long term care insurance

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madbrain
Posts: 6809
Joined: Thu Jun 09, 2011 5:06 pm
Location: San Jose, California

Post by madbrain »

jhawktx wrote:They know full well that if they can just delay paying benefits for a several months, the odds are pretty good the insured will kick the bucket and they will avoid having to pay anything.
My JH policy only has a 90 day elimination period, during which they do not pay benefits. It is scary to hear that they are fighting the conditions. I will not have children to fight on my side, I guess I would need to have a lawyer on retainer. Sigh.

Even if the policyholder kicks the bucket, I think the insurer would still have to retroactively pay for benefits to the estate, from the time the conditions were proved to have started. Of course it doesn't help you much if you went broke and die as a result.
If you are thinking of buying LTCi, ask yourself this. When you are in your 80's, in failing health, and mentally shaky who is going to fight the battle to get the benefits you are due? Are you going to be capable of doing it? Do you have children who have the time, willingness, and energy to do it?
I don't think this is necessarily something to use when you are in your 80s. Disabilities can happen at any age depending on your medical conditions. I have an LTCI policy and I'm 35. Only way I could qualify for it was through my employer when I started last year, without medical underwriting. I took the chance. I sure hope I never get to use it, but chances are I will not live close to 80, and I may use the policy much younger.
madbrain
Posts: 6809
Joined: Thu Jun 09, 2011 5:06 pm
Location: San Jose, California

Post by madbrain »

flowerbuyer wrote:Nispirius:
My mom has Alzheimer's, is healthy as can be otherwise, and requires TOTAL care: Bathing, toileting, feeding, dressing, assistance with walking, what little she can do. She must be turned in her bed at night, because she has forgotten how to turn herself. So far she has been receiving total care for 3 1/2 years. She is 86, and will probably outlive me.
Sounds like my grandmother. She is 87. She has had Alzheimer's for over 10 years. She was getting by with home care until about 2.5 years ago when she started needing assistance with all the things above. My mother sold her house at that time and has taken her in her 1 bedroom apartment as full time caregiver.
My grandma could afford the 3000 - 4000 euros/month to be in a nursing home, thanks to the estate left by my grandfather and her survivor's pension of 2500 euros/month.
I am afraid my grandmother will outlive my mother, but there is just no reasoning with her.
Other than Alzheimer's my grandma is in great health, and I could see her living to 100+.
Honobob
Posts: 992
Joined: Sat Sep 26, 2009 7:43 pm

Post by Honobob »

dhodson wrote:
Also to his defense, some try to imply that this isn't a plan but it is. You may not agree with it or you may not be willing to take on the same risks and he may not wish to put his faith in ltci.
Well I still want to hear his plan. All I saw earlier in this thread is his plan to have Honobob and dhodson pay his medicaid. Why not just get on welfare now and avoid all this financial planning?

My argument is that medicaid is a terrible plan because I have seen how it works and anticipate it being even worse in the future. But I defend your right to rely on it! Yep, when my son tells me he doesn't need college because even if his rap career doesn't pan out he can always count on professional sports. ha ha ha ha some plan!

com'on Nick, step up!
It's slowly dawned on me that we won the real estate lottery!
Honobob
Posts: 992
Joined: Sat Sep 26, 2009 7:43 pm

Post by Honobob »

madbrain wrote:
flowerbuyer wrote:Nispirius:
My mom has Alzheimer's, is healthy as can be otherwise, and requires TOTAL care: Bathing, toileting, feeding, dressing, assistance with walking, what little she can do. She must be turned in her bed at night, because she has forgotten how to turn herself. So far she has been receiving total care for 3 1/2 years. She is 86, and will probably outlive me.
Sounds like my grandmother. She is 87. She has had Alzheimer's for over 10 years. She was getting by with home care until about 2.5 years ago when she started needing assistance with all the things above. My mother sold her house at that time and has taken her in her 1 bedroom apartment as full time caregiver.
My grandma could afford the 3000 - 4000 euros/month to be in a nursing home, thanks to the estate left by my grandfather and her survivor's pension of 2500 euros/month.
I am afraid my grandmother will outlive my mother, but there is just no reasoning with her.
Other than Alzheimer's my grandma is in great health, and I could see her living to 100+.
My father had alzheimers and lived about 10 years. My understanding now is that alzheimers will shorten your life span.

http://longevity.about.com/od/longevity ... eimers.htm

Interesting about the grandmother not being able to turn herself. My dad seemed "right as rain" to most people who weren't with him more than 12 hours. Eventually my dad could NOT close his glass shower door. Yep, me standing in the shower with my nekid dad showing him how to take one finger to pull the door closed. ....... Door was removed and shower curtain installed. I do not want to be poor and old.
It's slowly dawned on me that we won the real estate lottery!
yobria
Posts: 5978
Joined: Mon Feb 19, 2007 10:58 pm
Location: SF CA USA

Post by yobria »

dhodson wrote:While I don't always agree with his methods (I sometimes feel he unnecessarily attacks agents as opposed to just arguing his points), he has answered that question in this thread. I of course don't speak for him but it seems he is setting aside some assets and is willing to go the medicaid route if necessary.

Also to his defense, some try to imply that this isn't a plan but it is. You may not agree with it or you may not be willing to take on the same risks and he may not wish to put his faith in ltci.
Yep, sorry, can't state my plan any better than I did earlier in this thread. Nothing to add.

Nick
Honobob
Posts: 992
Joined: Sat Sep 26, 2009 7:43 pm

Post by Honobob »

yobria wrote: Yep, sorry, can't state my plan any better than I did earlier in this thread. Nothing to add.

Nick
MEDICAID!?? Good luck with that plan. You'll have lots of company.


Residents are allowed to keep $35 of their income as a personal needs allowance.

I DO NOT WANT TO BE OLD, POOR AND IN A NURSING HOME!

http://www.canhr.org/factsheets/medi-ca ... erview.htm
It's slowly dawned on me that we won the real estate lottery!
yobria
Posts: 5978
Joined: Mon Feb 19, 2007 10:58 pm
Location: SF CA USA

Post by yobria »

If you are thinking of buying LTCi, ask yourself this. When you are in your 80's, in failing health, and mentally shaky who is going to fight the battle to get the benefits you are due? Are you going to be capable of doing it? Do you have children who have the time, willingness, and energy to do it?
That's my concern as well. Insurance companies don't make money by paying claims, but by avoiding them. You might get lucky and have no issues, or as noted, they might just delay things. Time's on their side.

Nick
optimpessim
Posts: 70
Joined: Sun Nov 25, 2007 1:32 pm
Location: Maryland

Post by optimpessim »

I have an individual LTC policy issued by CNA in 1996. It is a grandfathered tax qualified policy. This stock company was highly rated at the time. They stopped selling LTCi in 2005 or 2006. I don't know who is administering it now. My policy has an elimination period of 180days.

I have no intention of dropping the policy but I have grave concerns as to whether it is likely to ever pay benefits.

I went to a site with the address: Insurance.freeadvice.com. I have no idea as to whether there is any validity to info on that site but they had purportedly done a satisfaction survey that found 68% of responders were "very unsatisfied" with CNA. I looked at comments from responders and found only a few that referred to LTC policies. Only one stated that benefits were paid as promised but I recognize that it is unlikely that satisfied customers would bother with the site.

I think there should be a way to get info that would either help to allay my fears or make it clear that I am wasting my money on premiums. I'm dreaming, I guess.

---Sally
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