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Old 01-04-2017, 06:43 PM
 
Location: Myrtle Creek, Oregon
12,255 posts, read 12,503,351 times
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Shop for STCi first. Most people who go into nursing homes only last for 6 months.
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Old 01-04-2017, 06:55 PM
 
Location: Central Massachusetts
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I have in the past started at least two threads on LTCi. My last one stated clearly that I felt everyone should have a plan on how to deal with LTC. That means that they should look at insurance plans and other options and weigh it in their lives. But they absolutely need a plan and it should be known just like a living will.

I was in my previous threads and posts seriously considering LTCi but we (DW and I) discussed it and have settled on that we do not need it. We will be self insuring. Currently we are 58 and 59 and own our residence outright. In a few years we will put the house on the market and put the money into investments that probably will not generate a lot of income but will be readily available to cash in should the need arises. Out income is steady and safe enough to allow us to be able to self insure with little or no trouble. I know not everyone is in our position but as I said you need to discuss the situations and come up with some sort of plan.

Many said they had a single bullet ready for their LTCi thinking that they would just end it if they were forced to a nursing home or something. Kind of a silly point they made but it was made by a number here.
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Old 01-04-2017, 07:21 PM
 
Location: Florida -
8,764 posts, read 10,843,052 times
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Interesting thread - We've been paying for LTCI for 7-8-years, but have never used it or known others who actually used it. The peace of mind seems worthwhile and feels comforting, but I'm also interested in the real life experiences of others.
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Old 01-04-2017, 07:22 PM
 
Location: Central IL
15,233 posts, read 8,527,906 times
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Quote:
Originally Posted by golfingduo View Post

Many said they had a single bullet ready for their LTCi thinking that they would just end it if they were forced to a nursing home or something. Kind of a silly point they made but it was made by a number here.
Personally, even if you have LTCi there may be situations where "medicine" is no longer helpful yet you're not accepted as a hospice patient. At that point I would like an alternative, preferably not a bullet - maybe in another 30 years our society will have figured it out.
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Old 01-04-2017, 07:23 PM
 
29,779 posts, read 34,867,277 times
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I think it is important to stay focused on the OP's intended thread purpose and question. What are the experiences of folks actually filing claims on policies. I have had that question for the last couple of days and it started before this thread. It is a very legitimate question because if you are actually needing to use the policy you probably aren't real capable to do battle with the insurance company. I have heard mixed feelings about the actual filing process and how to best deal with. It isn't easy to find folks talking in detail.
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Old 01-04-2017, 07:30 PM
 
662 posts, read 477,902 times
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I too am interested in the OPs question, so I googled it as best I could, and had to stop reading, because the stories were all about the battle people went through to get the insurance companies to pay. I just can't imagine doing that when a loved one is in need, and I surely don't know how a single person would be able to battle in their time of need.

More and more these days I'm thinking of a HSA for self insuring.
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Old 01-04-2017, 07:31 PM
 
Location: Central IL
15,233 posts, read 8,527,906 times
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Quote:
Originally Posted by Larry Caldwell View Post
Shop for STCi first. Most people who go into nursing homes only last for 6 months.
Thanks - I didn't even know that STCi was a "thing"! I'll definitely be looking into it, if only as something to hedge a bit on an LTCi policy with a longer elimination period, for example.
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Old 01-04-2017, 07:36 PM
 
Location: Central IL
15,233 posts, read 8,527,906 times
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Quote:
Originally Posted by jghorton View Post
Interesting thread - We've been paying for LTCI for 7-8-years, but have never used it or known others who actually used it. The peace of mind seems worthwhile and feels comforting, but I'm also interested in the real life experiences of others.
But what is it about your policy that gives you peace of mind? You are that certain that it will cover what you'll need? Or is it such a small expense in your overall budget that you're not that concerned.

I have limited resources as a single woman and I can't throw hundreds of dollars a month at an LTCi unless I get full value from it - it would mean that I could NOT put that money in a 401(k) or Roth. Obviously, if you're fully funded and have "extra" money an LTCi is a no-brainer but I will have to make a very real choice for one thing over something else.
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Old 01-04-2017, 08:34 PM
 
Location: Eastern UP of Michigan
1,202 posts, read 682,631 times
Reputation: 1271
We each have it, although not using it yet. Jims dad had a couple of months with his, his mom collected about 75K in reimbursement from her policy. Their policies were about 150/quarter for each, going back to late 1980s, anyway that was his moms premium when she was paying.
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Old 01-04-2017, 09:23 PM
 
662 posts, read 477,902 times
Reputation: 1690
I never heard of STCi. Here's an interesting comparison: Short-Term-Care Insurance Policies on the Rise

And an interesting quote:

"A benefit for single women: Unlike long-term-care insurance, which often charges single women 20% to 40% more than single men, short-term-care insurance offers unisex pricing."


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