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Location: Was Midvalley Oregon; Now Eastside Seattle area
13,103 posts, read 7,578,172 times
Reputation: 9835
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I'd take the lower amount with a the difference in premium paid to my personal advocate. But since no one ever gets a personal advocate, then I'd go for the high amount. At today's 180/day=$5400/mn + retirement asset assignment (you keep SS), you would be a gold client at a facility or home care. That is our route.
Location: Was Midvalley Oregon; Now Eastside Seattle area
13,103 posts, read 7,578,172 times
Reputation: 9835
Personally, I think 5 years is a bit long to be in LTC unless there is alzheimer or dementia.
We have 3 year. It's a hard choice. I and spouse took care of 4 of parents and BIL. I have one left @99.4 yo. His wife is taking good care of him but I am staying in the area at $1200/mn as a caregiver in waiting. I also spend another $200/mn in to visit my wife for 5-7 days. Dad would officially qualify for LTC since late 2017.
While I never believed in LTC I can understand one wanting to protect a spouse. If no spouse, then I think less of one having LTC.
Sure wish my parents had it, but they could not have afforded the premiums (it wasn't even an option for them on their health insurance plan when they chose it oh so many years ago).
I am single, do not have LTC, and have no plans to get it.
Personally, I think 5 years is a bit long to be in LTC unless there is alzheimer or dementia.
We have 3 year. It's a hard choice. I and spouse took care of 4 of parents and BIL. I have one left @99.4 yo. His wife is taking good care of him but I am staying in the area at $1200/mn as a caregiver in waiting. I also spend another $200/mn in to visit my wife for 5-7 days. Dad would officially qualify for LTC since late 2017.
my dad had a stroke and lived totally paralyzed and speechless for 6 years and needed snf care .
my dad had a stroke and lived totally paralyzed and speechless for 6 years and needed snf care .
Yup my aunt had a stroke waaaay back - probably 35-40 years ago - she was only in her 50's. I think she lived at least 6 years. They were farmers, and the only daughter was the one that wound up staying with her 24/7 and pretty much sacrificed many years of her own life. I couldn't have done that personally. But lots of people wind up doing exactly that.
Personally, I think 5 years is a bit long to be in LTC unless there is alzheimer or dementia.
We have 3 year.
They offered me a 180/day 3 year instead as well if I wanted to keep payments the same.I suppose I could do that . . . I actually already paid the increase but am sort of having buyers remorse and can opt out in writing.
Last edited by ihatetodust; 01-21-2019 at 07:00 PM..
Location: Was Midvalley Oregon; Now Eastside Seattle area
13,103 posts, read 7,578,172 times
Reputation: 9835
Remember you have to foot the deductible period from qualification to first use. I think we have had 4 rate changes and where to the 1st writing co sold the LTCi business block to Metlife, which then exited after couple-few years. Statistics are for the masses until you have to apply it to yourself. I have this latter problem in another financial product.
Sure wish my parents had it, but they could not have afforded the premiums (it wasn't even an option for them on their health insurance plan when they chose it oh so many years ago).
I am single, do not have LTC, and have no plans to get it.
30 states have filial laws that can make the children responsible for their parents medical bills .. so far only pa has been actually bringing suit. in fact they have one case of the reverse where they made the parents responsible for the medical bills of their deceased son , that is still being reviewed by the higher court .
Remember you have to foot the deductible period from qualification to first use.
In most cases, Medicare will be covering the 90-day deductible period.
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