible if they can't. What should happen to pets, house, car and other things that you own or even other matters like paying your bills while you are incapacitated. This is especially true for single but it does apply to couples as well.
Quote:
Originally Posted by Yippeekayay
My plan for LTC consist of the following:
1) keep my BMI below 25; this involves dieting (purpose : aesthetic)
2) jog exactly a total of 1 mile a week (indoor : treadmill) (purpose : cardio health)
3) hike for a total of 2 hours every other week except in winter (outdoor : 1 hour ascent; 1 hour descent) (purpose : leg strength)
4) play 5 piano pieces once a month (purpose : finger strength)
5) take care of grand kids once a month (purpose : memory and bonding)
I am on this regimen for more than a year now and it works great for me.
That is an okay plan for trying to keep healthy but it is not a care for Long Term Care should you need it. See my above quotes and my explanation. I also do not think you are active enough. Dieting is okay. Your exercise program isn't enough. 1 mile a week is a drop in the bucket. Hiking every other week is not bad but since your jogging program is way short you could double that to once a week. Grand kids can be a chore but at once a month there is no active benefit from that either.
I posted this thread to make people really think and understand that just because you have an insurance policy for care that is only part of the plan. Flip of that if you do not have a policy you really even more so need some sort of plan for the possibility you might end up needing professional care.
Something to think about for those approaching late 50s...
I was active in this thread until an application for insurance (with no commitment; just getting a quote on an alternative) changed things. I had to submit to a physical and that went fine; EKG was good and all the labs were in the normal range. The lab sent me a link where I could view results. Just for the sake of completeness, I downloaded them and uploaded them to my records at my doctor's site. A few days later, I got a call from her office. Even though it was still normal, the PSA was more than double what it was last November and she suggested that I either see a urologist (her preference) or schedule another test in a couple of months. I saw the urologist. After a rather extensive DRE, he told me I had an asymmetric enlargement and he felt what is likely lumps on the larger side. He scheduled me for a rather invasive ultrasound and possible biopsy in a couple of weeks.
If there is something, it is probably very early stage and Active Surveillance (doing nothing and just checking it every few months) may even be an option. But it could be one of those rare ones that is growing quickly and not jacking up the PSA too far. So I am going to get checked. Maybe there will be nothing at all. But if there is something, even if it is very early and might not endanger my life for decades the C word will be on my record and LTCi will be priced beyond reach.
Just a word of warning about putting it off too far. If you are convinced it is a good idea, sign up early.
I did not do blood tests for my LTCi and ended up paying about $500 a year more which works for me. Since I was over 65 a nurse was sent to my home for a battery of tests but not blood work. I guess the lack of prescription drugs on my record indicated no major problems.
I agree to get LTCi in your late 50s or early 60s at the latest. I pay $2500 more than my husband and regret not signing up at the same time after a recent physical and blood work.
Three years after getting into the program. Fed LTC already decided to increase the premium from $150 to $250/mo for the same coverage.
I opted to decrease the inflation rider from 4% to 3%. Now I pay $200/month. If I live to my parent's current age (they're 79 yrs), I'd have put about $60k in LTC.
I'm comfortable even with this $200/mo expense and fortunate to be able to do so. If I end up needing it, $60k doesn't seem like a lot to pay out.
I have a feeling that my premiums will be recalculated on a regular basis. I don't think the insurance business really have a complete grasp on the future costs of health care/LTC.
The question is at what price point will I say "no more".
^^IF you ever end up having to drop it....or lowering the coverage much more – as long as you won’t have felt that your money wasn't lost, or wasted, I suppose that’s all the matters. It's the price paid for peace of mind.
I would be concerned about finding good caregivers, especially as I become older and, due to declining faculties, less able to judge the quality and honesty of applicants for the position.
While I want to stay in my home as long as practical, hiring help for house and yard work, there will come a point where a CCRC becomes the best option.
I have considered not being able to hire good caregivers or service people, I have three adult children who can and would assist me with hiring and possibly paying online without too much burden on them.
I also know I have the option of CCRC, but may never use it, thus see no reason to buy into it now.
Three years after getting into the program. Fed LTC already decided to increase the premium from $150 to $250/mo for the same coverage.
I opted to decrease the inflation rider from 4% to 3%. Now I pay $200/month. If I live to my parent's current age (they're 79 yrs), I'd have put about $60k in LTC.
I'm comfortable even with this $200/mo expense and fortunate to be able to do so. If I end up needing it, $60k doesn't seem like a lot to pay out.
I have a feeling that my premiums will be recalculated on a regular basis. I don't think the insurance business really have a complete grasp on the future costs of health care/LTC.
The question is at what price point will I say "no more".
Why would you say no more? When you can answer that you will know when!
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