Long Term Care Insurance Recommendations?

[Fossil Farm]

We have also learned that for medicare to pay for a nursing home, they must have no assets left. And, if you choose to transfer their assets to any heirs, it must be done at least 5 years before.

I suggest anyone who is close to this situation, contact an attorney right away to get things set up. And be sure you use an attorney familiar with this sort of thing. The first 2 attorneys we used didn't do anything to protect their assets. We are on the third attorney, but I fear we may be too late.

Also, their long term insurance is with John Hancock

Medicare only pays for nursing home care for rehab, such as after hip surgery or a stroke for about 90 days. The patient must show
daily improvement or they will cut their benefit.

Medicaid pays for nursing home care for the indigent. You can only have $1500 in the bank, no whole life insurance (has cash value),
and other requirements. Your spouse can stay in the home, but they can put a lien on it for partial payment when it is sold. As said,
they go back 5 years to see what happened to your money before you qualify for Medicaid.

Medicare and Medicaid are two different programs.

 

[zzvyb6]

I have a long term care insurance policy. I'm planning on needing $10,000 a month when the time comes. That may not even be enough in 15 years when I might be ready for it. Even $6000 per month now days barely gets you a fresh smelling room.

 

[Complete Turf Care]

Medicare only pays for nursing home care for rehab, such as after hip surgery or a stroke for about 90 days. The patient must show
daily improvement or they will cut their benefit.

Medicaid pays for nursing home care for the indigent. You can only have $1500 in the bank, no whole life insurance (has cash value),
and other requirements. Your spouse can stay in the home, but they can put a lien on it for partial payment when it is sold. As said,
they go back 5 years to see what happened to your money before you qualify for Medicaid.

Medicare and Medicaid are two different programs.

You are correct. I get medicare and medicaid confused.

 

[turnkey4099]

I have a long term care insurance policy. I'm planning on needing $10,000 a month when the time comes. That may not even be enough in 15 years when I might be ready for it. Even $6000 per month now days barely gets you a fresh smelling room.

Just went through the costs of care for my disabled wife. Fortunately I am a veteran with Tricare for Life which pays full anything that medicare has authorized and doesn't cover it self. Catch is that medicare has to 'authorize' it first.

Wife spent 5 years in gradual decline with a rare form of intestinal cancer, not diagnosed as such until near the end. She had so many other problems the symptoms hid the cancer problem. Resulted in many hospital stays to cure infections then rehab. Medicare will pay 100 days rehab provided doc says it is needed. After that it (and Tricare) don't pay a dime).

Costs: Rehab on my dime was $7,000-$9,000 a month. because she needed full time nursing care.

Nursing home again on my dime would have been $5,000 a month and I suspect it would have been little more than a bed and meals.

She died before the system bankrupted me.

Financial advisor explained the facts of life: If you or your partner need such costly treatment they well take EVERYTHING you have minus house and car and your social security.

Harry K

 

[Parkanzky]

Just went through the costs of care for my disabled wife. Fortunately I am a veteran with Tricare for Life which pays full anything that medicare has authorized and doesn't cover it self. Catch is that medicare has to 'authorize' it first.

Wife spent 5 years in gradual decline with a rare form of intestinal cancer, not diagnosed as such until near the end. She had so many other problems the symptoms hid the cancer problem. Resulted in many hospital stays to cure infections then rehab. Medicare will pay 100 days rehab provided doc says it is needed. After that it (and Tricare) don't pay a dime).

Costs: Rehab on my dime was $7,000-$9,000 a month. because she needed full time nursing care.

Nursing home again on my dime would have been $5,000 a month and I suspect it would have been little more than a bed and meals.

She died before the system bankrupted me.

Financial advisor explained the facts of life: If you or your partner need such costly treatment they well take EVERYTHING you have minus house and car and your social security.

Harry K

I'm very sorry for your loss.

If you don't mind clarifying, it would be a useful data point for my financial planning. It sounds like being in very poor health will cost ~$6-10k per month, per person. Having been through it, is that your assessment as well?

 

[k0ua]

You are correct. I get medicare and medicaid confused.

Don't feel bad, most of my prospective client could not tell you the difference. I sell Medicare supplements. What people don't know about Medicare would fill volumes.
We study this stuff every day, and still learn new things, everyday. LTC is very expensive, and requires special training to sell. I cannot quote it, but my Wife can. It also requires re-certification at frequent intervals. But if you need to know something about Medicare, I can fix you right up.

 

[k0ua]

I also sell cancer policies, and since 1 in 2 of us males and 1 in 3 of females are going to get cancer, No if's, and's or but's, I suggest those of you who do not have a policy take one out, while you don't have cancer. Selling insurance to healthy people is a rough business. I have only been in this game for a while, but I am learning fast. I get calls every day from people wanting dental insurance because the dentist has given them an estimate for major work that is going to cost some money.. They are pretty surprised when we say and "this coverage has a 3 month waiting period for basic benefits (fillings and extractions) and a 12 month waiting period for major benefits (root canals, crowns etc" They always say "but I need this done now!".

Everyone is insured whether they have a policy issued by an insurance company or whether they have decided to "self insure". And making no decision is still a decision.

 

[turnkey4099]

I'm very sorry for your loss.

If you don't mind clarifying, it would be a useful data point for my financial planning. It sounds like being in very poor health will cost ~$6-10k per month, per person. Having been through it, is that your assessment as well?

Yes, IF the person is in a "Full Nursing Care" (I think that is the term for a rehab center) or a nursing home. You can expect costs to run in that range.

Harry K

 

[Complete Turf Care]

My parents are waiting on their apartment to be ready at the assisted living home.

I ran some numbers yesterday and it will be about $9900 LESS per month (out of pocket) for them to stay in the assisted living home, compared to when they have 24 hour care in their own home.

That is IF the Long Term Care policy pays what the agent is saying it will pay. ($80 per day each)

 

[KennyG]

Another thing to look carefully at is whether the payments are indexed for inflation. If you buy a policy today that pays $80 per day and need it 25 years from now, how much will that be worth?