LTC -- how do you plan on covering this risk?

[MichaelB]

Quote:

Originally Posted by REWahoo I'm not saying anyone does or does not need to self insure or take out LTCi. But there is no way to predict whether or not any of us will spend an extended time needing care based on what happened to our parents or in-laws. We're all different.

+1

[mathjak107]

all that matters to us mortals is that things either work out or they don't. we only get two options .

there is no middle ground like statistics apply to insurers.

[Car-Guy]

Quote:

Originally Posted by NW-Bound Hopefully, we will be able to book a one-way ticket to the Netherlands. I have read they are willing to help our exit from this world and make it as nice and humane as possible.

https://en.wikipedia.org/wiki/Assist..._United_States

[akck]

Quote:

Originally Posted by Car-Guy https://en.wikipedia.org/wiki/Assist..._United_States

Just to note, while my FIL would have liked to have taken this option 3 months ago, he was in no condition to meet the requirements of the law in Washington state due to his strokes. What needs to be allowed is the acceptance of an advance directive in case he was incapacitated but could still acknowledge he wanted the directive followed. It was questionable if he could meet the requirements of the law after his second stroke and totally out of the question after his third stroke only two weeks later. He wasn't terminal after his first stroke, it was the series of strokes that made his condition terminal. It would be compassionate if the law allowed an advance directive for cases like his.


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[NW-Bound]

The assisted suicide law in the US only applies to patients with less than 6 months to live due to a terminal illness. From what I have seen and read, the typical terminal cancer patient does not have a problem waiting to expire naturally. A few months is not that long. In the end, they do get good help from hospices. It is the people who do not want to linger a long time with debilitating physical conditions, are tired of being bedridden and wearing a diaper, that have no way out.

A while back, I read a story about how Japan has a growing number of elderly people who are confined to bed, wearing a diaper and getting fed by a tube to their stomach. They or the family in the beginning could deny having a tube inserted to allow death by starvation, but once a tube is inserted, it is considered murder for anyone to remove that tube. So, they get stuck and live in limbo for years.

[Amethyst]

This is the very definition of Hell on Earth. Then again, I see analogies to the growing trend of prolonging the lives of aged pets, without regard (since we cannot know) what the animals themselves would prefer (but I bet I can guess).

Quote:

Originally Posted by NW-Bound T A while back, I read a story about how Japan has a growing number of elderly people who are confined to bed, wearing a diaper and getting fed by a tube to their stomach. They or the family in the beginning could deny having a tube inserted to allow death by starvation, but once a tube is inserted, it is considered murder for anyone to remove that tube. So, they get stuck and live in limbo for years.

[accountingsucks]

Very thankful to be canadian. If i was in usa i would think i would want either 250k minimum set aside to self insure or a gold plated ltc plan which would cost equivalent amount in annual premiums. Living in canada shaves years off your fire date

[braumeister]

Quote:

Originally Posted by NW-Bound I read a story about how Japan has a growing number of elderly people who are confined to bed, wearing a diaper and getting fed by a tube to their stomach. They or the family in the beginning could deny having a tube inserted to allow death by starvation, but once a tube is inserted, it is considered murder for anyone to remove that tube. So, they get stuck and live in limbo for years.

This is something I'm familiar with. When my father developed esophageal cancer, it turned into a terminal condition before very long. He knew he was near the end, was comfortable with that, and made it plain that his only wish was to die without the pain and with some measure of dignity. So he carefully made out his advance directive and asked me to get him in the VA hospital (he was a disabled WW II vet).

I gave the hospital his advance directive and carefully explained his wishes to them. Unfortunately, they totally ignored it and put the feeding tube in his stomach against his specific written desire that this not be done. It added probably three months of misery to the end of his life and I never forgave them for that.

[bclover]

Whew, my 85 year old dad went to a Yankee game last year came home had dinner and a Jack Daniels, then died quietly in his sleep. After reading this, I'm thinking we should be grateful.

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[LARS]

BC Lover, you should beyond grateful. Your father, and you by extension, won the death lottery. Sadly, my parents were not as lucky.


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[travelover]

Quote:

Originally Posted by LARS BC Lover, you should beyond grateful. Your father, and you by extension, won the death lottery. Sadly, my parents were not as lucky.

+1 Same here.

[pb4uski]

Quote:

Originally Posted by accountingsucks Very thankful to be canadian. If i was in usa i would think i would want either 250k minimum set aside to self insure or a gold plated ltc plan which would cost equivalent amount in annual premiums. Living in canada shaves years off your fire date

How do you figure that? You don't really think that your health insurance and LTC insurance are "free" in Canada do you.... you (collectively) pay for it just like we do, just in a different form.

I am curious though which country has more early retirees. I'd be surprised if it was substantially different.

[NW-Bound]

For non-US readers, I want to say that just because you do not have money does not mean they will throw you out on the sidewalk to die. The state will pay for nursing home cost for indigent people, but you must pay your money first. In other words, you cannot expect to leave your stash to your offsprings, while the state picks up the cost of the nursing home. Some posters want more comfortable arrangements or nicer nursing homes, and there the sky is the limit.

I think other countries also have means-tested elderly care, meaning it is limited to the indigent. Or if it is open to all, I suspect that most people would want to pay extra to get beyond the basic accommodations. "All you can eat" is just too expensive for health care for any country. Of course, I may be all wrong here.

[2017ish]

Quote:

Originally Posted by NW-Bound For non-US readers, I want to say that just because you do not have money does not mean they will throw you out on the sidewalk to die. The state will pay for nursing home cost for indigent people, but you must pay your money first. In other words, you cannot expect to leave your stash to your offsprings, while the state picks up the cost of the nursing home. Some posters want more comfortable arrangements or nicer nursing homes, and there the sky is the limit. ....

It is also worth noting that the majority (I think) of states have filial responsibility laws that enable them to sue seeking reimbursement from one or more of your children if they so choose. Granted, to date, these laws have not been aggressively enforced, but that may be changing.

[Corporateburnout]

Quote:

Originally Posted by 2017ish It is also worth noting that the majority (I think) of states have filial responsibility laws that enable them to sue seeking reimbursement from one or more of your children if they so choose. Granted, to date, these laws have not been aggressively enforced, but that may be changing.

29 states to be exact with a few lawsuits in PA.

Northwestern MutualVoice: Who Will Pay For Mom's Or Dad's Nursing Home Bill? Filial Support Laws And Long-Term Care

[Mulligan]

Quote:

Originally Posted by Corporateburnout 29 states to be exact with a few lawsuits in PA. Northwestern MutualVoice: Who Will Pay For Mom's Or Dad's Nursing Home Bill? Filial Support Laws And Long-Term Care

I cant say with any honesty that I am disappointed my state isn't one of those 29 states.


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[aja8888]

Quote:

Originally Posted by Mulligan I cant say with any honesty that I am disappointed my state isn't one of those 29 states. Sent from my iPad using Tapatalk

Looks like Texas is in the same category.

[Mulligan]

Quote:

Originally Posted by aja8888 Looks like Texas is in the same category.

What is interesting about the list, is you would be hard pressed to find any "Red" or "Blue" pattern from it.


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[jim584672]

It would be cheaper to fly to the Philippines and have 10 maids serve you night and day for the price of these nursing homes.

[Teacher Terry]

If 1 spouse goes in the nursing home the other can remain in their home until the first spouse dies or until the 2nd spouse goes into a nursing home then Medicaid can use the home to pay back what Medicaid has paid. Been through this a few times with relatives, etc.