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This is depressing. The insurance is expensive and it doesn't seem to cover that much of the cost for these facilities.
Medicare doesn't cover long term care at all?
First 100 days.
Quote:
Originally Posted by ocnjgirl
No, they only cover short-term rehab stays.
Which is all that the vast majority of over 65 people who spend time in LTC need.
The insurance companies quote a 70% figure. 70% of all people over 65 will spend time in LTC. That is true! But the percentage that will spend longer than 100 days in LTC is much much lower. In my time with adult services (6 years) we served over 200 elderly adults and five or 10 went into LTC for over 100 days. My last client that I had to deal with was 92, went into LTC and died 10 days later.
Of all of the people I know over 65 none are in LTC, but one will be in some kind of a facility soon due to dementia. Truth be told, there are not enough LTC beds to accommodate the kind of numbers the insurance companies claim.
My LTD insurance is from Smith & Wesson. It was a one-time purchase of about $500, and will provide a solution for when I'm unable to work and care for myself.
Maybe it's me but I've yet to see an expensive LTC premium.
Of course, what's considered "expensive" is subjective.
Quote:
My LTD insurance is from Smith & Wesson. It was a one-time purchase of about $500, and will provide a solution for when I'm unable to work and care for myself.
Unless of course something happens and you become incapable of exercising this option.
I would like to just say that to only consider to try to completely cover it with insurance is a wrong way to approach it. Just because you just cant afford it. But thinking outside the box get something that would be able to cover 50%+- could work in a tight budget. It can at least help some. But before you get it you do have to pass their test medically. But start with a plan by beginning to ask "what if?"
I have said this before. You just have to have a plan. Your family also needs to know what that plan is too.
The quote above quoted my post about the long list of illness not covered *at all* by the partnership programs. It has nothing to do with buying a policy to cover 50% of a guesstimate. Thus, I don't know why you responded as you did, since the comments don't refer to the context of my post. Perhaps you meant to quote someone else?
My point is that people are shelling out large figures for possible care that may not be covered at all. I don't know how one even rolls the dice on LTC when so many illnesses are UN-insurable. First, you have to figure out a needs assessment scenario, then redo it to disallow instances of disease/disability as listed (and in the fine print of private LTCi too, I would think) - some of which includes anything that makes you use a cane or wheelchair ...it's all too ridiculous.
Crusin,
When you talk about illnesses being UN-insurable, are you sure that's not referring to illness you can't have already if you want to get LTCI in the first place. And NOT illnesses you can't have once you need the LTC.
That's one reason some people say people should get LTCI as young as they can (within reason) -- say their late 50s early 60s. Because the later you wait, the higher the likelihood you could be diagnosed with an illness that makes you unacceptable to the insurance company.
Crusin,
When you talk about illnesses being UN-insurable, are you sure that's not referring to illness you can't have already if you want to get LTCI in the first place. And NOT illnesses you can't have once you need the LTC.
That's one reason some people say people should get LTCI as young as they can (within reason) -- say their late 50s early 60s. Because the later you wait, the higher the likelihood you could be diagnosed with an illness that makes you unacceptable to the insurance company.
It is insurance and yes it may be not used but isn't that the goal of most insurance to either not use or to not use for a long time? It is a hedge against poop happening that could derail other things.
It is by price point not for everyone and as was noted by a few posters not expensive or expensive depending on the individuals resources and interest in the product.
My LTD insurance is from Smith & Wesson. It was a one-time purchase of about $500, and will provide a solution for when I'm unable to work and care for myself.
That, and a cheap hotel room right next to a crematorium.
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...it's all too ridiculous.
