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Old 10-19-2016, 12:48 PM
 
71,643 posts, read 71,777,271 times
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yep, having insurance to "stay out of a home" can be more important than just letting Medicaid stick you in some urine smelling facility up to 100 miles away from family and friends .

life is best when you have choices .
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Old 10-19-2016, 12:51 PM
 
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Future care needs - as with all things in life….are unknown. A person can need hep with ADLs (activities of daily living ) and not need to be in a facility. Having a policy MAY encourage a person to get supporting help earlier rather than waiting. And getting that help earlier could help the person maintain overall health even better. (Wouldn't have helped my mom, but in some cases just the strain of stress of struggling to accomplish ADL's can be alleviated.)

I do know that as my mom's financial overseer, I waited as long as I could to bring aides into the picture, out of concern about her assets. IF she'd had a LTC policy she might have had aides earlier. That delay put a strain on my brother who 'looked after her' -- she lived across the street. But we all made it through.
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Old 10-19-2016, 12:53 PM
 
71,643 posts, read 71,777,271 times
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that is why the statistics are skewed as far as number in a snf facility .

since 2000 many of those who are classified as poor at adl's were not put in nursing homes . they are put in other facility types and not counted as needing a skilled nursing facility . the reality is far more folks needed one form or another of long term care and for a lot longer than the numbers of a generation ago reflect in just the percentages in nursing homes .

it is estimated that with us living longer 77% of us will need some form of long term care at some point . the only unknown question is who and for how long . is it you ?

Last edited by mathjak107; 10-19-2016 at 01:02 PM..
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Old 10-19-2016, 01:03 PM
 
Location: SF Bay & Diamond Head
1,779 posts, read 1,420,023 times
Reputation: 1971
Quote:
Originally Posted by selhars View Post
I'm 56 and will revisit LTC later.
I'm single and no kids, and at this point have assets for private for I'd say for three years.
I got quotes from two different agents/firms. One was my mom's financial planner-- who for ME, now, said, just put that policy premium money into your own retirement planning.

My mom had Alzheimer's so that is on my mind, BUT like I said I'm single with no kids.
She never went into a facility. And had enough assets to stay at home with children carrying the care load for two years (close oversight mostly, not day to day care), and aides only the last 10 months.

I also will be retiring NOT in the state I'm working in now. So while I'm vaguely familiar with partnership policies, IF I got one now I would have to see what benefits I'd lose by being in another state. I already know all aspects of the partnership for my current state are reciprocal to my retirement state. And given that my paid off retirement house is already waiting for me in that other state -- I know that's where I'll be. I'm just going to wait at this point. I know it will be more expensive later, but I'll also have saved more and have more assets for my own care if need be. So as of now I'm making the decision to NOT get a policy…… in part because I may have to drop that one and get another one at an older age anyway.

At this point all I can say is we'll see.


What did I do?
Was my name a typo or Freudian slip?

Why I think you should buy it today.
1. It won't be cheaper later.
2. You may not qualify later if you want it.
3. You probably won't get as good a plan later.
4. Your need is greater NOW if something were to happen.
5. $10,000-$20,000 is not going to do that much for your retirement over the next 10 years. Buy now and drop it in 10 if you feel your financial situation doesn't require it but IF you need it during that time it could well be a lifesaver.

Think about it.
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Old 10-19-2016, 01:07 PM
 
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Math, yes, that's a BIG plus, the help you can get -- and still stay at home.

I know this may be a difficult stat to get ahold of but I'd like to know how many -- or what percentage of -- people have no issue at all getting their policies to pay. VERSUS, get denied of have to appeal, or just have the submission and approval NOT go totally without a hitch.

I DO confess my aunt had a small LTC policy and it gave me no problems whatsoever. Then again, she had colon cancer and WAS in a SNF, so I suppose it would have been hard to deny she needed to be there ad her situation was indeed covered. As I said we submitted and they paid. $60 a day -- but they still gave us no problem.

But of course I've heard people are denied -- if -- "all the time" is an exaggeration…lets say '' from time to time" of "often?" AND that I wouldn't want to have to deal with. Just thinking about it ticks me off. So my question is how often doest that really happen? How often is there no problem at all? Versus a family having to fight tooth and nail to get what their loved one is due?

Quote:
Was my name a typo or Freudian slip?
Oh I see. Sorry about that. I thought it was. I didn't half look at it…..hobnob, honobob….Sorry. IT DOES sort of look the same at quick glance. In my head I'll make my memory cue "Honolulu Bob" and that's how I'll remember it.

Quote:
Think about it.
I do -- and will continue to. Thanks.
As of now, I'm perfectly willing to accept the consequences of my decision. But of course that could indeed change. We'll see…..

Last edited by selhars; 10-19-2016 at 01:15 PM..
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Old 10-19-2016, 01:10 PM
 
109 posts, read 101,691 times
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Everyone's situation is unique in terms of finances, age, family health history, risk aversion, etc. Two seemingly identical people might come to two very different conclusions about buying a LTC policy, and their choices might be "correct" for each of them. I purchased a LTC policy about 10 years ago. I struggled with the issues of non-guaranteed premiums, investing the premium amounts myself, assessing my net worth to see if I could self-insure and so on. I was not (and still am not) certain that my decision to buy was the best, but I am content with my purchase. I knew going in what the risks were (e.g. possibility of increasing premiums), and when it happened last year, it was not a surprise. My own feeling is that it can make perfect sense not to buy a LTC policy, but it makes no sense not to have a plan for handling the potential financial consequences of extended long term care. I personally hope I never need to use my policy.
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Old 10-19-2016, 01:11 PM
 
71,643 posts, read 71,777,271 times
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I delayed buying it just one extra year and I got surcharged 1k a year forever . I was diagnosed as diabetic and even though with diet and exercise I am on no meds and just high normal the die is now cast . had I done it a year earlier there is no surcharges later when something crops up later .

they have access to every blood test I have taken over the last few years . I never knew every blood test was saved in a data base like a CREDIT REPORT .

they had all my results .

Last edited by mathjak107; 10-19-2016 at 01:21 PM..
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Old 10-19-2016, 01:11 PM
 
Location: SF Bay & Diamond Head
1,779 posts, read 1,420,023 times
Reputation: 1971
Quote:
Originally Posted by mathjak107 View Post

the best part is no income limits are imposed on the stay at home spouse like regular Medicaid .

all assets and income are protected forever with us having to do nothing else but keep the policy .

got our 3rd renewal this week , no increase over last year .
I thought earlier posts stated that the Partnership plan just doubled the time that you bought. What you are saying now is pretty much a LIFETIME plan. That's really good!

You must have had to buy a minimum amount or term. AND there must be some eventual claim on assets.
Can you elaborate on this more? And the costs.

If you can buy a lifetime "acting" policy by buying a three year plan I would think people should be jumping to buy these before things change.

First question can you live anywhere but move back to the partnership state when the need happens?
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Old 10-19-2016, 01:13 PM
 
Location: Alaska
5,356 posts, read 16,351,037 times
Reputation: 4023
Quote:
Originally Posted by slyfox2 View Post
My long term care policy includes a very long walk on a very cold day with a sweater and shorts. I doubt it will cost much.
Quote:
Originally Posted by BayAreaHillbilly View Post
If one is determined to go that route, I'm partial to a nitrogen hood.

Life will sometimes take that choice away from you. My FIL definitely didn't want to end up in a LTC facility, a handgun being his tool of choice. A series of strokes took away that choice. He ended up spending 3 months in a SNF before passing away.
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Old 10-19-2016, 01:19 PM
 
6,885 posts, read 7,286,872 times
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Quote:
now I got surcharged 1k a year forever
Yes, waiting CAN cost a person. It would have been cheaper if you'd gotten it at 50 or 40, also.

Just as some might argue that $3,000 a year is not to much to pay for a policy.
The same could be said for that $1,200, which is even less.
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