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I have been on the fence back and forth on this issue. In fact I started a thread here that Everyone needs to have an LTC plan. It actually generated a great deal of discussion. I have thought long and hard and recently I went through a great deal of soul searching. Up until recent I had plans on selling the home here and move to a warm climate. The sale of the home is still going to happen but a purchase of a new home in a warm area is on hold and maybe even permanently off.
In our thoughts even as we were thinking on buying a new home we had always planned on traveling once our nephews are out of high school. We take care of them as they are here from Korea. Once they are done we will make a sale of the home and bank the money. We own it outright with no mortgage so because we have lived here a long time we pay no capital gains on the sale so it will go into short term investments vehicles that will allow us to have that as our self insurance fund. If we never need it or get to our mid 70s and we are still homeless we will consider a condo somewhere the two of us can enjoy our later years.
My SIL was diagnosed with lung cancer last year. She had radiation and chemo therapy. She died in the 4th month after diagnosis.
My BIL (her husband) was diagnosed with Stage 4 metastatic melanoma which spread to his brain in 2013. He had radiation, chemo, and was in drug trials. He is still alive. According to his daughter, their medical bills have topped 6 figures over the last 3 years. He is having severe late effects from the radiation treatment which includes brain tissue dying, seizures, and blackouts. His right side is now paralyzed. His home was foreclosed. He cannot afford a nursing home. He cannot afford the 24/7 in-home care that is necessary. He has an account on one of those websites that request donations. In the past two month he has received $1,700 through that site before paying the 8% surcharge.
His adult children will receive no inheritance. In point of fact they are trying to cover his bills and to take care of him. His children are under a lot of stress. Care-taking takes a major toll on family members. The stress of paying his bills is enormous. All of this could have been avoided if my BIL had LTCi.
If he had LTCi, had been able to afford a "good" plan, and that plan actually paid out.
I REALLY want to hear from people who have had good experiences collecting on themselves or a spouse and to learn what options they selected and the company.
The thought that everything I have earned, saved, and built over the years going to in home care or a facility is obscene to me. That's why I bought LTC insurance last year.
We shifted some of our term insurance coverage funds to this to pay for it since our kids are out of the house and education costs are not there anymore.
My policy will grow over time and I hope its enough to keep pace with inflation.
As with anything, its a trade off and some degree of risk. You have to make the decision for yourself.
Here are the top ten reasons I found as to why LTCi makes sense for most people.
1. LTC is expensive. Just one year of care will be more than a lifetime of premiums.
2. LTCi is only part of the LTC Plan. You will welcome that $10,000, $20,000, $30,000 EXTRA a month in addition to your other assets.
3.You have to make a lifetime commitment to the PLAN without knowing the cost. That’s because your total cost will depend on two big unknowns … future COST increases and your life expectancy. Your policy will help with these unknowns.
4) If you cannot afford premiums then you won't be able to afford the care either.
5) The psychology of worrying about future things is much worse than making a reasonable plan.
6) Betting against probabilities is a losers game. You are betting your life. I'd rather be happy with $100,000 less than unhappy with all my assets handed over to the LTC provider.
7) Premiums are affordable if you prioritize your spending and not buy crap for your immediate gratification.
8) Multi-millionaires can well afford premiums and are well worth it for the benefit.
9) LTCi can be affordable for the average person.
10. LTCi companies have contractual obligations to their policyholders. I am confidant my company will pay out when needed and they also provide a third party advocate for me if needed.
I should probably consider this given I'm only 50 and , for now, in excellent health...how much am I looking at? and what does it cover? anyone have a site that breaks that down and keeps it relatively simple?
thanks
Here are the top ten reasons I found as to why LTCi makes sense for most people.
1. LTC is expensive. Just one year of care will be more than a lifetime of premiums.
2. LTCi is only part of the LTC Plan. You will welcome that $10,000, $20,000, $30,000 EXTRA a month in addition to your other assets.
3.You have to make a lifetime commitment to the PLAN without knowing the cost. That’s because your total cost will depend on two big unknowns … future COST increases and your life expectancy. Your policy will help with these unknowns.
4) If you cannot afford premiums then you won't be able to afford the care either.
5) The psychology of worrying about future things is much worse than making a reasonable plan.
6) Betting against probabilities is a losers game. You are betting your life. I'd rather be happy with $100,000 less than unhappy with all my assets handed over to the LTC provider.
7) Premiums are affordable if you prioritize your spending and not buy crap for your immediate gratification.
8) Multi-millionaires can well afford premiums and are well worth it for the benefit.
9) LTCi can be affordable for the average person.
10. LTCi companies have contractual obligations to their policyholders. I am confidant my company will pay out when needed and they also provide a third party advocate for me if needed.
keep in mind though that with non state partnership plans while it is all well and good the insurance bought you time to clear the look back and establish trusts they can be a misery to live with once the insurance runs out .
if Medicaid picks up the bills once insurance runs out the stay at home spouse is restricted to Medicaid income limits which can be quite low.
it sucks preserving a few million in assets and then can't live off them .
so where possible I suggest looking in to whether or not your state has partnership plans and what you get as perks .
many partnership plans are not total asset , but dollar for dollar and they do not protect income .
I should probably consider this given I'm only 50 and , for now, in excellent health...how much am I looking at? and what does it cover? anyone have a site that breaks that down and keeps it relatively simple?
thanks
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