Welcome to the Quilting Board!

Already a member? Login above
loginabove
OR
To post questions, help other quilters and reduce advertising (like the one on your left), join our quilting community. It's free!

Page 1 of 2 1 2 LastLast
Results 1 to 25 of 37

Thread: Long Term Health Care Insurance?

  1. #1
    Power Poster
    Join Date
    May 2008
    Location
    MN
    Posts
    19,714

    Long Term Health Care Insurance?

    Have any of you been able to 'collect' on a long term health care insurance policy/plan?

  2. #2
    Super Member MaryStoaks's Avatar
    Join Date
    Dec 2008
    Location
    La Quinta, CA
    Posts
    3,925
    I'm depending on my kids! I took care of my mom, mother-in-law and my husband. I made sure to tell all 6 kids "that is the way we do in our family".
    Mary

  3. #3
    Super Member Sandygirl's Avatar
    Join Date
    Apr 2011
    Location
    Midwest
    Posts
    4,335
    Depends on the policy . And the situation. I take your question seriously. We were unable to care for our mom at home . The nursing home cost $6,000 per month and it was not one of the expensive ones either. We paid out of pocket for 13 months. Prior to the nursing home she lived in assisted living for about 15 months. Four children. One estranged and lived out of town. Two single.....have to work full time. One married. (me) I lived 3 hours away. Mom required 24/7 care after two strokes and dementia. No long term care policy in place. The policies are very expensive.

    Sandy
    Sandygirl

    Janome 9900 / Janome 9700 / Janome Decor 3050 / Janome 1100D serger
    Singer Centennial model (inherited from my late, fav aunt!)

  4. #4
    Senior Member Ccorazone's Avatar
    Join Date
    Mar 2012
    Location
    Midlothian,Texas
    Posts
    720
    My sister had a long term policy. Don't know how long she paid into the policy but when she needed it, it did not go into effect until after 60 days after she would under hosiptal care. The care would be paid out of their pocket until the policy care started. Instead, she went into Hopsis Care and subquently died in less 2months. BTW, she had been fighting cancer for nearly 4 years.

    "Small deeds done are better than great deeds planned"
    Peter Marshall

    "Life is not measured by the number of breaths we take but by the moments that
    take our breath away". - Hilary Cooper
    http://www.etsy.com/shop/2HartsCreations?ref=si_shop

  5. #5
    Super Member
    Join Date
    Jun 2007
    Location
    New Mexico
    Posts
    1,587
    If you are anticipating trying to collect, read the term and conditions on the policy. OR...are you THINKING about getting a policy? Good luck. My bother has a policy and I told him good luck. You may have a bed if you need it but not sure if there will be someone to wipe your butt when you need it OR if the person will understand English. Why do I know? Mom was in three nursing homes and we decided we could do a better job. Places short on staff and many aids spoke broken English or were too young to give a crap...oh dear. I digress. Sorry.
    If you don't work on it you'll never finish it.

  6. #6
    Super Member Treasureit's Avatar
    Join Date
    Oct 2010
    Location
    OC, CA
    Posts
    2,938
    My suggestion is to save money for your long term care and pray it is enough. The policies are not all equal and for many I have heard they keep raising the premium until you can't afford it and then you drop it before you need it. Mine is just hear say!

  7. #7
    Super Member MinnieKat's Avatar
    Join Date
    Jun 2010
    Location
    northern Minnesota
    Posts
    4,520
    Blog Entries
    3
    My mom has a long term care policy and she has been living in an assisted living apt with a lot of assistance ... my sister finally got the policy to start paying for some of her care. It took a lot of work to get them to pay and I still think they should be paying more than they are. We have now moved my mom to the Memory Care Unit in the same complex and they are still paying some each month. It takes a lot of follow-up. If an older person doesn't have someone to help them out I think they would be out of luck.
    Cheryl

  8. #8
    Junior Member just janet's Avatar
    Join Date
    Jul 2011
    Location
    New Jersey
    Posts
    200
    I have a long term care policy. Have it for 12 years now. I'm 75 years old. The premium does go up every year which so far I'm managing to pay. It's cheaper than paying a nursing home each month though. It's one of those things I hope I never need, like my auto insurance.

  9. #9
    Junior Member Newby0709's Avatar
    Join Date
    Sep 2009
    Location
    Kansas
    Posts
    248
    I took out a policy on my mother about 1983 or 1984. She went to a nursing home about 1989. She passed in 1993. The policy paid with no problems. I've had no recent experience with a policy paying. I have taken out a policy on myself and one on my husband. My policy has not raised the premiums. My husband had to get his from a different company because of his health issues. His premiums have been raised regularly.

  10. #10
    Super Member bluteddi's Avatar
    Join Date
    Sep 2010
    Location
    MN
    Posts
    3,141
    Like most things.. there are good companies and bad companies... I know a few ppl that had policies that paid off with out difficult after a set amt of time with out of pocket payments....... They tend to be limited time or $ amt .

    good luck in ur quest

  11. #11
    Junior Member
    Join Date
    May 2011
    Location
    south oregon coast
    Posts
    103
    My mom got one for herself when there was no adult foster care. When she had to use it, it was submitted and denied at first. Fortunately for us, the owner wanted to keep my mom there and was willing to try to submit things to try to make it work. It finally did and paid well. It was the difference of about 1/2 the cost at first and moved up quickly as she was not able to help herself much toward the end. It started out with foster care not even being covered in 1990 (it hadn't been invented yet) and ended up with the appropriate medical care and was accepted. It may take a lot of work, but if you approach it from the cost point of view and have a place that is willing to work with you and the company, it may turn out helping a lot of different people. once you are in the system and collecting, most will no longer accept premiums..... good luck and expect a lot of work at first...

  12. #12
    Super Member pjnesler's Avatar
    Join Date
    Feb 2011
    Location
    Rochester, Minnesota
    Posts
    1,794
    Blog Entries
    16
    Quote Originally Posted by bluteddi View Post
    Like most things.. there are good companies and bad companies... I know a few ppl that had policies that paid off with out difficult after a set amt of time with out of pocket payments....... They tend to be limited time or $ amt .

    good luck in ur quest
    While my father was alive he purchased a policy for he and mom. He passed away from cancer - didn't use the policy. A few years later, mom ended up purchasing a policy from a different company. Paid premiums for both policies - a couple years later we found out she had Alzheimers. She lived with me for a bit over 2 years, I continued to work full time, but one of the policies paid for her to go to the resthome during the day - sort of an adult day care situation so she was able to be involved with art groups, music, and outings the beauty shop at the facility, meals etc. Since I needed to leave for work early each day, A home health aid would get her breakfast and visit with her until the bus came to pick her up at my home ( 1.5 hrs per day )to take her to the nursing home. I would pick her up at the nursing home when I was done with work, and we enjoyed each others company evenings and weekends.
    When the Senior Living Campus was completed near my sister ( Assisted Living ) mom moved
    there until she passed on last spring - she lived there 8 years. Due to Dads planning, and moms purchase of the additional policy, most of her day program while she stayed with me was covered by the insurance. When she moved to assisted living, between the 2 plans her expenses were all covered. Each plan had different points that needed to be scrutinized so we got the benefits from each to work best for mom, and we we were very satisfied for the majority of her care. ONE very difficult time came when the Assisted Living center wanted to kick her out because they added on to their care offerings to include a nursing home wing. With her declining health, they wanted to move her to that section, at that point, her policies would not pay. She needed to stay in assisted living for them to pay. My sister fought the EVICTION NOTICE the facillity SENT TO MOM - even needed the assistance of a lawyer to draft a letter...long story short - mom stayed put, and passed without further conflict. To sum it up, there is a lot to think about. I was lucky the town I lived in offered the support network it did so mom could stay with me.

  13. #13
    Super Member SueSew's Avatar
    Join Date
    Jan 2011
    Location
    Nawth o' Boston
    Posts
    1,870
    It is important to choose a major insurer with some history in the long-term-care and commitment to it, not just something you see in AARP ads, and make sure of exactly what and how much of it is covered. A lot of policies sound great but do not cover care outside of a nursing home. If you can get one which covers in-home and other not-nursing-home situations, it will be more money. There can be caps on how much is covered in a year and overall. You can get an option to have premiums stable or premiums rising, and different plans will cap the amount of rising the plan can do.

    Overall, I am not a fan of insurance, but all the financial consultants and retirement experts want you to buy it as part of the solution. If you have the discipline to put away at least $5,000 a year starting in your fifties, knowing you won't touch it until your kids need it to take care of you, maybe you don't need LTC - that $5K I got from my premiums for DH and me. It is very expensive and the older you get the more expensive it gets.
    I would be disgusted about the denial of benefits, but insurance companies make money when they don't have to pay claims...
    I am so sorry to hear these sad stories about relatives passing away without the financial support from their own insurance policies.
    SueSew
    "If it's messy, eat it over the sink!" Mom

  14. #14
    Junior Member
    Join Date
    Jan 2012
    Location
    Wisconsin
    Posts
    236
    I had someone try to sell me a policy. The reason was to protect my assets. If I went into a nursing home or other long term care, my assets were used to pay for the care first without the policy, as I understand it. Then you went on Medicaid. The purpose of the policy is to not have your assets used, if you intend to pass them on to your heirs, but you cannot sell or give them away 2 years before you need a nursing home. That is what I understand at least part of the policy is intended to do. I have a house that is worth about 3 times what I paid for it and other investments and do not want them used for my health care later in life. So, I am going to check into other policies - again, be careful of the benefits and options as well as the premium.

  15. #15
    Super Member luvstoquilt's Avatar
    Join Date
    Feb 2011
    Location
    Yorkville, IL
    Posts
    4,603
    Blog Entries
    3
    My mother has a long term policy with a huge ins company (Equitible)..she does get some money but it has been a fight all along the way. She lives in assisted living and is unable to prepare meals, walk without a walker, shower alone. She has a problem getting up from a chair, etc. She is not safe living in my home because she gets up at night and falls. She also forgets and tries to cook and she wanders away. The insurance company has put her through terrible tests to see if they believe this 94 year old woman is truly eligible! At one point, after she was receiving compensation they decided she was so improved she no longer needed the assistance. The nurse said she just needed therapy and she would be walking without assistance in no time! The last time she was tested she was so upset she had to have chest compressions to be waked up. The test was done by an RN that came with her test..it was 138 pages long and it was brutal. She made mom get up and walk across the room and back without her walker...this was after mom had just gone to the bathroom. I told the nurse I thought she was unkind to make her walk again..didn't she just see her walk? The exam lasted about 2 1/2 hours and upset my mother terribly. She spent the rest of the day in bed and was unable to be waked up the next morning. I would not give you a nickel for that policy..it is way to hard to collect. I need to add my parents had that policy for 35 years. My dad died of a sudden heart attack 20 years ago. I have saved my money so if I need that help I can pay for it (I hope!) but I have no desire to purchase that type of insurance. My hope is I do not live to be in my 90's and I hope I never have to be a burden to my children.
    "You must do the thing you think you cannot do"....E. Roosevelt

    Sharon
    Yorkville, IL

  16. #16
    Super Member
    Join Date
    Jul 2010
    Location
    Lebanon Missouri
    Posts
    2,668
    Blog Entries
    1
    Good luck -A friend of mine retired from the insurance racket and she bought long term care policies for herself and her lifes partner.Her partner was placed in a long term care facility and after 6 months of daily arguments the ins co agreed to pay 10.5 cents on the dollar spent in care.Even after they take the patients Social security check in lieu of payment its not enough to cover 18 cents on the dollar for care..After all the arguing her partner is in a Hospice facility and my friend at the age of 69 has filed bankruptcy on the medical bills.

  17. #17
    Senior Member
    Join Date
    Jun 2010
    Location
    In Plain Sight
    Posts
    307
    My DH looked into this ins. and decided he would rather invest our $'s and use that for health care. He also decided NOT to buy life insurance. In May he had a stroke, went to the local hosp., then to rehab - because he needs phys. theraphy - and now is in a local -in town extended health care facility. We have a HMO that is paying for 100 days for care. He will be released - we hope -in July. No Medicare or Medicaide. If he comes home will private pay for any nursing or theraphy he needs. If he stays in the facility the HMO will no longer cover him and the bill is $9,100/month. We have an elder-law attorney that is trying to protect our assets- he says we/I will probably have to "spend down" and live on $2,500/mo. The house/asset is protected but all the savings and investments are
    possibly be up for grabs. In hindsight would the ins. have been better? I don't know. Family is split between the west coast and DD is moving to FL. WE live in NH. This is going to be interesting ...we will have to take this a day at a time.not spend any $ we don't have. Big changes.

  18. #18
    Power Poster
    Join Date
    May 2008
    Location
    MN
    Posts
    19,714
    Thank you for your responses.

    I think all insurance is a betting game - they (the insurance company hoping they won't have to pay) and the purchaser hoping it won't be needed - but hoping it will be there if it's needed.

    It seems that those with NO assets can get assistance - and the very well off can pay without too much trauma - it's all those in-betweeners that get hit hard.

  19. #19
    Member
    Join Date
    Dec 2010
    Location
    Reno, NV
    Posts
    2
    Blog Entries
    1
    We took out a policy for my mother in 2002 and in 2007 she had a stroke and ended up in a beautiful Assisted Living complex with her own apartment, wonderful caregivers, meals and housekeeping included. The cost was around $6,000 per month and her Long Term Care policy covered it until she passed in April of this year. We had paid about $20,000 in premiums before her stroke and they paid out nearly $300,000 in benefits. It was one of the top 3 Long Term Care companies in the country and I bless them every day!

  20. #20
    Super Member caspharm's Avatar
    Join Date
    Jan 2011
    Location
    Nevada
    Posts
    6,911
    It depends on the company. We just went to a Financial planner the other day to review our investments and general financial standing, since we had just done our trust. He saw our LTC policies and said most of the companies are no longer writing any LTC policies. He also said that as we get older, there will be a good chance that at least one of us would probably end up using the policy. We bought a very good and somewhat pricey policy 2 years ago and the FP said it was a very good policy and to keep paying it, especially since we would never be able to replace it for equal value.

  21. #21
    Junior Member Newby0709's Avatar
    Join Date
    Sep 2009
    Location
    Kansas
    Posts
    248
    That is good to know.

    Quote Originally Posted by caspharm View Post
    It depends on the company. We just went to a Financial planner the other day to review our investments and general financial standing, since we had just done our trust. He saw our LTC policies and said most of the companies are no longer writing any LTC policies. He also said that as we get older, there will be a good chance that at least one of us would probably end up using the policy. We bought a very good and somewhat pricey policy 2 years ago and the FP said it was a very good policy and to keep paying it, especially since we would never be able to replace it for equal value.

  22. #22
    Super Member Naturalmama's Avatar
    Join Date
    Oct 2009
    Location
    Wisconsin
    Posts
    1,907
    My mil has it and is now using it - it was a fight to get them to pay, but as far as I know it's now going through.
    A nature-loving soapmaking older homeschooling mom who grew up sewing over at gram's house.
    wildhavensoap.com

  23. #23
    Power Poster BellaBoo's Avatar
    Join Date
    Jan 2009
    Location
    Front row
    Posts
    14,661
    Blog Entries
    2
    My kids don't owe me to change their lives to be full time care givers or live with guilt because they can't. I have seen first hand how care giving takes a toll on my friends who are trying their best to take care of their elderly parents. They are just as housebound as the parent(s). One friend that her mother has the long term care insurance has full time care, even housekeeping in her mother's home for her, and her time with her mother is all quality time. My kids would probably do what is best for me and DH but who knows how their live will be when we need them? All it takes is planning now for the best possible outcome for all concerned. It's expensive but it's a given if we live to be old, we will need care. It is irresponsible and selfish not to plan for your aged years.
    Last edited by BellaBoo; 06-26-2012 at 09:26 AM.
    Got fabric?

  24. #24
    Power Poster Jingle's Avatar
    Join Date
    Dec 2009
    Location
    Outside St. Louis
    Posts
    28,610
    Quote Originally Posted by BellaBoo View Post
    My kids don't owe me to change their lives to be full time care givers or live with guilt because they can't. I have seen first hand how care giving takes a toll on my friends who are trying their best to take care of their elderly parents. They are just as housebound as the parent(s). One friend that her mother has the long term care insurance has full time care, even housekeeping in her mother's home for her, and her time with her mother is all quality time. My kids would probably do what is best for me and DH but who knows how their live will be when we need them? All it takes is planning now for the best possible outcome for all concerned. It's expensive but it's a given if we live to be old, we will need care. It is irresponsible and selfish not to plan for your aged years.
    Take care of your health and you may get lucky and not need it. Why go broke buying something you may not use. My parents and 4 siblings died suddenly and didn't need any care, would have been a big waste for them. I'm opting for sudden death also.
    Another Phyllis
    This life is the only one you get - enjoy it before you lose it.

  25. #25
    Super Member Lori S's Avatar
    Join Date
    Apr 2010
    Location
    Illinois
    Posts
    9,385
    It is boring , and complicated but READ every bit of the policy you are concidering, and write down questions or highlight sections you don't think are clear. They write these policies to protect the companies interests not yours. No two policies are the same so if you are concidering getting one take the time to shop for one with the same concerns/diligence as you would buying a home.

Page 1 of 2 1 2 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

SEO by vBSEO ©2011, Crawlability, Inc.