Forum Index > Full Moon Saloon > Long term care insurance-do you have it?
 Reply to topic
Previous :: Next Topic
Author     Message
AA+
Roly Poly
Member
Member


Joined: 02 Jan 2013
Posts: 603 | TRs | Pics
Roly Poly
Member
PostThu May 20, 2021 9:41 am 
Just wondering if anyone has got long term care insurance and what motivated you to get it?   Seems like a good idea.

Back to top Reply to topic Reply with quote Send private message
Cascades98225
Member
Member


Joined: 09 Sep 2006
Posts: 6 | TRs | Pics
Location: Bellingham
Cascades98225
Member
PostThu May 20, 2021 10:08 am 
Not very publicized but soon we will all be paying for this:
Washington State has passed a new law mandating public long-term care (LTC) benefits for Washington residents. The Long-Term Care Act was created to reduce pressure on the Medicaid system and will be paid for by a 0.58% tax on employee wages.

Back to top Reply to topic Reply with quote Send private message
RichP
here and there



Joined: 13 Jul 2006
Posts: 5147 | TRs | Pics
RichP
here and there
PostThu May 20, 2021 10:52 am 
From what I understand, Medicare will only pay for the first 100 days of care and then one is placed on Medicaid if payment is not possible. Once on Medicaid there is the possibility of your assets being seized by the state for repayment. There are ways to protect your assets if you wish to pass them on to someone or some organization, but there is a look back period of 5 years so you can't take these steps at the last minute.

As this article states, long-term care is "ruinously expensive." I can attest to this as I had a relative in a facility and the bill sometimes approached 10k per month, more than what we were originally told as there were always extra charges. Insurance might be a worthwhile consideration.

https://www.agingcare.com/articles/strategies-to-protect-money-from-medicaid-175434.htm

I'm currently researching for another family member. Adult Family Homes are a less expensive option and an alternative to large nursing homes. I wonder if there is an "old hikers" home somewhere?

Back to top Reply to topic Reply with quote Send private message
Ski
><((((°>



Joined: 28 May 2005
Posts: 11797 | TRs | Pics
Location: tacoma
Ski
><((((°>
PostThu May 20, 2021 12:15 pm 
^ As long as the medical care industry is a "for profit" business, this will continue to be the case, and no amount of ad hoc legislation (such as this latest stunt by our state legislature) is going to change that.

Unfortunately there's really no way to discuss the issue without venturing into the politics of it.

Based on the experiences of a personal friend of mine, whose parents both required very expensive long-term care, the best strategy is to liquidate all their assets, transfer titles to other family members, and dole out what little money is left to nieces and nephews and let the state take the hit. The alternative is to find out just how screwed up our medical care system is in this country.

--------------
"I shall wear white flannel trousers, and walk upon the beach. 
I have heard the mermaids singing, each to each."
Back to top Reply to topic Reply with quote Send private message
Sculpin
Member
Member


Joined: 23 Apr 2015
Posts: 918 | TRs | Pics
Sculpin
Member
PostThu May 20, 2021 12:57 pm 
Roly Poly wrote:
Just wondering if anyone has got long term care insurance and what motivated you to get it?  Seems like a good idea.

The situation we are in is uniquely American.  We are the only first world country that routinely wipes out the family wealth of those made infirm by age.  That being said, long term care insurance is really expensive and the probability is low that you will need it.  Even if you avoided gambling all your life by staying out of the stock market, getting a fixed rate mortgage, etc. you will be forced to gamble here no matter what decision you make.

--------------
Between every two pines is a doorway to the new world. - John Muir
Back to top Reply to topic Reply with quote Send private message
Kim Brown
Member
Member


Joined: 13 Jul 2009
Posts: 6192 | TRs | Pics
Kim Brown
Member
PostThu May 20, 2021 1:07 pm 
I have had it for years. The motivation was that if anything happened where I couldn't care for myself, I would have to move in with family, and my family is in Texas. Texas. Ugh.

Scared the bejeezus out of me. I will stay here, and waste away until I'm dead.

--------------
" I'm really happy about this! … I have very strong good and horrible memories up there."  – oldgranola, NWH’s outdoors advocate.
Back to top Reply to topic Reply with quote Send private message
fourteen410
Member
Member


Joined: 23 May 2008
Posts: 2222 | TRs | Pics
fourteen410
Member
PostThu May 20, 2021 1:33 pm 
Cascades98225 wrote:
Not very publicized but soon we will all be paying for this:
Washington State has passed a new law mandating public long-term care (LTC) benefits for Washington residents. The Long-Term Care Act was created to reduce pressure on the Medicaid system and will be paid for by a 0.58% tax on employee wages.

^ This. More people need to pay attention. I don't want to pay for LTC insurance but it will no longer be an option. If you don't want to be on the state's plan, you have to show proof of private LTC coverage. Ended up doing the latter bc the cost was the same but private had better coverage. Ugh.

Back to top Reply to topic Reply with quote Send private message
Randito
Snarky Member



Joined: 27 Jul 2008
Posts: 8104 | TRs | Pics
Location: Bellevue at the moment.
Randito
Snarky Member
PostThu May 20, 2021 1:35 pm 
FWIW: As my mother-in-law aged we moved her to a "memory care" level facility that at the level of care she needed ended up costing around $8600 / month.  She lived there for 3 years before congestive heart failure ended her life @92.5   Fortunately she had the financial resources to pay.   If she had lived another couple years, we would have needed to apply for Medicaid.

My mom's financial circumstances weren't as strong,  so we did apply for medicaid and she lived the last 6 months in an adult family home where medicaid paid the $4500 monthly fee.

If I was single and childless,   I wouldn't bother.   By the time my MIL and my mom were in high level care , they had advanced enough dementia that they didn't really know what was happening and the folks that cared for my mom on Medicaid were actually very kind and caring.

My dad lived in a low level assisted care facility for a long time on his SSI + Boeing Pension + savings.    He was running a deficit,  but about the time his resources dipped below some veterans administration threshold for a benefit for disabled veterans he had a massive heart attack and died after a week.

Because of my wife's concerns about ending up in similar circumstances medically as her mom and not wanting to burden our kids,  we have long care insurance.

When I calculate the net present value of those premiums compared to other investment options,  I not sure it's the right financial move,  but for peace of mind and knowing you can't win an emotional argument with facts -- we have it.

Back to top Reply to topic Reply with quote Send private message
Ski
><((((°>



Joined: 28 May 2005
Posts: 11797 | TRs | Pics
Location: tacoma
Ski
><((((°>
PostThu May 20, 2021 2:02 pm 
Randito wrote:
"...around $8600 / month..."

That was either some time ago, or you got a hell of a deal.
Care for my buddy's dad was WAY more than that and he died several years ago.

--------------
"I shall wear white flannel trousers, and walk upon the beach. 
I have heard the mermaids singing, each to each."
Back to top Reply to topic Reply with quote Send private message
neek
Member
Member


Joined: 12 Sep 2011
Posts: 1718 | TRs | Pics
Location: Seattle, WA
neek
Member
PostThu May 20, 2021 2:02 pm 
fourteen410 wrote:
^ This. More people need to pay attention. I don't want to pay for LTC insurance but it will no longer be an option. If you don't want to be on the state's plan, you have to show proof of private LTC coverage. Ended up doing the latter bc the cost was the same but private had better coverage. Ugh.

this is what all high earners will end up doing.  there's a cap on the benefit, but not on the payroll deduction  dizzy.gif  bank for private insurers.  my plan: maximize healthspan, then jump off a cliff.  insurance is indeed just another form of gambling, where on average the house wins.

Back to top Reply to topic Reply with quote Send private message
cdestroyer
Member
Member


Joined: 14 Sep 2015
Posts: 825 | TRs | Pics
Location: montana
cdestroyer
Member
PostThu May 20, 2021 5:30 pm 
both of my parents died before needing the long term care. I have the VA/medicare for most of my care.

Back to top Reply to topic Reply with quote Send private message
Cyclopath
Faster than light



Joined: 20 Mar 2012
Posts: 5109 | TRs | Pics
Location: Seattle
Cyclopath
Faster than light
PostThu May 20, 2021 9:30 pm 
I have a Bear.  When I get too infirm to open cans, he's going to start getting hangry.

Back to top Reply to topic Reply with quote Send private message
Randito
Snarky Member



Joined: 27 Jul 2008
Posts: 8104 | TRs | Pics
Location: Bellevue at the moment.
Randito
Snarky Member
PostThu May 20, 2021 9:34 pm 
Ski wrote:
Randito wrote:
"...around $8600 / month..."

That was either some time ago, or you got a hell of a deal.
Care for my buddy's dad was WAY more than that and he died several years ago.

7 years ago -- easy to remember,  my MIL died an hour after my 1st grandson was born.

Her needs weren't too high,  she was still ambulatory and didn't need help with dressing or bathing.  And while her dementia was considerable,  she wasn't combative or a wanderer.    So she wasn't in "lock down" care.

My mom in her last months was completely dependent.   A Parkinson's type disease had her immobilized-- to the point that she couldn't speak or even make facial expressions.  Her brain was befuddled as well.   The last time she was assessed,  her answer to "Who's the president?" was "Eisenhower"

Back to top Reply to topic Reply with quote Send private message
Ski
><((((°>



Joined: 28 May 2005
Posts: 11797 | TRs | Pics
Location: tacoma
Ski
><((((°>
PostThu May 20, 2021 11:35 pm 
Randito wrote:
And while her dementia was considerable,  she wasn't combative or a wanderer.

Without going into great detail, the situation with my friend's father was unfortunately quite the opposite.

--------------
"I shall wear white flannel trousers, and walk upon the beach. 
I have heard the mermaids singing, each to each."
Back to top Reply to topic Reply with quote Send private message
Bedivere
Why Do Witches Burn?



Joined: 25 Jul 2008
Posts: 7462 | TRs | Pics
Location: The Hermitage
Bedivere
Why Do Witches Burn?
PostFri May 21, 2021 2:57 am 
Are they getting around the prohibition on income taxes by calling this a "payroll tax?"

Hard to believe this will withstand a challenge in court.

--------------
Photo Portfolio
Back to top Reply to topic Reply with quote Send private message
   All times are GMT - 8 Hours
 Reply to topic
Forum Index > Full Moon Saloon > Long term care insurance-do you have it?
  Happy Birthday Gil, mtnresqr!
Jump to:   
Search this topic:

You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
   Use Disclaimer Powered by phpBB Privacy Policy