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Our premiums are $60/month for $160/day in coverage-which is average in our area. We have a lifetime benefit, meaning your coverage never stops. It has 100% in-home care (which is what we really want) and 100% nursing home care-the two most important features of the policy.
Actually that sounds great. I am hoping I can get something under $100 a month and I figure the earlier I apply the lower it will be. I also want it for the in-home care as I would not want to be shipped off somewhere if I can be at home and get better care without being financially ruined by it.
When they sell the house the proceeds will go back to Medicaid. They can keep the house in the remote eventuality that the person may move back home but eventually the money will go to Medicaid.
You apparently didn't read the info contained in that link:
"Although Medicaid will not force her to sell the house, Medicaid does have a right to be reimbursed out of the value of the house when she dies, for the entire amount it winds up spending on her nursing home care. Medicaid accomplishes this by making a claim against her estate. To help ensure that Medicaid can collect this reimbursement, it may place a lien on the house while she's still alive. As long as she lives, however, Medicaid will not seek to enforce the lien."
Our premiums are $60/month for $160/day in coverage-which is average in our area. We have a lifetime benefit, meaning your coverage never stops. It has 100% in-home care (which is what we really want) and 100% nursing home care-the two most important features of the policy.
Wow, $160 is very cheap. When I purchased my LTC, I was living in Maryland where the average daily charge is $262. Here in Las Vegas it is $226/day. I hope that you don't move to a more expensive area of the country because $160 won't go far in many areas. Also, I hope that your benefit is indexed because even in your present area $160/day won't amount to much in 20 or 30 years when you may actually need it. (And hopefully you won't! )
For those who are interested, here is a map/chart that shows the average cost around the country. Just click on your state and city.
Costs of Care ? (http://www.longtermcare.gov/LTC/Main_Site/Paying_LTC/Costs_Of_Care/Costs_Of_Care.aspx - broken link)
I'm 45 and in good health. I just got some quotes, so here's what I found. All are for $200 per day for 4 years of care and include riders for in-home care, 3% compound inflation coverage, and have a 90 day facility elimination period. Quotes are for annual premiums; monthly premiums will have a fee associated with them.
I also got the agent to give me the premiums for someone aged 55 and 65. I ran the numbers, with an assumption that I would use the care at age 75. The price differential was enough to make it worth buying NOW and paying much less for a longer period.
Wow, $160 is very cheap. When I purchased my LTC, I was living in Maryland where the average daily charge is $262. Here in Las Vegas it is $226/day. I hope that you don't move to a more expensive area of the country because $160 won't go far in many areas. Also, I hope that your benefit is indexed because even in your present area $160/day won't amount to much in 20 or 30 years when you may actually need it. (And hopefully you won't! )
For those who are interested, here is a map/chart that shows the average cost around the country. Just click on your state and city.
Costs of Care ? (http://www.longtermcare.gov/LTC/Main_Site/Paying_LTC/Costs_Of_Care/Costs_Of_Care.aspx - broken link)
Yes it is indexed. As costs have been going up the past 5 years or so we are planning on getting another $50/day added to our policies-just haven't yet.
Quote:
Originally Posted by skaternum
I'm 45 and in good health. I just got some quotes, so here's what I found. All are for $200 per day for 4 years of care and include riders for in-home care, 3% compound inflation coverage, and have a 90 day facility elimination period. Quotes are for annual premiums; monthly premiums will have a fee associated with them.
I also got the agent to give me the premiums for someone aged 55 and 65. I ran the numbers, with an assumption that I would use the care at age 75. The price differential was enough to make it worth buying NOW and paying much less for a longer period.
DON'T shop on premium alone. Who are these policies with-THAT is much more important. 20 years ago there were 1500 companies in the LTC market, today there are 30 and only about 3 that have 90% of the market. You want to be with one of those three for sure.
Also, 4 years of care does you NO good, you want at least 5 because there is a 5 year lookback for Medicaid in most states, some are 7 and some are moving toward 10. Having more than 5 years allows you to take advantage of the look back period and distribute your assets accordingly--legally. The average time spent in a long term claim is over 10 years. Most people start in-home a few days/week, then every day, then maybe all day/overnight, then move into a nursing home. My mom would have been on claim for 20 years.
So, your answer is to be a WELFARE CHEAT? How original. IIRC the look-back period on a house is no different than for any other asset, and something my wife was just looking at lately mentioned a 5 year look back. Regardless, if her funds run out (about 3 +/- years at current rate) the wife and I will pay it as her siblings are unable financially to do so and we are.
Just had this conversation with my friend. My parents scrimped and saved and drove old cars etc. and have amassed a nice retirement amount. My uncle working the same type jobs lived a much nicer lifestyle and has very little in assets.
So, tell me why my parents should now pay full price for the same care as him because they went without and saved? Nope, they should also avoid the huge asset drain through LEGALLY allowed means.
Personally, if they are going to have these social programs operate like this it should be pre-funded so that people pay thier fair share up front.
Yes it is indexed. As costs have been going up the past 5 years or so we are planning on getting another $50/day added to our policies-just haven't yet.
DON'T shop on premium alone. Who are these policies with-THAT is much more important. 20 years ago there were 1500 companies in the LTC market, today there are 30 and only about 3 that have 90% of the market. You want to be with one of those three for sure.
Also, 4 years of care does you NO good, you want at least 5 because there is a 5 year lookback for Medicaid in most states, some are 7 and some are moving toward 10. Having more than 5 years allows you to take advantage of the look back period and distribute your assets accordingly--legally. The average time spent in a long term claim is over 10 years. Most people start in-home a few days/week, then every day, then maybe all day/overnight, then move into a nursing home. My mom would have been on claim for 20 years.
Excellent points, I hope people read this.
Definitely never buy anything remotely LONG TERM from a company that isn't established, reputable and financially well managed.
DON'T shop on premium alone. Who are these policies with-THAT is much more important.
With all due respect, duh. I did NOT shop on premium alone. I DID consider the company, their financial health & ratings, history of rate increases, etc. The OP asked for some info, so I gave him some info. No need to make assumptions about my competence at purchasing insurance.
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Also, 4 years of care does you NO good, you want at least 5 because there is a 5 year lookback for Medicaid in most states, some are 7 and some are moving toward 10. Having more than 5 years allows you to take advantage of the look back period and distribute your assets accordingly--legally. The average time spent in a long term claim is over 10 years. Most people start in-home a few days/week, then every day, then maybe all day/overnight, then move into a nursing home. My mom would have been on claim for 20 years.
You do not know anything about my personal financial situation, nor my insurance needs. Four years is suitable for my needs.
With all due respect, duh. I did NOT shop on premium alone. I DID consider the company, their financial health & ratings, history of rate increases, etc. The OP asked for some info, so I gave him some info. No need to make assumptions about my competence at purchasing insurance.
You do not know anything about my personal financial situation, nor my insurance needs. Four years is suitable for my needs.
No, I don't know anything about your personal financial situation but it isn't about that, it is about getting enough care. Again, 4 years doesn't take you through the look back period an if you are not in a partnership state, having this long term care plan is a waste of money. If you are in a partnership state, you will be able to protect some of your assets but you may still end up on Medicaid-which doesn't pay for inhome care and you will be forced into a nursing home unless you want to pay out of pocket for the rest of your care.
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