Long Term Care Insurance

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Long-term care insurance is cost prohibitive for most. Still, advance planning is a smart idea. Know what elder care options exist today and potentially in the future.
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Опубликовано:

14 окт 2024

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Комментарии : 42

@catfisherboy Год назад

My wife and I bought LTC many years ago, the premiums were high and went up over the years, I always wondered if it was worth it. My wife became disabled and I was not able to care for her, without this insurance we would not have been able to keep our home, I am truly grateful that we paid out the money, because the insurance has given us peace of mind and the care my wife needs

@AlexandraNevermind Год назад

Hi Clark, I thought about this a lot before I retired as a single lady. I decided to self-insure my LTC. I’m 2 years into retirement now and because I have no debt and own my home, I’m able to live very comfortably on just SS and a small pension. I don’t expect to tap into my retirement funds for several years when forced to take RMD. I have a more that adequate emergency fund in a higher yield online savings account and I’m continuing to put money aside each month. But now I’m wondering if I should just take those additional savings and buy a policy. And just so you know, you are my idol!

@g0989 Год назад

Glad you made the point about Medicaid vs. Medicare. I'm amazed at how many people think if they have traditional Medicare, they are covered for long-term care. They aren't. Medicare only covers short-term skilled nursing care or rehab, after a qualifying hospital stay. Often these facilities double as long-term care facilities, which I think is where the confusion comes in.

@ksmith2852 Год назад

What about thru a Medicare advantage plan?

@g0989 Год назад

@@ksmith2852 Although they generally provide coverage for services beyond what Medicare covers, I have not heard of any Advantage plans that include what you would call long-term care.

@dsr8223 Год назад

We bought LTC from Allianz 20+ years ago. Our original $144/mo. payments are now up to $260 for the both of us, but our coverage has grown to $10k each per month with no lifetime limit. We might reduce the coverage and/or inflation factor the next time the rates go up since we could easily self-insure several thousand dollars per month indefinitely if we had to. But, we do sleep soundly knowing it's there.

@theglobalvagabond3074 Год назад

I'm a federal employee, I purchased a federal LTC policy way back for dirt cheap. The premiums have increased twice, but the policy is only about 200/month. Today, the FEDS stopped writing LTC policies and don't offer unlimited plans. Back then, in my late 30s, everyone told me I was too young to worry about LTC. The policy was only $85/month with an inflation rider, unlimited benefits period, the works. I plan to keep the policy forever. Regarding nursing homes, one thing to consider is that you might be turned away if you don't have long-term care insurance. Many people recently told me that many nursing homes don't want the hassle of dealing with the self-insured and prefer folks with defined benefits policies. A dear friend passed away due to brain cancer. She had top-notch insurance and plenty of money. She wanted her final days to be at her home of 30yrs. HOWEVER, her adult kids were traumatized by watching their mother wither away, and her husband was already looking for another mate. The bottom line, you can't plan for your family to care for you in your final days.

@gregbkingmusic Год назад

The Wa state LTR insurance which is required if you are working and don't have your own LTR insurance is very minimal coverage (I think 25k); and really won't make a dent in your coverage needs. Like you said it's a huge benefit to the state but doesn't do enough.

@fascination2525 Год назад

I'm very familiar with a Christian non-profit retirement community that has the provision that they won't kick you out if you run out of money (but, supposedly, you can't gamble or give your money away and expect to be allowed to stay.) But, it's NOT the company that pays for the shortage when a resident can't pay the full amount. The shortage is 100% paid from a fund that the other residents voluntarily donate to and have charity fundraisers for. The company had to crack down 10 years ago because too many people had been allowed to move in without sufficient financial resources (and fibbing on the application), and too many people were outliving their assets. At one time, 500 residents were footing a shortage bill of $25-$50k per month for indigent residents, and that's not sustainable. Now they are much more careful who they admit, and they verify all financial information that's on the applications. Getting the nursing home Medicaid certified also made a huge difference. The monthly shortage is currently less than $10k per month. But, again, it's the other residents who foot that bill.

@Sundance1987 Год назад

Clark, as a Medical Social Worker in Florida, this issue you so rightly raise, is tremendous and most problematic.

@user-ty2uz4gb7v 6 месяцев назад

Since premiums can and will go up at any time for any reason what is the advantage to buying LTC insurance when you're 40 as opposed to waiting until you're 62?

@fascination2525 Год назад

If my LTC provider goes out of business or just decides to leave the market, what happens? I haven't been able to find info online whether some entity in State of FL provides backup coverage.

@afonseca Год назад

Hi Clark, as a WA State resident I just wanted to share that the Long Term Care plan our state has imposed is a complete disaster. It just started as you mentioned and it is already facing solvency risks as many of us opted out due to inadequate coverage. It should absolutely NOT be looked at as a model for other states. If you want long term care insurance, buy your own policy and don't rely on the government.

@aknorth1053 Год назад

seems like self insurance would be the way to go ideally if you had sufficient funds. assumed a 150 a month starting at 55 if you needed to pull out at 80 you'd have paid 45k. If you had that money as a lump sum invested at 6% when your 55 you'd have 255k available to pay

@garrettbaldwin4715 Год назад

My father paid $100,000 in one year for my mother's nursing home care. That was in year 2005!

@RetrieverTrainingAlone 10 месяцев назад

Avg premium $3,600 per year, if purchased at age 50 and not used for 40 years , invested at 6% for 40 years would yield almost $600,000

@garybenski6383 2 месяца назад

Tried to get my pain one of the non profit religious facilities but my parents only had $200,000 on assets to spend down and they said “no you don’t have enough assets” and we couldn’t get admitted.

@garybenski6383 2 месяца назад

My parents

@magnoliap5824 Год назад

The Federal government (OPM) suspended its LTC program last December for 2 years. And some believe it may not come back at least in its original form. LTC insurance has been in trouble for years.

@freethinkeralways Год назад

Lonf term care racilities are 3 x more expensive than apartment with live in caregiver. I onow i will die much sooner if im institutionalized in one of those facilities. I prefer stay away

@joanclayton1181 Год назад

That is just horrifying that they would just dump the elderly on the curbside. I just watched a program how a hospital in Kentucky drop their patients curbside as well. I saw one elderly lady laying on the sidewalk in hospital gown. Temps in the 30s. Just a white coat or blanket that covered her upper body and head. Bare legs totally exposed to the cold lying there on a cold hard concrete sidewalk. What is wrong with humanity. Surely those nursing homes that put the elderly curbside should have someone in their state they could contact to help that elderly person get medicaid at that point. Or couldn't they at least bring that elderly person to a shelter. So heartbreaking!

@Savannah-ed4rv Год назад

I worked in the hospital for 26 years and I cannot imagine someone in that profession doing that to anyone! I worked for a faith-based hospital system so my experience is probably difference. I can say with almost a hundred percent certainty that our Hospital would never do that but they would do their best to find a place for that person to go to safely

@SH-jg5zq Год назад

🤢🤢🤢🤢

@CJP1012 8 месяцев назад

As an insurance agent, I personally would never buy a traditional LTC policy. Much better to take those premiums and just add it into your investments. Of course, if you do it the right way, you start investing really early and faithfully and then you should have plenty of money for retirement and any long term care need you incur. Or wait till you retire and buy a hybrid LTC policy. At least your heirs will reap more than what you put into it via the death benefit if you never use the LTC benefit. The trouble with the LTC insurance is, the insurance company can still deny payment if they don’t think your care is justifiable. Traditional LTC is a bit of a gamble I personally wouldn’t take. There’s no right answer or solution for everyone.

@cherylcampbell7495 Год назад

Something you need to think about in your 50’s. Take responsibility for your life. Buy a long term insurance policy.

@Savannah-ed4rv Год назад

From what I've seen those are really the best way to go because they actually give you a huge amount of funds to be available if you need help and only one or two areas of daily living. Plus you get the life insurance and the cash value!

@Chicago48 Год назад

How much is it?

@Chicago48 Год назад

It's just better to kick the bucket and let go of your life than go through all these high costs of living.

@kathyjames8990 Год назад

Is it too late to buy at age 68?

@ericeandco Год назад

Reverse mortgage or Medicaid that liquidates your life’s assets. Neither are great choices.

@charlesbrown9213 Год назад

The best solution would be a Federal program like SocSec -- mandatory witholding from payroll and fund the insurance plan.

@ksmith2852 Год назад

What about a HELOC instead of a Reverse Mortgage?

@ericeandco Год назад

They both put you in a situation where you end up losing your house.

@goedelite Год назад

The USA is a fine country for people who make their living from wars, from militarism. For ohers, who are not wealthy, it is perhaps the worst of all developed countries to call "home". If I were a young person and not the heir to a substantial fortune, I would study Spanish or another language, so that I could emigrate to a number of countries that offer a decent social environment. If I were already an elder person with health problems, with the prospect of soon needing long term care on medicaid, I would consider that my life is almost over and plan on a painless way of ending it after tying as many of the loose ends of my life as possible. I don't see anything wrong with taking the initiative rather than decaying in the conditions of the vast majority of medicaid, long term care establishments.

@keng528 Год назад

My wife passed away from Alzheimer's in January after an eight-year battle the system is completely broken. You will be placed on a waiting list waiting for other people who have Alzheimers for years and years so you will never get that opening... In my wife's case they put her in an assisted living facility when she couldn't do anything at all they Baker acted her for misbehaving which means they put her in The nut House where she was basically left to die yes it's broken ladies and gentlemen

@nadinejohnson2189 Год назад

🕊️ May 5 2023 my last paycheck 💸 Just want my back money, Wrongfully Discharged from my job, I desire Early Retirement. I know why this happen, I was scapegoated Yes! I started my Ministry in those shelters, I always had career jobs, working in Banks, and for Companies I live in Douglasville, GA 🤔 Ps I was let go a week after having Stock in the Company. now I'm given a choice concerning IRA

@lindap.p.1337 Год назад

I do not believe in reverse mortgages. I think they are a great chance for abuse of older people.

@Savannah-ed4rv Год назад

How was it abuse when they pay off your mortgage give you access to the equity you have in your home? Basically get to stay in your home rent-free and stay there as long as you are physically and mentally able to and you'll have access to a credit line or a lump sum of money to help you pay your bills and live your life. I think it's a fantastic idea and I'm actually looking into it for myself right now. Plus there are many protections nowadays where they can't access the title to your home they can't force the other spouse to leave if the covered person living there anymore, so a lot of the issues that went on many years ago are no longer issues.

@ericeandco Год назад

Agree. There’s all kinds of fees. You’re taking the equity out of your house with no way to pay it back. Essentially your life’s work is gone. Medicaid is just as bad. They liquidate everything you’ve worked for to get reimbursed. Neither are an appropriate solution.