Long Term Health Care Insurance?
06-26-2012, 03:55 AM
#21
Junior Member
Join Date: Sep 2009
Location: Kansas
Posts: 250
That is good to know.
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.
06-26-2012, 09:20 AM
#23
Power Poster
Join Date: Jan 2009
Location: Front row
Posts: 14,646
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.
06-26-2012, 11:28 AM
#24
Power Poster
Join Date: Dec 2009
Location: Outside St. Louis
Posts: 38,213
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.
06-26-2012, 11:37 AM
#25
Super Member
Join Date: Apr 2010
Location: Illinois
Posts: 9,312
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.
06-26-2012, 11:46 AM
#26
Super Member
Join Date: Oct 2008
Location: chicago, IL
Posts: 9,589
I am dealing with it right now. Fighting to get the coverage for my Uncle that he paid for, for many many years.
Was told 1 thing when I contacted them for the paper work to start up the policy. Was told another when they were starting to process the policy.
Read the policy VERY carefully, before purchasing.
Was told 1 thing when I contacted them for the paper work to start up the policy. Was told another when they were starting to process the policy.
Read the policy VERY carefully, before purchasing.
06-26-2012, 12:13 PM
#27
Super Member
Join Date: Feb 2010
Location: Texas
Posts: 6,395
My parents, who lived to be 99 and 86 respectively, chose not to have health insurance, but rather to pay any expenses as they occurred. My dad's life insurance that he had bought many years prior paid off when he turned 90 and they invested that. My mom kept him at home after he became bedridden at about 95 as a result of strokes. Eventually she got someone to come in several days a week to give her some assistance and a chance to get out of the house occasionally as Daddy got agitated if she was not there, even after he didn't always know who she was.
She lived alone but still kept my kids after school once Daddy was gone. She had been keeping them ever since we moved back when DD (my youngest) was 2, so I could go to work. I did her shopping for her (which she hated doing) and she kept the kids after school until DD was in 5th grade and thought she was too old to need to go to Grandmothers after school as it was a few blocks farther to walk. Mother had developed Parkinson's, but did not let us know how bad it was, so we were shocked when she had a massive stroke that October and died 2 days later, a blessing as the stroke was in a spot where she would not have been able to take care of herself at all and she would not have been able to stay at home, even with full time in home care, so she would have been miserable.
Currently my FIL who is 91 is in a skilled care facility. The one he was in before as assisted living got too expensive after he began needing more care. The one he is in now is smaller, less expensive and seems to be giving him better care because of higher caregiver to resident ratio. And he likes the food better too. The other facility was 'prettier', but that isn't everything! And he can still go visit Margaret if he wants to even though she usually won't respond when he talks to her. Her kids have let her remain in the other facility until there is an opening close to where one of them lives (a 5 - 6 hour drive away).
What DH and I will do when our time comes, who knows...not sure what the VA offers, since he would qualify as retired military with 22 years in service. I know the medical insurance paid well when he needed surgery prior to being eligible for medicare and when I had the problem with the infection in my foot a few years ago.
In the mean time I'm going to try to continue to stay healthy!
She lived alone but still kept my kids after school once Daddy was gone. She had been keeping them ever since we moved back when DD (my youngest) was 2, so I could go to work. I did her shopping for her (which she hated doing) and she kept the kids after school until DD was in 5th grade and thought she was too old to need to go to Grandmothers after school as it was a few blocks farther to walk. Mother had developed Parkinson's, but did not let us know how bad it was, so we were shocked when she had a massive stroke that October and died 2 days later, a blessing as the stroke was in a spot where she would not have been able to take care of herself at all and she would not have been able to stay at home, even with full time in home care, so she would have been miserable.
Currently my FIL who is 91 is in a skilled care facility. The one he was in before as assisted living got too expensive after he began needing more care. The one he is in now is smaller, less expensive and seems to be giving him better care because of higher caregiver to resident ratio. And he likes the food better too. The other facility was 'prettier', but that isn't everything! And he can still go visit Margaret if he wants to even though she usually won't respond when he talks to her. Her kids have let her remain in the other facility until there is an opening close to where one of them lives (a 5 - 6 hour drive away).
What DH and I will do when our time comes, who knows...not sure what the VA offers, since he would qualify as retired military with 22 years in service. I know the medical insurance paid well when he needed surgery prior to being eligible for medicare and when I had the problem with the infection in my foot a few years ago.
In the mean time I'm going to try to continue to stay healthy!
06-27-2012, 07:26 AM
#30
Power Poster
Join Date: Jan 2009
Location: Front row
Posts: 14,646
It is irresponsible and selfish not to plan for your aged years. Ask any one who is shouldering all the responsibility of a parent's care.
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