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Long Term Care Insurance

Horse Plains DrifterHorse Plains Drifter Member Posts: 35,749 ✭✭✭✭
edited November 2013 in General Discussion
JWB267's post hit home. I have LTC insurance for a three year term if necessary. I really hope I never have to use a day of it. I want to have the big one and be on my way.

But, my kids know I am insured and they are not to hesitate to find me a good place when/if the time comes. I took this policy out many years ago when I was much younger and the premiums are around $150/mo. At the prices charged at nursing homes today, that will be one heck of a bargain if all three years are used.

I just can't fantom me living more than 3 years after I get comitted! But I also hate to think I will get into a condition where I can't wipe my own butt. When that time comes, I WANT TO GO.

My neighbor's mother lived in a NH in Indy for over 10 years. She had a stroke, was very heavy and her two daughters just could not help her. Every time we went to see her, she just pleaded to die. She was in pretty good health except for paralised on one side and could not help herself.

I have sort of rambled but the bottom line: Get Long Term Care Insurance if you can afford it and it will probably help you and your kids/family feel much better about your Nursing Home care. Tom

Comments

  • Horse Plains DrifterHorse Plains Drifter Member Posts: 35,749 ✭✭✭✭
    edited November -1
    A neighbor stopped by today. He showed us a letter he got from is long term care insurance. Currently his annual premium is $6500 and change. The letter stated that in Jan. 2014 the premium will go up 80%. That's not a typo people, 80% is what it says.[xx(][xx(] His wife has it too, so they're gonna be paying 24 grand in insurance premiums. Licensed theft at best.[V][V][V][V]
  • spasmcreekspasmcreek Member Posts: 38,925
    edited November -1
    just say NO...and put the money in savings and or appreciable investment
  • BarzilliaBarzillia Member Posts: 21,923 ✭✭✭
    edited November -1
    Don't buy it, they are willing accomplices.
    "Anger has two children -.hope, and courage." Augustine, Bishop of Hippo

    "Und es wird nicht hineingehen irgend ein Gemeines und das da Greuel tut und Luge,
    sondern die geschrieben sind in dem Lebensbuch des Lammes."
  • nmyersnmyers Member Posts: 16,375 ✭✭✭
    edited November -1
    Well, it depends.

    How old was he when he signed up?
    Pre-existing conditions?
    Months he elected to wait until benefits start?
    Maximum policy pay out?
    Group or individual policy?

    Based on your information, it's not likely a good buy for him unless he knows he has Alzheimers, LBD, or Parkinsons.

    Neal
  • Horse Plains DrifterHorse Plains Drifter Member Posts: 35,749 ✭✭✭✭
    edited November -1
    quote:Originally posted by nmyers
    Well, it depends.

    How old was he when he signed up?......about 70 or 71
    Pre-existing conditions?......none
    Months he elected to wait until benefits start?......zero, benifits start at day one.
    Maximum policy pay out?.......not sure on this, it has no time limit for end of benifits.
    Group or individual policy.......group

    Based on your information, it's not likely a good buy for him unless he knows he has Alzheimers, LBD, or Parkinsons.

    Neal
    It was $3500 a year when he started in 2000. Been sneaking up ever since.
  • perry shooterperry shooter Member Posts: 17,390
    edited November -1
    most of these plans are a scam[:(!][V]
  • A J ChristA J Christ Member Posts: 7,534
    edited November -1
  • bigoutsidebigoutside Member Posts: 19,443
    edited November -1
    quote:Originally posted by Horse Plains Drifter
    A neighbor stopped by today. He showed us a letter he got from is long term care insurance. Currently his annual premium is $6500 and change. The letter stated that in Jan. 2014 the premium will go up 80%. That's not a typo people, 80% is what it says.[xx(][xx(] His wife has it too, so they're gonna be paying 24 grand in insurance premiums. Licensed theft at best.[V][V][V][V]


    So he's about 80 now?
    Nursing home will cost him $80k / yr.
    On average, people stay for a little less than 3 years.
    Then they die.

    So the math is fairly strait forward. (But there will be a daily limit and an end of benefits- or at least it would be surprising if there wasn't )

    It's more of an estate planning tool than anything else.

    There were a lot of scams years ago. But it is highly regulated now.

    No way around it. It's expensive. Very.

    But so is skilled nursing care.
  • TooBigTooBig Member Posts: 28,561 ✭✭✭
    edited November -1
    I have to ask where in the hell did he get that plan and sounds way high in my opinion. Medicare in the hospital has a limit under a year and then you have to pay for the care or go to Medicaid and if not planed right they will come back and take about everything
  • fordsixfordsix Member Posts: 8,722
    edited November -1
    i will go senile the goverment with its loving arms will come and take care of me
  • austin20austin20 Member Posts: 28,062 ✭✭✭✭
    edited November -1
    quote:Originally posted by spasmcreek
    just say NO...and put the money in savings and or appreciable investment
    +1
  • us55840us55840 Member Posts: 31,650 ✭✭✭✭
    edited November -1
    Long term care insurance is a rip off...which is why insurance agents LOVE to sell it.

    My mom had long term care insurance. She paid in for years and years. In the end, she used to LTC benefits for a whole 35 days before passing.

    The insurance company made a mint!

    [xx(]
    "This country, with its institutions, belongs to the people who inhabit it. Whenever they shall grow weary of the existing government, they can exercise their constitutional right of amending it, or exercise their revolutionary right to overthrow it." Abraham Lincoln
  • slumlord44slumlord44 Member Posts: 3,695 ✭✭✭
    edited November -1
    Researched it years ago and decided it was a bad idea. Poor use of funds.
  • us55840us55840 Member Posts: 31,650 ✭✭✭✭
    edited November -1
    quote:Originally posted by slumlord44
    Researched it years ago and decided it was a bad idea. Poor use of funds.


    Overall, purchasing any insurance policy is a bad idea EXCEPT for the insurance company and agent that sell the policies.

    Insurance is simply and plainly legal gambling. The insurance company plays the odd you won't use the coverage and you are, mistakenly, gambling you MAY use the coverage.

    It's so simple even a caveman knows it.

    [^]
    "This country, with its institutions, belongs to the people who inhabit it. Whenever they shall grow weary of the existing government, they can exercise their constitutional right of amending it, or exercise their revolutionary right to overthrow it." Abraham Lincoln
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