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Medicaid is my LTC Plan+ 3 months a year my retiree health insurance indemnity plan offers. This is probably why it's so expensive at $35 a week. It used to cost $20 per wk
LTC has never been a self-insure vs buy insurance issue but rather a market dynamics issue.
When the policies were first introduced they were priced way below their value, so it was a no brainer. Now after seeing the result of those policies (huge losses and insolvent insurers) no one wants to take insurance risk around LTC cost and utilization, so the insurance companies are pushing mediocre and expensive life/LTC fusion policies that are more like an AFLAC policy (event occurs --> get fixed payout) than actual coverage for care and fused to a giant life policy you might not want. State partnership plans are great IF you can even get one and IF you are willing to use a medicaid facility (which are not good places on the whole).
many states have no such thing as a medicaid facility , they are all private homes that allocate a certain number of beds to medicaid .
we have no medicaid homes here .
also once you are in for a few years as a paying customer they take medicaid assignment ..
I'm 43 so haven't fully decided on LTCi. I have a bit of time to decide. The Federal government provides an option, but currently they've postponed enrolment
@ age 43, I'd already been a caregiver for 25 years, so LTCi was a no-brainer.
I can afford the under $50 / month premium.
I've seen more LTC payouts for Home Healthcare, than SNF. I hope to use it for HHC, as I have a very nice view, and extra living quarters for a caregiver.
LTC has enabled several good friends to stay home to die, and be well cared for. None of them could have afforded it out of their wealth, but that is possible for $500k + set aside (which is a viable option for many today). At the moment figure $10k/ month, and calculate how many months you (and spouse) can last.
My 98yo FIL.... " I never thought we could last this long.... especially HER!" (Very High maintenance replacement spouse) Wish he would have bought her LTCi. He wouldn't be changing diapers at age 98. Among many, many other daily tasks. He's wearing out very quickly, then who will change her diaper? Sorry, .... you just can't shoot them! I know so many cases of people who thought they were on that LTC plan. Not!
Last edited by StealthRabbit; 09-22-2023 at 04:41 AM..
Conventional thinking is that long-term care insurance is a good idea for most people, but it depends on your individual factors, such as age, health, financial situation, and family history.
If you are considering dropping your long-term care coverage, it is important to weigh the pros and cons carefully. Consider the cost of long-term care, your health, financial situation, and family history before making a decision.
Well, I think Elon is there, he can self-fund any long term care he or his "family" need. I would say anyone who can lay hands on as "little" as $10MM is OK unless they have a very large family who are all incapacitated while still dependents, rather unlikely.
I self-funded almost 3 years of long-term care for my wife when she was incapacitated by Huntington's disease. Base price for this was $6500/month. Partially tax deductible. I was able to "raid" my 401k since I was over 59.5 when she went in.
My parents both had long term insurance, but according to my calculations at the time, it was not worth it (I think because they bought it too early and paid out too much).
most important is your asset level and whether you have a spouse or dependent children to protect .
also asset level . if there is little to protect then it is a moot point.
we look at family history the least as well as over all health at the moment .
a stroke can change all that in a heartbeat like it did my dad .
never sick ,great longevity in the family , but so what ..a stroke left him paralyzed, speechless and unaware
he needed 5 years of 24/7 care
I live in a state where there is an option to opt out if you are considered terminal and part of my plan in the case of something like what happened to your dad (and my condolences), I would opt out.
@ age 43, I'd already been a caregiver for 25 years, so LTCi was a no-brainer.
I can afford the under $50 / month premium.
I've seen more LTC payouts for Home Healthcare, than SNF. I hope to use it for HHC, as I have a very nice view, and extra living quarters for a caregiver.
LTC has enabled several good friends to stay home to die, and be well cared for. None of them could have afforded it out of their wealth, but that is possible for $500k + set aside (which is a viable option for many today). At the moment figure $10k/ month, and calculate how many months you (and spouse) can last.
My 98yo FIL.... " I never thought we could last this long.... especially HER!" (Very High maintenance replacement spouse) Wish he would have bought her LTCi. He wouldn't be changing diapers at age 98. Among many, many other daily tasks. He's wearing out very quickly, then who will change her diaper? Sorry, .... you just can't shoot them! I know so many cases of people who thought they were on that LTC plan. Not!
I live in a state where there is an option to opt out if you are considered terminal and part of my plan in the case of something like what happened to your dad (and my condolences), I would opt out.
What state are you referring to?
And is it really easy to say "I dont wanna live this way kill me"?
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Wish he would have bought her LTCi. He wouldn't be changing diapers at age 98. Among many, many other daily tasks. He's wearing out very quickly, then who will change her diaper? Sorry, .... you just can't shoot them! I know so many cases of people who thought they were on that LTC plan. Not!
