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It probably should not be assumed that just because you want LTC insurance, that you can get it. Some years ago, when I was about 50, I applied. They warned that if you hid any conditions, then you could be denied payment when the time came that you needed it. So, because I had a few joints that were achy from time to time due to old injuries, I said I had arthritis. I was denied the policy due to having arthritis. I probably couldn't have afforded it anyway, but I was shocked since I had reported other things I thought might be of more concern.
folks who have a fair amount of assets to protect but who are not wealthy are the real core group who need to hedge the ltc risk.
is it not worth 1/2-1% of your long term gains to protect those assets? i think that is a bargain.
it isn't about just going in to a facility. it can cost big bucks as well for good in home care. my wifes sisters husband had a stroke and is now draining their accounts as he needs 24/7 care.
I don't have family to take care of m. Rather than pay for ltc insurance, my plan is sell my us home and move to Costa Rica. If you provide housing and food for them, an RN costs just over $300 per month, a cook / housekeeper is $250 per month. I can afford a couple of nurses and a housekeeper for less than the reported $200 per day for LTC in my area.
The neighbor across the street is 86 years old. His wife is unable to care for herself. He complains to me all the time that it is too hard on him, too much work, too stressful dealing with all the medical emergencies. They bring in nursing care 2 times a week. He says he can't afford more. I have suggested that they move into an assisted care facility but I don't think they have LTC insurance or can afford that type of care without LTC insurance. I never see his adult children or any family members come to help him.
I think there is some confusion here about what "LTC" covers. I do not believe it covers "assisted living."
I think there is some confusion here about what "LTC" covers. I do not believe it covers "assisted living."
Can someone weigh in with facts?
most ltc insurance policies today cover payment for in-home care, assisted living, and skilled nursing care. in order for any payments to be made, there has to be a proven medical need appropriate to the facility or service provided . in the case of assisted living this usually means a need for assistance with adl's- activities of daily living ( bathing , dressing, toileting, mobility, transfers, eating ).
a person buying a ltc policy needs to be certain what services/facilities the insurance covers. years ago, most policies routinely covered skilled nursing; however 30 years ago assisted living was not really an alternative so was rarely if ever covered.
very interesting , we had the examiner come tonight to do the exam for the LTC INSURANCE we applied for.
they take all your measurements,weight , waist ,chest ,height ,. they do urine ,full blood and hiv testing ,blood pressure and give you word association questions.
they read 10 words and you repeat each one . then you have to name all ten from memory.
you have to repeat this 3 times.
then they read off groups of 3 animals at a time. you have to pick one you feel is different from the other 2 .
they give you all different combinations of 3 animals at a time. some are even the same question in a different order and each time you have to pick the one you feel is different for your own reasons.
the last thing is you have to list all 9 animals used .
i think we did okay as we got like 9 out of 10.
all in all it was quite interesting to see how carefully screened you are.
results take about 10 days as to whether you are accepted or not..
very interesting , we had the examiner come tonight to do the exam for the LTC INSURANCE we applied for.
they take all your measurements,weight , waist ,chest ,height ,. they do urine ,full blood and hiv testing ,blood pressure and give you word association questions.
they read 10 words and you repeat each one . then you have to name all ten from memory.
you have to repeat this 3 times.
then they read off groups of 3 animals at a time. you have to pick one you feel is different from the other 2 .
they give you all different combinations of 3 animals at a time. some are even the same question in a different order and each time you have to pick the one you feel is different for your own reasons.
the last thing is you have to list all 9 animals used .
i think we did okay as we got like 9 out of 10.
all in all it was quite interesting to see how carefully screened you are.
results take about 10 days as to whether you are accepted or not..
I would have flunked the test. Really. I would have flunked it at age 20.
I was surprised i did okay. Usually i hang up the phone at work and go who was i just talking to.
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