Long Term Care Insurance

[Brat]

I agree. Do not depend on a hospital discharge planner to make the right decision for you. Discharge planners search for beds that are licensed to perform services needed by the patient. They do the best they can to find a good match but if you aren't prepared it may not be where you, or your loved one, want to stay.

Keep in mind the fact that an urgent placement can be changed if you can find a more suitable facility.

 

[skyking1]

we were going to be subject to a 0.56% employment tax to provide for a long-term care plan here in the state of Washington. As the plan was crafted it was going to be worthless, and worse for us because we're only going to be working for another year and a half or so and we would never be vested in it.
You could avoid the tax and plan by being in your own LTC plan by November 1. I'd pretty much just given up on the idea because all of the insurance companies had quit offering up meetings for plans because they were overwhelmed by the demand.
Then DW's employer came to the rescue! I don't have all the details yet but when I do I will return to the thread and post about it. The gist of what I gathered is it will be very inexpensive, minimal coverage, but it meets the needs to get out of the state plan that you would never get any money out of and you would probably be able to use this in some manner.
The state plan was also odious in that it was not portable you had to keep living in the state of Washington. I think it was a fine idea but the execution was abysmal as are many legislative efforts.

 

[kyzymurgist]

Unfortunately no matter how good your research into these facilities, there is no guarantee that conditions will continue.

We found a great place for MIL a few years ago but ownership changed and new cost savings measures have taken a toll. We hear nothing but complaints now about staffing problems, lack of services, and poor cafeteria food quality. And of course costs continue to outpace inflation.

Apparently industry consolidation is accelerating and will have effects everywhere.

https://skillednursingnews.com/2021...dation-as-nursing-homes-emerge-from-pandemic/

 

[Brat]

Agreed. My facility was sold to a family that had only adult foster care experience. Issues galore.

It is my understanding that the margins in the ownership of care facilities are high so poormouthing is no excuse.

 

[Chuckanut]

we were going to be subject to a 0.56% employment tax to provide for a long-term care plan here in the state of Washington. As the plan was crafted it was going to be worthless, QUOTE]

The Washington plan is a bad joke, inflicted on the people for reasons I can't figure out. In the recent previous election when various state offices were up for grabs, nobody even mentioned this state sponsored LTC insurance. There was no discussion of it. Surprise!

FWIW, I have no dog in this hunt since I am retired. It's the young folks who bear the brunt of these surprises.

 

[skyking1]

It has limited value for those that will be vested in it. it's completely worthless for somebody who's going to be retiring in 2 years like we are.

 

[skyking1]

the offer that was given by DW's employer was an Allstate plan. It did not measure up for us in any meaningful way. They figure people are feeling on the hook for the state tax and will do any (stupid) thing to get out of it.
The offer was for 40K lifetime LTC benefits for each of us, whole life same amount, and the combined premium was 3900 per year.
10 years of that, or 39000 invested in the market. We all know how that works.
We are retiring so soon that taking the 0.58% hit is the lesser of two evils.