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Old 04-26-2013, 02:15 PM   #21
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This just got posted today - some of it is old news already i.e. the Calpers 85% increase.
Long-term care insurance may be harder to get - Business on NBCNews.com
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Old 04-27-2013, 05:24 PM   #22
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So who here does LTC?
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Old 04-27-2013, 05:29 PM   #23
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DH & I, but we purchased a 5% compounding, 10-year paid in full in our late 50s (~15 years ago). I don't think that policy is offered any more.
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Old 04-27-2013, 05:49 PM   #24
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DH & I, but we purchased a 5% compounding, 10-year paid in full in our late 50s (~15 years ago). I don't think that policy is offered any more.
Interesting....good for you.

I think this is a key point going forward...for all of us...

thoughts?....
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Old 04-27-2013, 05:53 PM   #25
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We applied because I saw what Alzheimer's did to my parents finances. It drained hundreds of thousands and left my dad with little for his own care. They accepted my husband, but wouldn't take me due to medical. At least that will help if something happens.
We recently applied for a 3 year policy with a 3% compound $200/day policy through MOO. I was accepted but DW was rejected due to medical reasons so we decided to move forward with my coverage as I have longevity in my family with my dad requiring LTC for 3 months before passing at the age of 82 and my mother has been in a nursing home for almost a year now and she's 91.
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Old 04-27-2013, 06:13 PM   #26
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We recently applied for a 3 year policy with a 3% compound $200/day policy through MOO. I was accepted but DW was rejected due to medical reasons so we decided to move forward with my coverage as I have longevity in my family with my dad requiring LTC for 3 months before passing at the age of 82 and my mother has been in a nursing home for almost a year now and she's 91.
Interesting, thanks for sharing. I think this is one of the biggest issues facing us ready to RE,


Thoughts?
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Old 04-27-2013, 06:15 PM   #27
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Interesting, thanks for sharing. I think this is one of the biggest issues facing us ready to RE,

Thoughts?
You'll get a far better response if you compose a specific question or two...
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Old 04-27-2013, 06:46 PM   #28
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You'll get a far better response if you compose a specific question or two...
K, lets try this.

Is LTC needed in your plan?

Or,if not , How much would you need to self insure?
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Old 04-27-2013, 06:56 PM   #29
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DH and I have LTC insurance. It's not cheap. Gives us some peace of mind though. Poor folks may be able to rely on Medicaid and wealthy folks can self insure. Seems to us those in the middle, like us, are most at risk. We're sensitized though since we had a loved one in a nursing home for decades before she passed on. That has a way of changing you.
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Old 04-27-2013, 06:58 PM   #30
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I don't think so but am willing to listen. If it did it would relate to the 5 yr back look thing.

BIL sells Farmers and we are going to sit down with him next month to discuss. Like him but don't trust anyone who gains from the sale....semi mega corp offers one and I will investigate......

We are currently leaning against and hoping we can self insure. That is always at risk though. Maybe an off-shore account? (kidding)
You can also look to kids/relatives after you spend-down and need a little bit to lift your lifestyle a bit. I suspect it would be illegal to have an undisclosed contractual arrangement, but say you gave them "no-strings" money before anybody gets sick with the "suggestion" that they don't spend it until you die. They might feel sorry for you once you've had to spend-down and buy YOU a gift now and then, like maybe paying your utilities, hehe.
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Old 04-27-2013, 07:02 PM   #31
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We're sensitized though since we had a loved one in a nursing home for decades before she passed on. That has a way of changing you.
I'm not sure what to make of the statistics that say average nursing home stays are in the, what, 3 year range? I just seems like there are a lot of stories about so and so was in the NH for 10-20 years, so I'm not sure how the 3 year thing could work.
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Old 04-27-2013, 07:09 PM   #32
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DH and I have LTC insurance. It's not cheap. Gives us some peace of mind though. Poor folks may be able to rely on Medicaid and wealthy folks can self insure. Seems to us those in the middle, like us, are most at risk. We're sensitized though since we had a loved one in a nursing home for decades before she passed on. That has a way of changing you.
Ballpark......cost..if you are willing to share? /have they changed over the years?
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Old 04-27-2013, 09:23 PM   #33
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I'm not sure what to make of the statistics that say average nursing home stays are in the, what, 3 year range? I just seems like there are a lot of stories about so and so was in the NH for 10-20 years, so I'm not sure how the 3 year thing could work.
Lots of people who go into a nursing home are not there for very long at all. We tend to think the most about people who go into a nursing home and stay there for years and then die. However, many people who are in nursing homes actually recover sufficiently to be discharged and aren't there all that long.
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Old 04-27-2013, 09:57 PM   #34
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I am very interested in this topic as well. I have done some research and have heard everything from- You have to have it...to at some savings amount, it does not make sense....to it's a rip off, don't pay out, too many restrictions.......
This is what my research yielded also. They say that I'm at a good age to get it but since I don't have a spouse to worry about, I'll pass. After doing the math, I think I can self-insure.
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Old 04-28-2013, 12:59 AM   #35
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It costs us at age 61 $2000 annually for my husband and it covers about 4 years in a home or more out of a home. It allows for inflation of 5%. When my mom was in a nursing home or later at home with 24 hour care, it was $70000 a year. She needed full time for 4 years.
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Old 04-28-2013, 05:25 AM   #36
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It costs us at age 61 $2000 annually for my husband and it covers about 4 years in a home or more out of a home. It allows for inflation of 5%. When my mom was in a nursing home or later at home with 24 hour care, it was $70000 a year. She needed full time for 4 years.
Wow. Yeah, my dad was only in for a year, but it was 80k.
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Old 04-28-2013, 06:54 AM   #37
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So here is how it works. DW and I signed up for LTC in our 30's through the professional association we belong to. Annual premiums were based on age at issue. Now in our mid-50's premiums are $400 a year each and can increase by maybe 5% or so per year. Benefits are for a few years at a few hundred dollars a day. Nursing home costs are pretty much based on location. Mom was at $8,000 a month inside the DC beltway. $5,000 a month in rural south. Care was similar. If you served in military during a time of war (did not need to see battle) you may qualify for Aid and Attendance. HUGE benefit. Income limit is AFTER deducting nursing home costs. Otherwise there is a whole industry on Medicaid qualification and Medicaid trusts, etc.
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Old 04-28-2013, 09:13 AM   #38
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I bought LTC last year. Turning 48 this year.
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So who here does LTC?
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Old 04-29-2013, 11:02 AM   #39
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When I looked into it for DW and I (ages 48 and 52, two years ago), premiums were about 7k / year. I have $110k set aside outside of my portfolio to self insure. That will cover approximately 14 months. That may be enough, or it may not be. My only "hope" is that the first person only needs 14 months of care and that the second person can use the value of the home for his / her care when the time comes.

I did look at a policy recently that was a one time payment and would cover 5 years of care. I think it was $100k for the policy.
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Old 04-29-2013, 11:05 AM   #40
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When I looked into it for DW and I (ages 48 and 52, two years ago), premiums were about 7k / year.
That seems really expensive. I had thought about looking into it, but we are quite a bit older than that so it would clearly be too expensive at this point if those are typical prices.
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