Everyone needs a plan for how they are going to handle long-term care (divorce, married)
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And that's the bottom line to all of this. If you don't have a big pile of money or a viable LTC policy, no nice for-profit facility is going to want to touch you. With the tidal wave of late-Boomers who are going to be clamoring for Medicaid LTC 20 to 25 years from now, it is safe to predict it's only going to get worse.
One thing I found from my mom's experience is that some of the nice places will agree (in writing) to accept Medicaid after you qualify based on current assets that guarantee you can pay full fare the first year or two. This was in Ga; not sure if they do this everywhere.
One thing I found from my mom's experience is that some of the nice places will agree (in writing) to accept Medicaid after you qualify based on current assets that guarantee you can pay full fare the first year or two. This was in Ga; not sure if they do this everywhere.
Very typical in places that are independent of a CCRC. I have often noted you need to have two years in assets er person to be able to get in to many places. That is 400-500K. Also most CCRC's will only take people who come from within their program once they are well established. If you have the clear ability to pay multiple years it is often possible to negotiate price because they know you have full pay for a couple of years. If they readily take Medicaid they will either be offering a lower level of service or charging full pay more to make up the difference.
Very typical in places that are independent of a CCRC. I have often noted you need to have two years in assets er person to be able to get in to many places. That is 400-500K. Also most CCRC's will only take people who come from within their program once they are well established. If you have the clear ability to pay multiple years it is often possible to negotiate price because they know you have full pay for a couple of years. If they readily take Medicaid they will either be offering a lower level of service or charging full pay more to make up the difference.
One potential nerve racking issue to be aware of is that getting the facility to accept Medicaid is only half the battle. The facility is agreeing to take what Medicaid will pay for someone to recieve the level of care being provided; Medicaid still has to agree that the level of care is required. It required a site visit and meeting with people advocating for her; it wasn't as simple as "I am out of money so you can start billing Medicaid now".
One thing I found from my mom's experience is that some of the nice places will agree (in writing) to accept Medicaid after you qualify based on current assets that guarantee you can pay full fare the first year or two. This was in Ga; not sure if they do this everywhere.
Sure. Those are the rules of the game in 2016 pretty much everywhere in the country. I'm not particularly confident that those will be the rules 25 years from now.
Just look at the demographics of the late-Boomers and what it will look like 25 years from now. I'd guess 50% of them will hit the age where they might need a nursing home with no family to look after them, essentially no net worth, and nothing but their Social Security check for their income stream. The demands on Medicaid to pay for this will crush the system.
I just don't see private nursing homes taking any Medicaid patients 25 years from now. There will be some other "solution" and that solution will have much lower labor costs with the commensurate lousy level of care.
This thread is being dominated by people who believe that most or all of us will be in LTC as an end of life experience and are willing to pay $20,000 a year for insurance.
I've had LTC insurance since 2008, when I purchased it at the age of 52, and I haven't even paid a grand total of $10,000 yet for all those years combined, much less $20k for one year.
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Are all of us are going to have a major stroke? Get dementia? The census guys found that less than 4% of folk over 65 live in nursing homes or have in home help. Sorry, but I am not going to spend my retirement savings on something that is unlikely to come to pass.
You do understand that 4% living in nursing homes at any one time does not equate to a 4% probability that you'll end up in one, right? You also do realize that many people who need in home care don't have it because they didn't have insurance and can't afford it, right? Go over to the caregivers forum and ask if they wish they had insurance that would pay for a nurse or a nurse's aid to come and help them with caring for their loved ones.
you'll just raise taxes and rob money from the millennial generation..
did I thank you for being the worst generation in history yet?
thanks
Please, you can't be serious and group an entire generation as causing all the ills in society and
the country. Most of our problems are a result of politicians and corporations (and this would include
not only baby boomers but the silent generation).
...and taxes well 1981-2001 History of the Income Tax in the United States
One potential nerve racking issue to be aware of is that getting the facility to accept Medicaid is only half the battle. The facility is agreeing to take what Medicaid will pay for someone to recieve the level of care being provided; Medicaid still has to agree that the level of care is required. It required a site visit and meeting with people advocating for her; it wasn't as simple as "I am out of money so you can start billing Medicaid now".
Very true, my sister was about to run out of money when she passed and Medicaid had just approved a few weeks prior and as you note it was a song and dance. With LTCi you have to convince the insurance company also. Even with a CCRC they get to determine the appropriate care level.
I've had LTC insurance since 2008, when I purchased it at the age of 52, and I haven't even paid a grand total of $10,000 yet for all those years combined, much less $20k for one year.
You do understand that 4% living in nursing homes at any one time does not equate to a 4% probability that you'll end up in one, right? You also do realize that many people who need in home care don't have it because they didn't have insurance and can't afford it, right? Go over to the caregivers forum and ask if they wish they had insurance that would pay for a nurse or a nurse's aid to come and help them with caring for their loved ones.
Our insurance has a fixed amount with inflation for unlimited time of in home care after the elimination period.
Yes I know this honobob. I never asked him, nor expected him, to have a plan to turn 3K a year into 300K in 30 years.
Though your comments are duly noted.
I'm clearly making the decision not to get LTCI at this time.
Unfortunately if you wait the decision to get LTCi may be made for you if you wait. What is stopping you from getting a policy today that will cover you today and that you could drop later if you had no need?
Was it the money? How much do you anticipate costs to be over your coverage period? I posted my expected expense over 30 years and it come out to about $70,000 for a Cadillac policy that I would not be able to get now if I had waited. All for the costs of a pack of smokes a day! An people passed on it almost 20 years ago!
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