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 Long Term Care Insurance 
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Joined: Mon Nov 22, 2010 1:24 pm
Posts: 57
Post Re: Long Term Care Insurance
My husband and I bought long term care insurance through California Public....(Calpers) many years ago when we were in our 40s. I tried to get a plan for my mother as well but she already had too many pre existing conditions to qualify. It has inflation protection 5% and covers somewhere around $3500 a month of care. Over the years they have increased the premiums... I reduced our plans to only cover 3 years of care instead of life time which reduced the premium a little. We now pay 86.00 per month for each of us. There is a return of your premiums if you dont use it with a sliding scale as you get older. I think when you reach 70 years you no longer get a refund of your premiums. Last I checked we had already put around 8,000.00 into the plan. Susie Orman, financial advisor recommends purchasing your plan in your 50s because you end up paying less in your lifetime. I am just happy both of us have a plan in place. We are now 56.

I will be instructing my family, in the event I get dementia ,to try and hold off on any placement until about 3 years before death! Good luck to them on that. But hopefully one of us will be aware enough to know when the time is right to get help. I doubt our savings will be able to survive he expences. You can only do what you can do.
Sharon E.


Wed Oct 26, 2011 12:19 pm
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Joined: Tue Dec 29, 2009 2:28 pm
Posts: 464
Location: Minnesota
Post Re: Long Term Care Insurance
If I had waited until my 50s to get LTC insurance, I wouldn't have qualified. I was in my 40s when I got it. And I am advising my early 30s nieces and nephews to get it soon. Premiums are lower if you start earlier. And there is no way to predict what is going to happen health-wise in your 30s, 40s, 50s or later. I say get it while you are young and healthy. Who can say how long that will last?

Kate

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Kate [i](Cared for Mom for years before anyone else noticed the symptoms, but the last year of her life was rough and we needed to place her in an SNF, where she passed in February 2012)[/i]


Wed Oct 26, 2011 1:09 pm
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Joined: Fri Jan 15, 2010 9:33 pm
Posts: 3437
Location: Vermont
Post Re: Long Term Care Insurance
We finally made a decision about which LTC policy to purchase. We are buying a type that can be used for either my husband or me, has an inflation factor built in, and it will last for roughly 3 years of care. The rest will have to be self-insured.
This has been a difficult decision to make, but I am glad we are doing it now since we are in our early 60's and there are now dementia illnesses on both my mom's and my dad's side. I guess my sister and I are doomed.... let's hope not.
Anyway, I think Kate makes a good point about getting this when you are younger, although it is less expensive than I thought it was going to be because we shortened the time to 3 years and we are not buying 2 separate policies to cover each of us. This policy will also cover in-home care and we'd be able to pay a family member, friend, or whomever we choose to provide us in-home care if we need it. This made sense for us, and may not be the right thing for others. Suggestion - find a good insurance person that you really trust. I met this agent through our local Chamber of Commerce and since the Chamber is sponsoring it, we are getting a much better rate than if we'd walked in off the street and weren't part of that group. Lynn

_________________
Lynn, daughter of 89 year old dad dx with possiblity of LBD, CBD, PSP, FTD, ALS, Vascular Dementia, AD, etc., died Nov. 30, 2010 after living in ALF for 18 months.


Fri Jul 20, 2012 9:44 pm
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Joined: Fri Jan 15, 2010 9:33 pm
Posts: 3437
Location: Vermont
Post Re: Long Term Care Insurance
We finally made a decision about which LTC policy to purchase. We are buying a type that can be used for either my husband or me, has an inflation factor built in, and it will last for roughly 3 years of care. The rest will have to be self-insured.
This has been a difficult decision to make, but I am glad we are doing it now since we are in our early 60's and there are now dementia illnesses on both my mom's and my dad's side. I guess my sister and I are doomed.... let's hope not.
Anyway, I think Kate makes a good point about getting this when you are younger, although it is less expensive than I thought it was going to be because we shortened the time to 3 years and we are not buying 2 separate policies to cover each of us. This policy will also cover in-home care and we'd be able to pay a family member, friend, or whomever we choose to provide us in-home care if we need it. This made sense for us, and may not be the right thing for others. Suggestion - find a good insurance person that you really trust. I met this agent through our local Chamber of Commerce and since the Chamber is sponsoring it, we are getting a much better rate than if we'd walked in off the street and weren't part of that group. Lynn

_________________
Lynn, daughter of 89 year old dad dx with possiblity of LBD, CBD, PSP, FTD, ALS, Vascular Dementia, AD, etc., died Nov. 30, 2010 after living in ALF for 18 months.


Fri Jul 20, 2012 9:45 pm
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Joined: Tue Dec 29, 2009 2:28 pm
Posts: 464
Location: Minnesota
Post Re: Long Term Care Insurance
I'm glad you did, Lynn. That part about being able to use it for either you or your husband sounds interesting. Being single, it doesn't apply to me. But I like the idea. I bought mine through my family insurance agent and every time I talk with her I learn something new that makes me glad I got it from her.

I'm not so sure I would ever buy long-term care insurance through my employer. Using an independent agent for both long-term care insurance and an additional life insurance policy assures me that those policies will stay in place, regardless of who my employer is. If anyone is considering long-term care insurance through your employer you might want to ask about what would happen if there were a change in your employment. Would you be able to take a policy with you and at what price? The important thing is to buy the policy when you are healthy and can qualify for it. And that it will last regardless of other circumstances in your life. Just like life insurance, there are many conditions that could prevent you from getting a policy later.

Kate

_________________
Kate [i](Cared for Mom for years before anyone else noticed the symptoms, but the last year of her life was rough and we needed to place her in an SNF, where she passed in February 2012)[/i]


Mon Jul 23, 2012 11:57 am
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Joined: Fri Jan 15, 2010 9:33 pm
Posts: 3437
Location: Vermont
Post Re: Long Term Care Insurance
Very good point, Kate. I have yet to go through the medical interview and "pass" so I hope I didn't speak too soon about "buying" the policy! Hopefully we will both pass the interview questions and WILL be buying the policy before the rates are raised on Aug. 1.
Based on most couples I know who have had LTC insurance, 1 person has either not had to use it, or both of them did not need it for more than about 2 or 3 years. So, it's a gamble, but I'm hoping that what we have chosen will be the best for the 2 of us. Lynn

_________________
Lynn, daughter of 89 year old dad dx with possiblity of LBD, CBD, PSP, FTD, ALS, Vascular Dementia, AD, etc., died Nov. 30, 2010 after living in ALF for 18 months.


Mon Jul 23, 2012 2:31 pm
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