radmoo
TUG Member
Premium is $91+/- month
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Long term [care] insurance? Did you buy it?
- Thread starter dixie
- Start date
Premium is $91+/- month
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- Innseason Pollard Brook
Again, good for you but very expensive for average folk. $6000 per year! Another problem I see is that when we stop working, we for sure wouldn't be able to pay those premiums and would have to take money out of our savings to pay for them! Yikes! If we eventually had to stop paying the premiums due to increased unaffordability, we would have wasted that premium money. Especially for people who already live in expensive states, like NY, where our income is taxed to death! (no pun intended)- tough to make those payments.
No one knows what's to be. We kept my mom at home with her dementia and terminal cancer, with part-time home care paid for with my mom's money (less than a year). Then, we eventually put her in an assisted living facility with Hospice which cost over $55,000 for the 3 months she was there until her death, which was paid for with her savings.
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What about the ObamaCare exchanges?
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Westin Kierland
Sheraton Desert Oasis
Doesn't it all depend on the benefits of the particular plan? This is a great rate relative to others posted here but we don't know what's included.
I've been reading this thread with interest. I'm younger than many of you but have been considering obtaining a policy since rates should be lower now than in the future for me.
Sent from my iPad
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- HGVC King's Land 2BR Premier 23.040K Points.
It's never too early to sign up for LTC, we got in mid forties, fifteen years ago. I just got my annual statement with 5% inflation increase. My premium is $87.77 a month.
Nursing home 100% up to $215/day
Residential Care 100% up to $150/day
Home & Community Care 100% up to $4515/month
Inflation Protection included
90 day deductible period, once per lifetime.
Waiver of Premium included
Return of Premium Death Benefit included
Through my retirement system - Calpers.
we went through complete liquidation of parents estate for dementia care, not fun.
Nursing home 100% up to $215/day
Residential Care 100% up to $150/day
Home & Community Care 100% up to $4515/month
Inflation Protection included
90 day deductible period, once per lifetime.
Waiver of Premium included
Return of Premium Death Benefit included
Through my retirement system - Calpers.
we went through complete liquidation of parents estate for dementia care, not fun.
Fern Modena
TUG Lifetime Member
Gotta love that CalPers plan. I forgot to mention Return of Death Benefit if you die before age 70,or so (not sure exact age) without using insurance. I know they paid this when Jerry died.
You know that your spouse, parents and dependent adults are all eligible under your account, right?
Fern
You know that your spouse, parents and dependent adults are all eligible under your account, right?
Fern
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Can anyone purchase this Calpers plan? No- it is, of course, for government employees! Anyway- just found this interesting link about Calpers and its' 85% premium hike to stay solvent. Read the comments below the article....http://calwatchdog.com/2013/02/20/outrage-at-calpers-85-rate-hike-for-long-term-care/
Last edited:
- Joined
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I've seen that, I already switched to the 10 yr option, if I'm in care that long just shoot me
. That doesn't apply to us anyway, we aren't over 70. That's for the few that bought in late and now want to keep the lifetime care option.
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Good pros and cons article in the WSJ
http://online.wsj.com/news/articles/SB10001424052702303425504577352031401783756
http://online.wsj.com/news/articles/SB10001424052702303425504577352031401783756
radmoo
TUG Member
I do not recall all the particulars but I purchased mid-level plan with inflation protection. As we live in massachusetts! our estimated health costs are higher than most. The plan allows for inpatient and/or in home care. I purchased as part of Hadassah group which was actually less costly than what wS being offered by AARP or my employer( employer benefit wad not available when I took out this coverage.). I would suggest checking with cations organizations to see if they have insurance options.
isisdave
TUG Member
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- Marriott Waiohai
My coverage is very similar to SmithOp's but not through CalPers. Benefits are up to about $250 a day and unlimited, and can be spent either on nursing home care or in-home. Basically it's a pool of money you can tap for any covered use.
Bought it from Genworth at age 54, 11 years ago. Premium is about $150 a month. The earlier you buy it. the cheaper, and you don't have to worry about becoming uninsurable. Ask about non-forfeiture benefits if you can't afford it after you stop working. Or ask about paying more up front while still working.
Pick the longest elimination period they offer. This is the "deductible" and makes a huge difference in the cost. If you own timeshares, you can probably afford 6 months of self-insurance, especially if you save the difference in the premium between now and then.
Bought it from Genworth at age 54, 11 years ago. Premium is about $150 a month. The earlier you buy it. the cheaper, and you don't have to worry about becoming uninsurable. Ask about non-forfeiture benefits if you can't afford it after you stop working. Or ask about paying more up front while still working.
Pick the longest elimination period they offer. This is the "deductible" and makes a huge difference in the cost. If you own timeshares, you can probably afford 6 months of self-insurance, especially if you save the difference in the premium between now and then.
Southpaw
TUG Member
I'm 59, recently widowed, no kids and just bought LTCI from TransAmerica. In my discussion with the salesman, I said I was not sure I would need it because I believe I have enough to pay for a nursing home, if it comes to that and I don't have heirs to consider.
He said the *real* reason to have LTCI is in case home health care is needed. If I go into a nursing home for good, all my expenses are limited - no house, prop taxes, utilities, etc., assuming I sell my house.
If I am being cared for at home, I still need to pay for all those expenses, plus the cost of the care. That would be very costly.
I pay $271 per month for $170 per day max, lifetime max of $310K. I have a 3% inflation rate built in and a reset. The reset means that if I go into a nursing home and come out, the $310K max resets in case I have to go in again. The policy also has a provision for $1700 per month for non-professional care, for example, if a neighbor or relative takes care of me in my home instead of a professional.
He said the *real* reason to have LTCI is in case home health care is needed. If I go into a nursing home for good, all my expenses are limited - no house, prop taxes, utilities, etc., assuming I sell my house.
If I am being cared for at home, I still need to pay for all those expenses, plus the cost of the care. That would be very costly.
I pay $271 per month for $170 per day max, lifetime max of $310K. I have a 3% inflation rate built in and a reset. The reset means that if I go into a nursing home and come out, the $310K max resets in case I have to go in again. The policy also has a provision for $1700 per month for non-professional care, for example, if a neighbor or relative takes care of me in my home instead of a professional.
bogey21
TUG Member
Just as the rules, options and premiums for LTC policies continue to "evolve" I have seen changes with the CCRC option I described above. For example when I bought in I paid a non-refundable front end fee of about $70,000. Note that about 50% of the front end fee and my monthly fees are tax deductible as "prepaid medical expenses" which takes some of the sting out of it.
Today most of the CCRCs require between $400,000 - $700,000 up front with the contractual obligation to refund between 70% and 90% to your heirs when you die depending on the amount of your initial payment. Your heirs only get the money after the CCRC has found someone else to take over your unit. This pretty much eliminates the CCRC option for those who don't have a lot of cash and/or have no desire to leave an estate.
George
PS Note that notwithstanding the change in direction of my CCRC regarding new Residents my contract, and the contracts of others who signed up under the old non-refundable plan will continue to stay in force as long as we live.