s/o assisted living--long term care insurance

[maize]

Does anyone have experience with long term care insurance? Do you have insurance for yourself/spouse?

[ChocolateReignRemix]

We do not. DMIL does.

 

LTC insurance is tricky as many of the policies potentially don't deliver a lot of bang for the buck.

[NorthwestMom]

My parents bought it many years ago and both needed to use it. The company made no money on them whatsoever. My stepfather was in a nursing home for 6 months before he died, needing full care. My mother had 4 years of benefits and used up 3 before she died (she lived in a facility for people with dementia), which, combined with Social Security, preserved a lot of her estate. We were fortunate to have it.

 

I believe that a lot of the terms and conditions have changed since my parents bought it. I am definitely interested in acquiring it, but I'm not sure anyone would sell it me based on my family history of Alzheimer's Disease.

 

[prairiewindmomma]

We have family that has it. They are constantly trying to deny coverage---always requiring proof of medical necessity.  The policy is inadequate in coverage as well. Frustrating.

[Seasider]

I'm thinking this is one area in which folks need to bank on self-insuring. Meaning we will hope and plan and manage to draw minimally on our investments after retirement so that ample funds remain available for our long term care.

 

It's also why I exercise and eat my greens.

[goldberry]

We've been looking at it, but that seems to be the story.  It can be good, but if you're not really careful it can be useless.  It is also extremely complicated with a million different options.  We haven't pulled the trigger yet because it seems to require a lot of time and investigating to make sure we don't get ripped off.

[Laurie4b]

One of my parents has it and it will cover absolutely everything needed--which if other relatives are a clue could be multiple years of memory care. It is a relief to not have to worry about finances. However, it was purchased "back in the day." I have no idea what the policies are like now, but it's something on my to-do list to find out. 

[JFSinIL]

My MIL had it - then needed hospice instead, since she passed six months after a late-stage colon cancer diagnosis.  That was not covered :-(

Neither of my folks have it - my dad, though, is the generation that got stock options, pensions, etc. and is well able to cover at least ten years (should he last that long) in the dementia unit in which he now exists.

 

I have read that is is getting harder for us Boomers to buy long-term care coverage since there are just too darn many of us!

 

We can't afford it - have told kids to keep a spot for us in their garage or basement as they will never be rid of us unless they set us adrift on an ice flow. Sadly, not a joke.

Edited April 24, 2017 by JFSinIL

[JFSinIL]

My parents bought it many years ago and both needed to use it. The company made no money on them whatsoever. My stepfather was in a nursing home for 6 months before he died, needing full care. My mother had 4 years of benefits and used up 3 before she died (she lived in a facility for people with dementia), which, combined with Social Security, preserved a lot of her estate. We were fortunate to have it.

 

I believe that a lot of the terms and conditions have changed since my parents bought it. I am definitely interested in acquiring it, but I'm not sure anyone would sell it me based on my family history of Alzheimer's Disease.

 

Yup. Both my folks have that diagnosis (dad more severe affected now) so figure I am doomed.  My in-laws were both mentally fine until the last (FIL, an attorney, advised hubby on a case from his hospital room mere hours before he died - we joked he should have been buried clutching a legal brief in one hand, a can of Bud in the other) so hoping my kid's brains take after that side of their family!

 

Edited April 24, 2017 by JFSinIL

[G5052]

We both have it. Both of my parents had dementia, and my husband has significant mobility and other medical issues. The chances are very high that we'll use it.

 

My dad wasn't able to purchase a policy because he developed Parkinson's in his early 50's, but Mom did. He was in a nursing home for four months before he died, and insurance covered most of that. My mother was in assisted living for about two years, with the last year in the dementia unit.

[Storygirl]

On the one hand, I think the insurance would be a good idea for us, because I have a strong family history of Alzheimer's, and DH is so much bigger than I am (almost a foot taller) that I would have a hard time caring for him if he needed physical assistance. But I'm leery of it, because of the expense and how often it does not cover what is needed.

 

My mother has been in a nursing home (not assisted living) for almost six years. She was full pay for awhile (not quite a year, I think) until she ran through her retirement account and qualified for Medicaid. Dad says that a full year of care for her would be $100,000 out of pocket. At that rate, it would not take long to run through savings, even if we had a substantial amount socked away. Costs will certainly be even higher by the time we would need that kind of care.

 

DH and I need to work through a plan together, but our first choice is to try to remain at home and hire help as needed. This was my first choice for Mom, too, and it is what we did for my grandmother, but we were not able to make it work for Mom due to family logistics. It's possible that we will need to move again in the near future, in which case we will specifically look for a home that will enable us to age in place if possible. But we know we also need alternative plans, so researching insurance is on our to-do list.