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Old 08-22-2017, 12:58 PM
 
8,204 posts, read 11,927,697 times
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Quote:
Originally Posted by eliza61nyc View Post
....so far none of the elders in my family are in ltc. I do have a 99 year old aunt that has in home care but she's in her own home.
LTC insurance covers in home care. In fact, it is a major reason that many of us carry LTCi. We want to be able to receive care in our own home so that we don't have to be institutionalized.
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Old 08-22-2017, 01:01 PM
 
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exactly . i call my policy anti-nursing home insurance . they cover up to 6 years in home care or assisted living
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Old 08-22-2017, 01:24 PM
 
1,195 posts, read 666,789 times
Reputation: 4130
Quote:
Originally Posted by mathjak107 View Post
initially all the plans were way under priced as insurers went by statistics . the statistics showed usage was a fraction of what it turned out to be .

folks just burdened family and in many cases hurt them financially ,socially or just broke families up over the care . one sibling stepped up , the others stepped back and all hell would break loose between them .

once people had insurance they used it . no different than the health insurers found out . when people have insurance they use it .
Yup, this is pretty much what I have observed over the years. In many cases (not all), women in the family were the caretakers of the elderly. In this economic world now, women know they have to work and build up their own retirement savings as they are either single and/or divorced, plus the death or long illness of a spouse can be devastating to finances. They have seen some sad results in their own families.

The Caregiving forum has some nightmare situations that people are dealing with as opposed to others whose relatives have planned to have sufficient funds to support their LTC needs.
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Old 08-22-2017, 01:37 PM
 
71,778 posts, read 71,875,234 times
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it usually all ends in the same bad fashion .

the wife or husband tries to care for the other . one of them gets hurt trying to lift 150lbs of limp flesh .

one of the kids tries to help . their career suffers , their social life suffers and they take a financial hit . all the siblings step back and don't help much if at all .

next step is if a spouse is involved with the kid providing care the " WHY ARE WE GIVING UP EVERYTHING AND YOUR BROTHERS AND SISTER DO NOTHING ? starts .

that usually ends in divorce eventually .

it is rare it goes any other way .
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Old 08-22-2017, 03:18 PM
46H
 
967 posts, read 588,171 times
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We watched my dad deteriorate from Parkinson's and eventually dementia while my mom tried to take care of him. My brother and sisters and all our spouses work full time, so there was not a lot we could do during the week. Eventually, my mom went to 24/7 live in help for my dad at home. My dad did not last long enough to wipe out their finances. Witnessing my dad's decline led us to buying Genworth LTC policies about 7 years ago and we have not had an increase. Neither one of us wants the other to have to face the decisions my mom was facing.
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Old 08-22-2017, 03:30 PM
 
Location: SoCal
13,286 posts, read 6,362,704 times
Reputation: 9918
Quote:
Originally Posted by mathjak107 View Post
initially all the plans were way under priced as insurers went by statistics . the statistics showed usage was a fraction of what it turned out to be .

folks just burdened family and in many cases hurt them financially ,socially or just broke families up over the care . one sibling stepped up , the others stepped back and all hell would break loose between them .

once people had insurance they used it . no different than the health insurers found out . when people have insurance they use it .
Mine was signed up in 2010, then it went up every year after that. Then it had another rise. So it was not long ago.
But I have budget enough money for care at home. The reason I bought it was because it was inexpensive when I was relatively young. I also have many sources of income to take care of home health care.
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Old 08-22-2017, 03:33 PM
 
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They were pretty mispriced really right up until about 3 years ago
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Old 08-22-2017, 05:37 PM
 
Location: LTCShop.com
236 posts, read 113,383 times
Reputation: 151
Quote:
Originally Posted by NewbieHere View Post
Mine was signed up in 2010, then it went up every year after that. Then it had another rise. So it was not long ago.
But I have budget enough money for care at home. The reason I bought it was because it was inexpensive when I was relatively young. I also have many sources of income to take care of home health care.
There are a few LTCi policies that have premium increases every year. A couple of big name insurance companies sell LTCi policies like this. I don't recommend them.
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Old 08-22-2017, 05:40 PM
 
Location: LTCShop.com
236 posts, read 113,383 times
Reputation: 151
Quote:
Originally Posted by eliza61nyc View Post
mine doubled too. not sure how that was false. I got rid of mine 3 years ago.


These statements you made are false:

"...if the insurer decides to drop out, usually the only recourse to get some compensation for claims is a law suit."

"...almost all policies with guaranteed premiums are gone."

"...many times chronic conditions that are very manageable will kick you out or have a claim denied."

Last edited by LTCShop; 08-22-2017 at 06:24 PM..
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Old 08-22-2017, 07:38 PM
 
Location: SoCal
13,286 posts, read 6,362,704 times
Reputation: 9918
Quote:
Originally Posted by LTCShop View Post
There are a few LTCi policies that have premium increases every year. A couple of big name insurance companies sell LTCi policies like this. I don't recommend them.
Small increase but nevertheless it was an increase. I've thought I've got the best type. So I will refrain from comment on the type of LTCi.
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