happy to report no ltc increase again (divorce, move, conversation)
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Do you mind if I ask what an individual might pay for a monthly premium? Just a range would suffice. Or is there a webpage that I can get most info from without dealing with an agent at the very beginning?
I'm wrestling with buying it soon but have questions not only about options & costs, but also what if I move out of state, etc...
our plans require medical under writing , blood tests , urine tests ,hiv ,drug testing and memory testing . rates are individually calculated . there is no chart .
in fact i had some old blood test come back diabetic .even though i am pre diabetic today through diet and exercise but i got a 1k surcharge forever .
there are different level policies as well . you can't get the terms we have in all most all other states so our rates really would mean little to you . for the record i pay 4400 and my wife 3300 . we get a 1600 state tax credit back on our taxes.
we are in new york and care is brutally expensive. we really bought the plan for the perks once the insurance runs out .
we have 3 years snf coverage and 6 years in home care. it started out as 350 a day but it gets a 5% inflation raise every year .
it has 100% asset protection as well as income protection for the stay at home spouse .
it has no look backs , spend downs or anything else . when the insurance runs out a special form of medicaid picks up the bills . our private homes will take assignment after 2 years of being a paying customer
we were really surprised when they gave us the memory tests . it was so funny because we had no idea that was part of the testing .our memories suck!
things are like an echo and only in our heads until the thought evaporates . in fact you can be waiting to say something in a conversation and by the time the other person finishes what they are saying the echo dissipated .
but much to our surprise that is normal at our ages . once we had to focus and concentrate we did just fine. it is 4 years later and i can still tell you my answers .
but they are very strict . the adviser we bought the plan from can't even get it because he is quite over weight .so they really do try to control their costs and you are in a pool of pretty healthy people . to go 4 years in nyc with no increase is just short of amazing.
in the early years all the insurers had such a hard time getting pricing correct as they were mis-led by wrong statistics about usage . usage was many many many times greater than statistics eluded to.
for one thing many who need snf care can't afford snf care so like my dad he was in a private house with a professional healthcare couple who takes 2 people in like my dad who was totally paralyzed from a stroke . there were so many like my dad in all states that were off the radar . all these users were never counted as needing care .
all the statistics are on a generation ago when as many did not reach older ages like today .
plus the biggie is our generation learned how hard and difficult it is trying to care for someone who needs snf care or even real in home care themselves .
you have whole families blown a part as one sibling steps up to the plate , makes financial ,social and mental sacrifices and all the others step back .
divorce rates soar when one spouse tries to provide 24/7 care to their parent .
they also failed to realize when you have insurance relating to your health you tend to use it .
so early policies , especially the lifetime ones saw huge increases . but so far it seems they finally got the pricing right .
Last edited by mathjak107; 10-14-2018 at 04:52 AM..
What does 100% asset protection mean? My wife and I do have a policy that was offered through her employer. The rates went up some - but the coverage is something like 375 or 395/day max and a lifetime cover of about 1M for each policy holder. Don’t have it in front of me to look at the details.
it means that the plan is sponsored by our state in partnership with an insurer .
once the 3 years insurance is up medicaid takes over the bills .all your assets are exempt from look back , spend down and recovery .
the stay at home spouse has no limit on income either unlike when a spouse is on medicaid .
regular long term care insurance has no such deal with the states . in fact in the states that do offer partnership plans only two offer full asset protection , new york and Indiana . the rest offr cheaper dollar for dollar partnership plans .
that is where if medicaid spends 200k on your care as example ,200k in assets is protected.
we purposely bought a partnership plan and not just long term care insurance . we can easily cover the 3 years insurance with a conventional plan . but we bought it for the perks after the insurance runs out .
We had increase mid year. Checking records realized we had a previous increase years ago that I had forgotten about. Increase wasn't to our thinking that much and was sorta glad to see the increase in price to help stabilize the insurances stability long term.
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