Everyone needs a plan for how they are going to handle long-term care (grandmother, benefit)
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The Globe article claims that people in Massachusetts and federal employees are facing 100%+ premium increases. That's a salient piece of information for anyone contemplating LTCi.
The Globe article claims that people in Massachusetts and federal employees are facing 100%+ premium increases. That's a salient piece of information for anyone contemplating LTCi.
But that's over like 15 years! Crappy scare tactics article!
I am self insuring. After looking at the statistics, I feel there is little chance to be in a nursing home. Most stays are less than 3 years. That's $360K, at most, based on $$10K a month, which is high. Medicare covers the first 90 days pretty good. If you get hurt, go to the hospital, and come back to the NH, they cover another 90 days.
I do not have kids. If I use up what I have, so be it. I plan on hiring strippers and bringing in beer every night if I am in for the duration until the money os gone.
I am self insuring. After looking at the statistics, I feel there is little chance to be in a nursing home. Most stays are less than 3 years. That's $360K, at most, based on $$10K a month, which is high. Medicare covers the first 90 days pretty good. If you get hurt, go to the hospital, and come back to the NH, they cover another 90 days.
I do not have kids. If I use up what I have, so be it. I plan on hiring strippers and bringing in beer every night if I am in for the duration until the money os gone.
$360,000 is fine if your are 90 but what is your plan if you are only 50 and 30 years from now the cost is $1,000,000 plus?
Also the SNF is going to put their hooks on your money pretty quick so your Fun money might not be available. When my Dad was on his last legs and it became obvious that he would not be able to continue living in my home the facility started their asset search. Since I am a Jr. they want to make me prove my CA property was not my Dads. He had lived in Indiana all his life and I had owned my home for over 10 years. They were ruthless. He was supposed to die 9 years earlier and he was obviously at deaths door but they wanted multiple years of assets. They even dumped him when he went to the hospital and wouldn't take him back even tho he had at least a years worth of cash!! What a great time to have all this crap happen. Got him in a new place and he passed the first morning there.
YOU DO NOT WANT TO BE OLD, SICK AND POOR if you can avoid it.
I am a fan of quality over quantity so my goal is not to live to some ripe old age anyway. I have a few more things to accomplish and after that it is all icing on the cake. If at that point I am disabled to the point of needing a care facility, I will take a carbon monoxide exit (fairly painless, clean way to go).
Got him in a new place and he passed the first morning there.
I noticed it seems to be quite common for an elder to pass 'relatively' quickly after they get into SNC. My dad actually passed a week before he was going to be booted from the rehab wing of the nursing facility he was in. My friend's father passed within 3 months of going into a nursing facility. My grandmother passed within about 4 weeks of going into a nursing home. Over and over I keep hearing these kinds of stories. I used to think a policy that only covered 3 years or only 5 years was ridiculously short but in lots of cases, that's plenty of time and more than enough time for some percentage of people.
Again as the OP I am writing here to remind folks that the idea here is that you need a plan. It may not work but keep in mind the possibility that you might need long term care or you might not. It might be only a few months or a couple of years. You can cover that with LTCi or you can self insure with savings or you can take your chances. Only you the individual or the couple can know which is a better choice. If you have some assets it might be best if you can get into LTCi. Even more so if your assets really would only cover one in a couple in a worst case scenario. If you are just surviving on SS and have 100k or less in savings don't even bother. It isn't worth the effort. Everyone else it is your call.
I am a fan of quality over quantity so my goal is not to live to some ripe old age anyway. I have a few more things to accomplish and after that it is all icing on the cake. If at that point I am disabled to the point of needing a care facility, I will take a carbon monoxide exit (fairly painless, clean way to go).
I too agree with taking matters into your own hands if quality declines beyond a threshold. For me it might be full throttle off the edge!
I am a fan of quality over quantity so my goal is not to live to some ripe old age anyway. I have a few more things to accomplish and after that it is all icing on the cake. If at that point I am disabled to the point of needing a care facility, I will take a carbon monoxide exit (fairly painless, clean way to go).
Quote:
Originally Posted by bstway
I too agree with taking matters into your own hands if quality declines beyond a threshold. For me it might be full throttle off the edge!
The trouble with that kind of thinking and plan is you might not have a choice in the matter. I am not saying that laws or people would interfere but you could lose the ability to make that happen physically or mentally due to a medical or accidental means. Just bear that in mind with those thoughts of a slow and painless way to depart life. Even taking a car of the edge of a cliff does not guarantee a clean death with or without seatbelts. The man or woman upstairs might have another plan for you. He or she might want to torture you some more.
I noticed it seems to be quite common for an elder to pass 'relatively' quickly after they get into SNC. My dad actually passed a week before he was going to be booted from the rehab wing of the nursing facility he was in. My friend's father passed within 3 months of going into a nursing facility. My grandmother passed within about 4 weeks of going into a nursing home. Over and over I keep hearing these kinds of stories. I used to think a policy that only covered 3 years or only 5 years was ridiculously short but in lots of cases, that's plenty of time and more than enough time for some percentage of people.
And that's why anecdotal "evidence" is weak. I have stories from two of my great aunts and my grandmother who were in nursing home for more than 5 years each! Maybe times are different? People wait much longer before going to that level of care? Even so, that intermediate level of care still has to be paid for somehow.
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