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Old 10-24-2018, 03:04 PM
 
2,565 posts, read 1,028,922 times
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Quote:
Originally Posted by djplourd View Post
The higher premiums come with automatic 4% or 5% inflation increases. The premium for these never changes but the coverage does.

For the cheaper premiums (Future Purchase Option) you have a choice every two years to accept increased premiums for increased coverage.

I'm leaning towards the cheaper premiums and periodically agreeing to the bi-annual increases. Considering that the FPO premiums are 40% and 30% of the 4% and 5% automatic inflation premiums for the same initial coverage, it should take many, many years before the FPO premiums exceed the others. Of course the wild card is they don't state specifically (at least I can't find it) how they plan to determine the bi-annual increases. My assumption is that it would be two years of either 4% or 5% increases. Of course if its higher the rates would catch up sooner, but it should still be many years down the road.
Keep in mind these policies have a payout cap. The article I read stated that costs are likely to be much more than what LTC will cover.
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Old 10-24-2018, 03:57 PM
 
Location: Ypsilanti, MI
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CAR's are very expensive! They have to keep the Riff-Raff out somehow.
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Old 10-24-2018, 06:34 PM
 
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One other plus in favor of CCRCs: if one spouse requires skilled nursing care but the other one doesn't, the healthy one can continue to live in independent living but still be physically close to the spouse in the nursing home part of the community. I spent some time as a student in the primary care clinic at a CCRC, and I had several patients in that situation. It was very comforting to both spouses to be able to be so close to each other.


I agree that CCRCs are pricey and not for everyone. But for some people, they are perfect.
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Old 10-25-2018, 05:09 AM
 
Location: Northern VA
512 posts, read 633,942 times
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Quote:
Originally Posted by Lizap View Post
Keep in mind these policies have a payout cap. The article I read stated that costs are likely to be much more than what LTC will cover.
At least for the Federal LTC the daily benefit and lifetime max increase as part of your chosen inflation option. There's even an option that if inflation has been significantly higher than projected, you have the option to increase your daily benefit amount (for a higher premium of course).

Does anyone know of any websites that let you compare LTC costs? The Federal site has lots of planning tools that let me choose my options and find out what the costs are. I've checked AARP and some other sites and they all want me to sign up in order to get any cost or coverage information. I'm not interested in getting a sales pitch. I just want to plug in the numbers myself to get an apples to apples comparison.
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Old 10-25-2018, 08:21 AM
 
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Quote:
Originally Posted by djplourd View Post
At least for the Federal LTC the daily benefit and lifetime max increase as part of your chosen inflation option. There's even an option that if inflation has been significantly higher than projected, you have the option to increase your daily benefit amount (for a higher premium of course).

Does anyone know of any websites that let you compare LTC costs? The Federal site has lots of planning tools that let me choose my options and find out what the costs are. I've checked AARP and some other sites and they all want me to sign up in order to get any cost or coverage information. I'm not interested in getting a sales pitch. I just want to plug in the numbers myself to get an apples to apples comparison.

Was referring to costs outstripping LCI, even if there is an inflation rider. Some with LTC insurance believe that it will pay for all their care needs in the future, and that may well not be true.
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Old 10-25-2018, 11:28 AM
 
13,968 posts, read 7,441,074 times
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Quote:
Originally Posted by Lizap View Post
Totally agree. No older person I've ever known who needed specialized care (and almost all did in one way or the other sooner or later) EVER thought they would need it. They all intended to live in their own homes and be self-sufficient. That's the beauty of CCRCs..

My mother lived in a single family home until age 82. At that point, I moved her to assisted living for 3 years. She's now been in the memory care building of a CCRC for 6 months. If something happens where she needs to be in skilled nursing, she's #2 in the queue behind the people who shelled out the big bucks for the CCRC so she's pretty much guaranteed a bed. Worst case, I'd have to private pay for 24x7 CNA coverage until a bed opened up. Even better, they keep her as a Medicaid patient in a nice single room if she eventually runs out of money.


Personally, I think that if you haven't aged to the level of decrepitude where you need assisted living, there's no point in going to a CCRC. Why would you want to be the most active person in a facility where pretty much everybody has mobility and/or cognitive issues? You go there when you have no better option.


After living with this for 6 months, a CCRC is still going to eject you to the hospital and it's up to the case manager and social worker at the hospital to figure out how to get you back to the CCRC. If you don't have a family member actively managing the process, it's not like anyone at the CCRC is going to do it.
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Old 10-25-2018, 11:48 AM
 
6,886 posts, read 7,297,903 times
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Quote:
I think some people don't realize there's a whole spectrum of decline. It's not just either you're okay on your own or you're bedridden. It's the gray area that can cause the most trouble.
Yes!!!
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Old 10-25-2018, 12:01 PM
 
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Quote:
Originally Posted by GeoffD View Post
My mother lived in a single family home until age 82. At that point, I moved her to assisted living for 3 years. She's now been in the memory care building of a CCRC for 6 months. If something happens where she needs to be in skilled nursing, she's #2 in the queue behind the people who shelled out the big bucks for the CCRC so she's pretty much guaranteed a bed. Worst case, I'd have to private pay for 24x7 CNA coverage until a bed opened up. Even better, they keep her as a Medicaid patient in a nice single room if she eventually runs out of money.


Personally, I think that if you haven't aged to the level of decrepitude where you need assisted living, there's no point in going to a CCRC. Why would you want to be the most active person in a facility where pretty much everybody has mobility and/or cognitive issues? You go there when you have no better option.


After living with this for 6 months, a CCRC is still going to eject you to the hospital and it's up to the case manager and social worker at the hospital to figure out how to get you back to the CCRC. If you don't have a family member actively managing the process, it's not like anyone at the CCRC is going to do it.
Most CCRCs require that you enter in independent living. They may admit some into assisted living, but you are not guaranteed this, and your costs are going to be significantly more. CCRCs could not exist if they admitted everyone into assisted living or skilled nursing. Also, most CCRCs do not accept Medicaid.
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Old 10-25-2018, 07:46 PM
 
29,798 posts, read 34,894,042 times
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Quote:
Originally Posted by Lizap View Post
Most CCRCs require that you enter in independent living. They may admit some into assisted living, but you are not guaranteed this, and your costs are going to be significantly more. CCRCs could not exist if they admitted everyone into assisted living or skilled nursing. Also, most CCRCs do not accept Medicaid.
Bada Bing!
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Old 10-27-2018, 06:21 PM
 
3,455 posts, read 2,336,523 times
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Quote:
Originally Posted by Lizap View Post
Most CCRCs require that you enter in independent living. They may admit some into assisted living, but you are not guaranteed this, and your costs are going to be significantly more. CCRCs could not exist if they admitted everyone into assisted living or skilled nursing. Also, most CCRCs do not accept Medicaid.

True. And I am actually surprised to hear about *any* CCRC accepting Medicaid.
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