LONG TERM CARE,SCAREY STUFF

[REWahoo]

Quote:

Originally Posted by grumpy We have had the policies for 8 years. They are with CNA. I wouldn't be surprised by a significant rate increase after year 10. Grumpy

Since you are going to hit the 10 year point a year ahead of me, please let me know how bad the damages are when you get there so I can prepare myself.

[grumpy]

REW,

If the brain cells are still functioning then and I remember who asked I will be sure to let you know.

Grumpy

[brewer12345]

Quote:

Originally Posted by grumpy REW, If the brain cells are still functioning then and I remember who asked I will be sure to let you know. * *Grumpy

You really think that you won't chat us up about it i they slap you with a bifg rate increase? I am also interested to hear what they do.

[REWahoo]

Quote:

Originally Posted by grumpy If the brain cells are still functioning then and I remember who asked I will be sure to let you know. Grumpy

I can relate. But I think brewer is right, if you get really popped, you'll want to vent and this is as good a place as any to do it. Lots of ventilators on this board.

[Nords]

BTW, Cattusbabe, congratulations on your ER.* You really must have seen a lot of powerful incentives to carpe diem.*

Quote:

Originally Posted by Cattusbabe There are alternatives.

My spouse was telling me the other day about a combination LTC/life insurance policy offered by a company called Glock.* Apparently they've been around a while-- she says they have pretty impressive products in life insurance & assisted living-- but this is their first excursion into LTC. She also says that the premiums are pain-free.

Quote:

Originally Posted by Cattusbabe Most people want to stay in their own homes and there are more and more opportunities to do just that.

Yes, but their families want them to stay in anybody else's homes!

[REWahoo]

Quote:

Originally Posted by Nords My spouse was telling me the other day about a combination LTC/life insurance policy offered by a company called Glock.

Looks interesting Nords. I might give it a shot.

[mathjak107]

well heres what we learned at the class...yes we saw the actual rates that places local to our area are charging and they were all around 130,000 a year or more,we are in new york....my dad had a stroke a decade ago in florida...we couldnt afford a home to care for him so we got a retired nurse and her husband who took 2 fellows like my father into their home and cared for them..it cost us over 1,000 a month in those days...today thats about 2,000 a month or so.......still a real hardship for the surviving spouse.........
as far as medicaid even if you do qualify they can ship you anywhere there is space..200 miles away isnt uncommon,that sucks.....its not just about nursing homes,its all care that goes beyond what medical and medicare pay.a bad fall can lay an elderly person up .....on the other hand these policies can have their rates jacked up beyond affordability after you get one....its a real delema

[VoyT]

Quote:

Originally Posted by HFWR When you run out of money, I believe Medicaid takes over, not Medicare...

I believe you are right. From my experience with family members, Medicare will only pay for a limited number of days in a nursing home immediately after a hospitalization.

[Rich_by_the_Bay]

Quote:

Originally Posted by VoyT I believe you are right. From my experience with family members, Medicare will only pay for a limited number of days in a nursing home immediately after a hospitalization.

Correct. Medicare is always "primary" and Medicaid ('title 19') is always last. If you are lucky, some carrier picks up the missing piece.

[2B]

From what I've seen with my parents, LTC insurance is not cost effective.* From what I've see with my in laws, it's not enough.*

My father had a 2 year policy.* He died at home after less than a month of illness attended by his children.* He paid premiums for about 15 years on the policy.* I don't know what his payments were but I wish we could split the money between me and my siblings.

My in laws are both 85.* My MIL is in a nursing home and will probably out live me.* My FIL has Alzheimer's but can call up every trick in the book to convince my wife he doesn't need to move into an assisted living facility.* Eventually, she'll pull the trigger and move him or he'll burn the house down.* Money for his long term care will be wasted.

[Brat]

LTC costs vary a lot by location.* Realestate and care-giver costs drive the price.* I was listening to the 'get out of debt' radio talk show the other day when an elderly husband quoted a stunning sum for care for his wife - they were in New York.* The host failed to suggest to the fellow that they consider moving to a lower cost community.*

It cost my Mom $70,000 last year for care in an intermediate level nursing home in a large west coast city.* Facilities accepting Medicaid are often no-frills affairs, but that is not to imply that the quality of care is lower.* In her metro area there is a cheaper skilled level Medicaid qualified facility with outstanding reviews, but she won't move there because she doesn't care for their food (Mom had a short stay there after breaking her hip).* She commented that there is a difference between a cook and a chief and that meals are one of the few things you can look forward to in her situation.

Husband and I are in the 7th year of a paid-up-in-10 LTC policy.* Care for an extended time for one of us would kill us financially.* A 90 day waiting period was the best buy from our insurer.* Frankly I think a 1-year waiting period policy would be great for all involved, it should be cheap because most people don't last a year after needing care and the insured would be protected against the cost of protracted frailty.

[macdaddy]

What rules are there to prevent transfer of all your assets to your kids? For example, why wouldn't my parents transfer all their investments, house titles, and so forth to me, and then I could pay all their bills for them (incl. a credit card for any desired expenses). Then if they needed an in-home nurse or LTC, medicare would pick up immediately?

My parents have a pension and SS which total about 50k/year so I don't know if they would qualify anyway? What happens in this situation when LTC care costs 80k/year?

[grumpy]

I'm not sure of the current rules because I researched all of this 10 years ago. However, there is a "look back" period during which any transfers of assets equate to an equivalent delay in eligibility for medicare coverage. I think the look back period is somewhere in the three to five year range. Further, I believe that if they conclude that the asset transfer was specifically to acheive medicare eligibility, then the individual can be permanently barred from eligibility. Others here may have more current info but I think the regs make this strategy pretty tough to succeed with.

Grumpy

[REWahoo]

Quote:

Originally Posted by macdaddy What rules are there to prevent transfer of all your assets to your kids? For example, why wouldn't my parents transfer all their investments, house titles, and so forth to me, and then I could pay all their bills for them (incl. a credit card for any desired expenses). Then if they needed an in-home nurse or LTC, medicare would pick up immediately?

Grumpy is correct. Any asset transfer has to have occurred 3 to 5 or more years prior to Medicaid kicking in.

"The general rule is that Medicaid coverage of nursing home and certain other medical care is denied for a period of time if an applicant or his or her spouse transfers asset and fails to receive full and fair market value in return. This provision also includes transfer of the individual’s home, an asset normally excluded in determining Medicaid eligibility. The State penalizes uncompensated or inadequately compensated asset transfers occurring as far back as 36 months before a Medicaid application is filed (60 months for assets transferred into a trust)."

[macdaddy]

Great info - thanks! Seems like it pays to plan ahead (duh).

[mathjak107]

can anyone find out how much money holders of policies actually collect from ltc insurance companies as a group? in other what percentage of people with policys collect?

[lazygood4nothinbum]

mom paid about $380 per year set premiums for lifetime care of about $50k inflation-adjusted yearly (home care was good for i think 6-8 hours per day which supplemented care for mom for a year or so before we had to remove her from the house). excellent care in florida is about $50-70k for private room in alzheimer's unit. we got mom a double room to fit much of her furniture and a piano so she'd be comfortable.

needless to say, these days, my brother has been unable to find a similar policy for himself. as i've mentioned in other posts, my personal policy is underwritten by two of my buddies, smith & wesson.

[mathjak107]

new rules as of feburary 2006..look back is 5 years from date of medicaid application...used to be 3 years from date of transfer or 5 years from date of transfer in trust

homes are no longer protected..surviving spouse may have to reverse mortgage home...

worst part no restriction either in distance or stae as to where medicaid can send you.....200 miles away from your loved ones is not uncommon now here in new york......

medicaid homes are more like shelters than the fine looking private homes

certain transfers used to be over looked like giving education money to grand children...no longer exempt

all in all not good for someone entertaining the ole asset shift

[macdaddy]

and i assume a 50k a year pension excludes you also... so what is someone (ex Gov or military) supposed to do if they are broke but can't get rid of a 35k-50k annual pension?

[2B]

Quote:

Originally Posted by macdaddy and i assume a 50k a year pension excludes you also... so what is someone (ex Gov or military) supposed to do if they are broke but can't get rid of a 35k-50k annual pension?

If you are in a medicaid facility, any social security income would go directly to medicaid. If there is a surviving spouse, trying to survive outside of a medicaid facility they would get their own SS payment. Pensions have differerent rules but are biased towards the "owner."