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The upside of LTC
Old 05-22-2015, 09:44 PM   #1
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The upside of LTC

My mom's second husband and caregiver (she suffers with dementia) died this past week. She has had a policy since 2001when she was 64. They paid somewhere between $1000 and $1500 a year over that time. She was diagnosed with Dementia a few years ago and had some in home care but otherwise it was her husband taking care of her in their home.

We talked to the agent and after we complete the paperwork (lots of doctor stuff) they will refund the policy premiums plus the in home care they have spent since she was diagnosed. I was blown away! She will be moving into an assisted living duplex with appropriate care and will receive $3000 a month which should about cover it (small Midwest town).

I had bought a policy for my wife a few years ago and know that there are many different thoughts on holding these policies but I am glad now that I did. I can tell you that from a family members point of view, the piece of mind of knowing that my mom is going to be in great financial shape is a huge weight lifted off.

She will receive more in benefits in the first year than what she paid in 14 years. You cant convince me that this was a bad move. She is in great physical health and while we all know we don't know the time of our passing, I can see her living another 10 years.
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Old 05-22-2015, 09:49 PM   #2
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That is really good news, especially to those like me who have LTC policies. Who was the insurer?
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Old 05-22-2015, 09:50 PM   #3
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Knights of Columbus - she is Catholic, not sure if it is a requirement
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Old 05-23-2015, 06:34 AM   #4
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DW dealt with a lot of assisted living and dementia units with her dad and concluded that the religious outfits are the best. For profit companies have their own interests in mind. Still, I assume the policy covered pay to relatives who provide care. This may have constituted a late filing for provided services.
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Old 05-23-2015, 11:42 AM   #5
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She has had a policy since 2001 when she was 64. They paid somewhere between $1000 and $1500 a year over that time.

Anybody know if we can still get a deal like that today?
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Old 05-23-2015, 11:55 AM   #6
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Anybody know if we can still get a deal like that today?
If we can, I missed it in the somewhat extensive shopping I did prior to deciding to self-insure.
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Old 05-23-2015, 12:20 PM   #7
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My mom's second husband and caregiver (she suffers with dementia) died this past week. She has had a policy since 2001when she was 64. They paid somewhere between $1000 and $1500 a year over that time. She was diagnosed with Dementia a few years ago and had some in home care but otherwise it was her husband taking care of her in their home.

We talked to the agent and after we complete the paperwork (lots of doctor stuff) they will refund the policy premiums plus the in home care they have spent since she was diagnosed. I was blown away! She will be moving into an assisted living duplex with appropriate care and will receive $3000 a month which should about cover it (small Midwest town).

I had bought a policy for my wife a few years ago and know that there are many different thoughts on holding these policies but I am glad now that I did. I can tell you that from a family members point of view, the piece of mind of knowing that my mom is going to be in great financial shape is a huge weight lifted off.

She will receive more in benefits in the first year than what she paid in 14 years. You cant convince me that this was a bad move. She is in great physical health and while we all know we don't know the time of our passing, I can see her living another 10 years.
It's absolutely delightful to hear your anecdotal story telling of your positive experience with your mom's long term care insurance policy. It's unfortunate that her experience can't be duplicated for everyone who would like LTCI. It's still looking like a crap shoot for most with high and increasing premiums, shifty sales people, complicated contracts, etc.

Is the policy you bought for your wife, which you feel so good about, from the same company and with the same terms as the policy your mom has?
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Old 05-23-2015, 12:34 PM   #8
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DW dealt with a lot of assisted living and dementia units with her dad and concluded that the religious outfits are the best. For profit companies have their own interests in mind..
I'm waist deep in trying to find a spot to put my MIL. I am reaching the same conclusions as far as providers... My short list of places is mostly Lutherin, Catholic, etc. The for profit seem to be all about fancy decor, but also nickle and diming everything and they seem to have much higher staff turnover. My #1 choice isn't fancy - but it has excellent reviews, happy patrons, and transparency in fees.
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Old 05-23-2015, 03:04 PM   #9
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Is the policy you bought for your wife, which you feel so good about, from the same company and with the same terms as the policy your mom has?[/QUOTE]


Sadly, no. It is Genworth, purchased when she was 49 at $708 year, subject to increases, I am sure. The difference I see is the level of care shown by mom's agent. Actually going out of his way to make sure mom gets what's coming to her since he lives in her community and knows her personally. Small towns are great.

Really for me, in my mom's case, it's the knowledge that she is financially secure for the rest of her life. I have more knowledge about my wife's and my assets so that is not as big of an emotional boost as with mom. It is just another insurance policy to supplement additional assets if my wife needs it. I guess like anything when you need it it is great to have it, if you don't need it yet you can think of a 100 better uses for the premium.
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