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Old 05-05-2013, 09:50 AM   #121
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I am leaning toward the option with a 6 yr cap and inflation coverage. However, the statistics about the average length of stay in long term care isn't entirely clear. About 40% of the people in long term care are in the 18-64 yr range which tells me that they are victims of accidents that require short stays that bring the overall average down. I've seen 10-12% and 20% for the number of people who stay in long term care for 5 yrs+. I assume this number is dominated by the elderly. What I would really like to see is the distribution for length of stay for just the elderly. This document talks about these scenarios somewhat:

Who Needs and Who Uses Long-Term Care? | The SCAN Foundation

This site may also be useful to compare the CalPERS benefits to the actual cost of long term care in your area. My benefit amount is $222/day but the cost in my area is $259/day:

https://www.genworth.com/corporate/a...t-of-care.html
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Old 05-05-2013, 11:46 AM   #122
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Originally Posted by ejman View Post
I don't live in California (resident of Oregon) but basically want to stay away from the run thru assets/shift assets/hide assets and then rely on medicaid scenario if at all possible. I really want to rely on my own resources as much as I can and let the government help some one that truly needs the help and hope I'm never in a position where I am the one that needs the help. (fingers crossed)
you don't HAVE to apply to medicaid-but if you have to do having a ltc policy thats acceptable to them will let you shelter more money. it's not ideal but it lets you buy a ltc policy thats's affordable. look at it from medicaids point of view. they know that most nursing home stays are 3 years or less.
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Old 05-05-2013, 07:06 PM   #123
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you don't HAVE to apply to medicaid-but if you have to do having a ltc policy thats acceptable to them will let you shelter more money. it's not ideal but it lets you buy a ltc policy thats's affordable. look at it from medicaids point of view. they know that most nursing home stays are 3 years or less.
Fair enough. I guess from a statistical standpoint I should just drop the coverage. I think we could afford a 3 year nursing home stay from our existing pot i.e. self insure. Maybe I should just stop pushing this rock a la sisyphus.
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Old 05-05-2013, 07:46 PM   #124
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Fair enough. I guess from a statistical standpoint I should just drop the coverage. I think we could afford a 3 year nursing home stay from our existing pot i.e. self insure. Maybe I should just stop pushing this rock a la sisyphus.
no because medicaid lets you KEEP the amount of the policy. say you have a policy that is worth 200,000 in todays dollars-medicaid will let you keep that amount of money, as long as it was a medicaid approved long term care policy. you should google this and investigate



read this

http://www.aaltci.org/long-term-care...ship-plans.php
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Old 05-05-2013, 08:02 PM   #125
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no because medicaid lets you KEEP the amount of the policy. say you have a policy that is worth 200,000 in todays dollars-medicaid will let you keep that amount of money, as long as it was a medicaid approved long term care policy. you should google this and investigate



read this

Long Term Care Partnership-State Long Term Care Partnership Plans-Medicaid Planning

OK, I just completed the online app. I'm relying on you. I hope I am not spammed or otherwise hounded to infinity and beyond!
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Old 05-05-2013, 08:13 PM   #126
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OK, I just completed the online app. I'm relying on you. I hope I am not spammed or otherwise hounded to infinity and beyond!

sorry-i told you to read it not fill out anything.if you google the web you'll find out more info. i did not know that site would have you fill out a form. 10 years ago when i did my own ltc purchase there were like 10 states incuding my own that had ltc medicaid parterships. go to your states medicaid website yourself and see if they do ltc medicaid partenerships. there are many more know

when i googled i just picked the first one that said medicaid and ltc partnerships sorry



this is an example from my state

http://www.mass.gov/elders/healthcar...tc-exemptions/


my wife and i bought 4 yr policies 10 years ago to give the other spouse time to get an eldercare attorney to help out in case it got serious. an ltc policy with at least 2 full year coverage gives you better negotiating power with the medicaid program-at least in my state.
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Old 05-06-2013, 12:05 AM   #127
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ejman, I want you to know that gerrym51 is guiding you down the right direction. I would suggest that you read my post above and it really should provide you some assistance when you read from the site that gerrym51 gave you.

As I stated earlier, you have to have bought a state approved partnership policy. These policies have serveral benefits, but the biggest one is the asset protection you will receive once your benefits from your ltci policy has been exhausted and you may need Medicaid. Again read my prior post for more explanation. A partnership policy should have been bought from already and not now.

I know that everyone focuses on going to nursing homes, but what is important is to review you policy for home care. Some policies don't have a waiting period for home health care. More people who want to stay in their home for care and many policies allow for this. The ltci policies will allow you to receive care at home and your spouse will not have to work at the job and then have to come home and care for a sick husband/wife too. This can be very, very exhausting for the healty spouse.

I would look into this for yourself.
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Old 05-06-2013, 08:14 AM   #128
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ejman, I want you to know that gerrym51 is guiding you down the right direction. I would suggest that you read my post above and it really should provide you some assistance when you read from the site that gerrym51 gave you.

As I stated earlier, you have to have bought a state approved partnership policy. These policies have serveral benefits, but the biggest one is the asset protection you will receive once your benefits from your ltci policy has been exhausted and you may need Medicaid. Again read my prior post for more explanation. A partnership policy should have been bought from already and not now.

I know that everyone focuses on going to nursing homes, but what is important is to review you policy for home care. Some policies don't have a waiting period for home health care. More people who want to stay in their home for care and many policies allow for this. The ltci policies will allow you to receive care at home and your spouse will not have to work at the job and then have to come home and care for a sick husband/wife too. This can be very, very exhausting for the healty spouse.

I would look into this for yourself.

ejman, carlos is correct-the policies my wife have are for nursing home,home care ,or alternative care halfway housing. you should see what your policy provides. the key thing to me anyways is the 3-4 year policy gives you breathing space to consult the eldercare attorney
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Old 05-06-2013, 10:23 AM   #129
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I guess I'll have to call CALPERS to see if what we bought back in 1998 is a state approved partnership policy. Does the partnership provision carry from one state to another? I.E. in my case the policy was bought in California but I've been a resident of Oregon for over 12 years now. Rereading Carlos post, I guess I don't have this benefit since it's currently a lifetime benefit that cannot be exhausted. I imagine I would have to switch to a limited term policy to have that provision come into play if the policy is eligible at all.

Gerrym51 you've indicated a need to consult an elder care attorney over a period of 3-4 years. What do you expect the elder care attorney to do for you that would take such a long period of time?
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Old 05-06-2013, 10:45 AM   #130
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I guess I'll have to call CALPERS to see if what we bought back in 1998 is a state approved partnership policy. Does the partnership provision carry from one state to another? I.E. in my case the policy was bought in California but I've been a resident of Oregon for over 12 years now. Rereading Carlos post, I guess I don't have this benefit since it's currently a lifetime benefit that cannot be exhausted. I imagine I would have to switch to a limited term policy to have that provision come into play if the policy is eligible at all.

Gerrym51 you've indicated a need to consult an elder care attorney over a period of 3-4 years. What do you expect the elder care attorney to do for you that would take such a long period of time?
no what i said was the ltc policy gives you time to consult an eldercare attorney if after a couple of months it looks like a long term confinement. an eldercare attorney repesents you and spouse and will give you the best guidance in your state. in massachusettes fortuneatly or not they guide families inmany things but mostly how to legally get the most from medicaid and keep the most.

but most importantly they are on the clients side-more unbiased advice-an ltc policy gives you and the attorney more leverage with medicaid. what i am saying my advice is only my advice-the attorney will give you much more qualified info than me or other posters

as for whether your state has an ltc partnership policy you would have to consult their website and search it. i would assume if they have this policy that any policy from anywhere that would meet their requirements would qualify.
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California Partnership Policy would say so in the policy...
Old 05-06-2013, 04:47 PM   #131
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California Partnership Policy would say so in the policy...

Quote:
Originally Posted by ejman View Post
I guess I'll have to call CALPERS to see if what we bought back in 1998 is a state approved partnership policy. Does the partnership provision carry from one state to another? I.E. in my case the policy was bought in California but I've been a resident of Oregon for over 12 years now. Rereading Carlos post, I guess I don't have this benefit since it's currently a lifetime benefit that cannot be exhausted. I imagine I would have to switch to a limited term policy to have that provision come into play if the policy is eligible at all.

Gerrym51 you've indicated a need to consult an elder care attorney over a period of 3-4 years. What do you expect the elder care attorney to do for you that would take such a long period of time?
Calpers has a state approved partnership program. If you have one, it would state so on your policy as there are very specific requirements that these policies MUST have. As far as your benefits transferring to Oregon, it would depend. States do have reciprocity agreements. You would have to find out in Oregon if they have reciprocity with CA. If so your assets can be protected in Oregon. I hope this helps.
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Old 05-06-2013, 05:40 PM   #132
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Back to the topic, my ltc policy 5 years with no automatic inflation rider went up about 40% this year. Every three years it offers a chance to buy more based upon inflation. (IT was originally a megacorp policy but I was able to transfer it when I retired). Or they offered to cut the daily payout about 30% or cut the benefit term from 5 to 2 years to keep the premiums level. Of course I bought this when offered the first time at the megacorp at age 49. It has a nice feature if you die without using it before 65 you get your premiums back.
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Old 05-06-2013, 05:54 PM   #133
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Just received our annual bill for our LTC policies. No increase in premiums since we we purchased in 2000.
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Old 05-06-2013, 06:22 PM   #134
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Just received our annual bill for our LTC policies. No increase in premiums since we we purchased in 2000.
Lucky you....
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Old 05-06-2013, 06:24 PM   #135
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Lucky you....
I don't think my luck will hold much longer.
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What Company?
Old 05-06-2013, 08:29 PM   #136
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What Company?

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I don't think my luck will hold much longer.
What company do you have your LTCi with?
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Old 05-06-2013, 08:35 PM   #137
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What company do you have your LTCi with?
The policy was originally purchased from CNA.
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Old 05-06-2013, 08:48 PM   #138
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mine and the wifes were purchased in 2003 from GE now genworth
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Old 05-06-2013, 09:12 PM   #139
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snip.... It has a nice feature if you die without using it before 65 you get your premiums back.
That's quite a feature. If YOU die before 65 YOU get your premiums back. How is the money transfer accomplished?
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Old 05-06-2013, 09:24 PM   #140
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That's quite a feature. If YOU die before 65 YOU get your premiums back. How is the money transfer accomplished?
I guess I should have said your estate gets the money back.
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