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Thread: Long term care insurance

  1. #11
    Premier Sponsor Mare's Avatar
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    You need to very carefully check the details on any policy you get. My dad had it, but it literally only covered less than a full year of care. I think his payout was about $50K total. He would have been better off investing that money over the years he paid it.

    Most are not worth it. I really doubt in years to come unless they cure dementia, anyone will be able to get significant long term care insurance.

    My dad's nursing home costs $9100 a month. Yeah.

  2. #12
    Nihongo dame desu villanelle's Avatar
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    I hear all about them and I have done zero research. I don't understand the line of what medical insurance covers vs. LTC insurance.

  3. #13
    ••••••••••••• niccikatie's Avatar
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    Here's a good link about what your medical insurance usually covers.

    Most forms of insurance, such as the private health insurance or HMO you may have on your own or through your employer, follow the same general rules as Medicare with regard to paying for long-term care services. If they do cover long-term care services, it is typically only for skilled, short-term, medically necessary care.

    • Like Medicare, the skilled nursing stay must follow a recent hospitalization for the same or related condition and is limited to 100 days
    • Coverage of home care is also limited to medically necessary skilled care
    • Most forms of private insurance do not cover custodial or personal care services at all
    • Your plan may help you pay for some of the copayments or deductibles that Medicare imposes. For example, your plan may help cover the $137.50 per day for Medicare covered nursing home care for days 21 through 100

    So your medical insurance typically will not cover when you decide on your own that there is more care needed. And, if that care follows a hospitalization, after day 100 you're typically on your own.

  4. #14
    Premier Sponsor Junebug's Avatar
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    I have it. Bought in my thirties, it is very inexpensive and I have an inflation protection option on it (so the benefits effectively double every 20 years, although my rate stays the same). I have seen so many people assume that Medicare or other social insurance will pay for nursing care... just not so.

  5. #15
    Vicious Trollop Kimm's Avatar
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    Quote Originally Posted by jen View Post
    You never know, either. Car accidents happen and you could need care at any time.
    Yep. There is no predicting when one will need it.

    No one knew that DH's mother would develop early onset Alzheimer's in her late 40s.

    And there was a guy at her nursing home who was in his early 30s. He had been in an accident and there was no fixing the damage. He needed 24/7 care for the rest of his life.

  6. #16
    Full Sponsor RealCranky's Avatar
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    Read that policy very carefully. Everything I've seen lately advises against buying it because a decent policy is increasingly very, very expensive and quite a few companies have dropped out of the market.

    We had a heck of a time getting my mom's policy to pay up, and she'd had it a long time.

    Id see an estate planner first.
    nesha ;-)


    Down with the Tsar!
    Time to storm the Winter Palace...

  7. #17

  8. #18
    Premier Sponsor Kay's Avatar
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    Like Medicare, the skilled nursing stay must follow a recent hospitalization for the same or related condition and is limited to 100 days


    That is 100 days per year with Medicare. If you are in a nursing home for a few weeks after a hip repair, and later in the year have to go to a nursing for another reason you do not get another 100 days. It doesn't matter if it is a totally different reasons its still 100 days per year. So don't use up all your days with one illness, rehab. Your screwed if you break another hip later in the year. Ask one of my residents who has been in and out of the hospital and different nursing homes for various reasons this year. Her days are up and it doesn't matter that she is in no way able to go home at this point, medicare won't pay any more. She now has to find a way to pay to stay longer.

  9. #19
    Premier Sponsor Mare's Avatar
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    Quote Originally Posted by Kay View Post
    Like Medicare, the skilled nursing stay must follow a recent hospitalization for the same or related condition and is limited to 100 days


    That is 100 days per year with Medicare. If you are in a nursing home for a few weeks after a hip repair, and later in the year have to go to a nursing for another reason you do not get another 100 days. It doesn't matter if it is a totally different reasons its still 100 days per year. So don't use up all your days with one illness, rehab. Your screwed if you break another hip later in the year. Ask one of my residents who has been in and out of the hospital and different nursing homes for various reasons this year. Her days are up and it doesn't matter that she is in no way able to go home at this point, medicare won't pay any more. She now has to find a way to pay to stay longer.
    Also, the nightmare I had with my dad was that he was so out of it and not recovering from the anesthesia that he was deemed "uncooperative" with rehab. He was essentially in the nursing home for rehab for less than 2 weeks and the home reported he was not cooperating, so Medicare stopped paying. It was a freaking nightmare. The man was having hallucinations and was not functioning.

    So, you have to be with it enough to participate in physical therapy. If you have dementia or dementia like complications from surgery or hospitalization, it's possible Medicare won't pay.

  10. #20
    Premier Sponsor Mare's Avatar
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    Quote Originally Posted by RealCranky View Post
    Read that policy very carefully. Everything I've seen lately advises against buying it because a decent policy is increasingly very, very expensive and quite a few companies have dropped out of the market.

    We had a heck of a time getting my mom's policy to pay up, and she'd had it a long time.

    Id see an estate planner first.
    Absolutely. This is what my estate planning lawyer told me. Because so many people are developing Alzheimer's and living longer and needing care at the end, it's simply not a profitable insurance product anymore.

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