Long Term Care Insurance

[PessOptimist]

This subject has not been addressed. At my age, almost 67, premiums for the Fed LTC insurance run from over $100 per month to over $500 per month.

Not to be confused with short term skilled nursing care after surgery or an accident, this is for if you need home or nursing home care when you can no longer take care of your personal needs. Medicare, FEHB programs and TriCare do not provide this.

I haven’t looked in to this very deeply and only looked at the FLTC premiums. My personal thoughts are that when I can no longer change my own diaper, my usefulness has run it’s course.

Thoughts on LTC insurance?

PO

 

[evilanne]

I think you would be better off with contributing/or converting regular TSP/IRAs to Roth and self insure.

With nursing home insurance if you never need it, the money is gone and the coverage is limited. When I looked at the Federal LTC, there was a cap on how much they will actually pay under their policies. Although https://www.ltcfeds.com/start/aboutltc_whatis.html states it "includes the supervision you might need due to a severe cognitive impairment (such as Alzheimer's disease)" qualifying for care is a different matter; e.g. friend's mother has dementia and some type of LTC coverage but it does not cover her particular situation and even if it did, most plans max out @ 5 years and I believe she has been caring for her mother close to 10 years now.

With a Roth, it will grow tax free and likely exceed the cap down the road. If you don't need, it will go to your beneficiary(ies).

 

[1965Vintage]

I think you would be better off with contributing/or converting regular TSP/IRAs to Roth and self insure.

Without a doubt.

I am dealing with my Mother, who is in assisted living. I know how expensive it is and I have looked into LT Care insurance. My research shows it is a scam! Stay away.

At the very best it will only pay for 10 years in an assisted living center. Then what? Hmm

My plan is to place a bullet in my head when I can no longer take care of myself.

 

[PessOptimist]

Thanks evilanne and 1965vintage. My thoughts too. We are bombarded with offers about LTC and I thought it should be discussed. Even if Magnum PI and game show host's endorse it. I may be confusing it with reverse mortgages or Medicare Part C.

PO

 

[Cactus]

Without a doubt.

I am dealing with my Mother, who is in assisted living. I know how expensive it is and I have looked into LT Care insurance. My research shows it is a scam! Stay away.

At the very best it will only pay for 10 years in an assisted living center. Then what? Hmm

My plan is to place a bullet in my head when I can no longer take care of myself.

I'm glad I'm not the only one who thinks that way.

The way I see it, it's about the quality of life not the quantity. I don't want to stick around living in missery with someone else taking care of everything because I can no longer move. When I'm that far gone it's time to move on.

 

[tom4jean]

I'm glad I'm not the only one who thinks that way.

The way I see it, it's about the quality of life not the quantity. I don't want to stick around living in missery with someone else taking care of everything because I can no longer move. When I'm that far gone it's time to move on.

Although I understand the reasons, life happens and usually by the time the decision to go into long-term care is made it's not made by you, but for you. Often by family members that have to deal with the cost etc.... As a nurse I've seen it many times where the family has to deal with all that. I did for my mother.

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[Intrepid_Timer]

Although I understand the reasons, life happens and usually by the time the decision to go into long-term care is made it's not made by you, but for you. Often by family members that have to deal with the cost etc.... As a nurse I've seen it many times where the family has to deal with all that. I did for my mother.

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Going through it now with my mama. Came to Texas a week a half ago because my brother said she wasn't doing well (she's 83). Doctor put her in the hospital last Tuesday and they told us this Friday that she probably wouldn't last the weekend (congestive heart failure) and all she was doing was sleeping, not eating and couldn't hold a conversation. I came to grips with that had been running around locating her will, getting a power of attorney, talking to the funeral home, etc. Went to see her this morning and she was sitting there eating and asked what I was doing there. They are now talking about sending her to the nursing and rehab home in a couple of days with the ultimate goal of getting her back home, but only if she can take care of herself. She's a strong ole coot and will probably outlive me now, but you never know.............crazy.

Anyway, Medicare will cover her in the nursing home at 100% for the first 20 days, but then that goes down to 80% for days 20-100 and then that's it. I was told early today that since she has Tricare, it will cover the other 20% for those days. After 100 days, we'll have to try and get her on Medicaid. That shouldn't be issue since she only gets $900 per month from her late husband's social security, but her checking account can't have more than $2000 in it or she won't qualify. She only has like $400-$500 in bills every month and I hear you shouldn't be just taking money out of her account with the power of attorney as it looks "suspicious", so I'm not sure what we are going to do about that. Guess I'll have to hire an attorney who specializes in medicaid issues. Just throwing it out there so others can plan ahead.

 

[tom4jean]

....Guess I'll have to hire an attorney who specializes in medicaid issues. Just throwing it out there so others can plan ahead.

Sorry to hear that Mike, although glad she's better. Getting the Medicaid lawyer now is the way to go to help you wade through all that, I wish I had. After my mother died the nursing home tried to go after me personally for the balance of her account since I had signed a paper for her which I had thought I had done as POA, but I failed to write "POA" after my name! By then I had a lawyer and he settled it for me for a much lower amount that we were able to pay off with part of her estate.

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[Scout333]

Although I understand the reasons, life happens and usually by the time the decision to go into long-term care is made it's not made by you, but for you. Often by family members that have to deal with the cost etc.... As a nurse I've seen it many times where the family has to deal with all that. I did for my mother.

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It is pretty shocking how much it can cost for long-term care. My mom had alzheimers and dementia and lived over 18 years in an assisted living facility. Estimated we spent 3/4 of a million dollars taking care of her. Fortunately my father was a triple dipper and was very frugal. She had military, social security, and civil service retirement checks and he had some real estate investments that she inherited when he died. Most families have no idea how much it can cost.

 

[exnavyew]

Is the Federal Long Term Care Insurance worth it? I've been reading reviews about John Hancocks's willingness to take premiums but reluctance to pay out benefits when the time comes. All comments, good or bad, are welcome. Thanks.

 

[weatherweenie]

Wow! 18 years in assisted living. I was told, the average amount of time that a person with alzheimers/dementia will live in assisted living is 5 years. My mom, and my mother-in-law, both lasted 2-3 years with dementia, in assisted living.

It is pretty shocking how much it can cost for long-term care. My mom had alzheimers and dementia and lived over 18 years in an assisted living facility. Estimated we spent 3/4 of a million dollars taking care of her. Fortunately my father was a triple dipper and was very frugal. She had military, social security, and civil service retirement checks and he had some real estate investments that she inherited when he died. Most families have no idea how much it can cost.

 

[evilanne]

exnavyew,

I don't think Federal LTC Insurance is worth it...my mother has had LTC Insurance costing $3-4K per year for many years. I do not object but she is so head strong I don't think she will ever be able to use it. At one point the annual cost almost doubled from what she originally had, contrary to what the representative had told her when they sold her the policy (I think it was Hancock). They gave the option to reduce benefits for a reduced cost or pay the higher cost, which she did.

My recommendation is to self insure, preferably using Roth, where if you don't need it, it will go to your beneficiaries.