I just received an ad from AARP regarding long-term care insurance. DH is 82 w/AD. I'm 77 w/COPD etc. I'm sure this would really be expensive, but does anyone out there have LTC insurance? How old are you and how long have you had it? I'm not trying to be nosey. I'm just trying to figure out if I should get it at this point in time. It seems as if I really have a lot of decisions to make now and I hope I don't sound whiney. Suggestions?
I do have LTC and I don't know what I would have done without it. MY company is Genworth and they are very picky about who they will accept. When we purchased it we were told only 20% of applicants are accepted. I am very healthy, took it out at age 65 and my premiums are $624/3 months. My policy has no time limit and includes home care if I need it. It covers Bill's care and as he is a benificiary I no longer have to pay his premiums. There is a 100 day wait period. Usually a person has a qualifying 3 day hosp. stay, then goes into NH where MC covers 30 days, then at a reduced rate of 60 more days if the person qualifies for skilled care. Mawzy-there's too much to discuss. Ask specific questions. I trust AARP but would be very careful about others. Genworth has been perfict for us.
We have long-term care insurance. We got it about 5 years ago when I was 58 and my husband was 64. We are paying about $200/month for both of us. I am very thankful we got it then - before I was diagnosed with diabetes and he was diagnosed with MCI. I'm not sure if there is a company that would sell it to you with your medical conditions. I'll be interested to hear what you decide to do.
Yes, both my DH and I have LTC insurance. We bought the policy over 8 years ago. My DH was 64 and I was 52, when we purchased it and both were in good health. Now, my DH has Alz. and is in a NH, so, it paid for itself in less than 6 mos in the facility.
We got the policy that was $250 per day, unlimited, so, as long as the cost does not go over $250 per day, that will be OK. Right now the cost of the NH is $124 per day and this includes laundry, diapers,all creams/lotions, etc. Our facility goes up approx. $3.00 per day once a year, so, hopefully we will be OK with this. Very nice facility. Luckily, I am no longer having to pay for my DH LTC insurance as it is now paid up, no more premiums deducted.
LTC insurance is expensive, but, proved invaluable to us. They are now a lot more strict on their guidelines than they used to be. Some are now testing you, and if you have any health problem, you probably cannot get LTC. Once you are diagnosed with a Alz., you can no longer get the insurance. Luckily for us, we did it before we even knew of the Alz.
I am not going to say that you cannot get it, because I do not know about all the companies, but, my neighbor tried 6 mos. ago, at the age of 62 and was turned down. She was on anti-depressants and has hip problems, so, they declined her application.
It is definately worth looking into to, but, it will be very expensive. The younger you can get this type of insurance the better, but, AARP has a good LTC policy and worth checking into.
About 10 years ago my wife and I applied for LTC. She was accepted, but I was denied because I had had an infected foot a couple of months previously. I told them I would not pay for hers unless I was also accepted so they re-evaluated me and decided to accept me. By that time I was sufficiently mad at them that I turned down both policies - not a good decision in view of wife's AD. Now, obviously, it's too late, so I'll have to do my best to keep her at home for the duration of this disease.
We took out LTC insurance 8 years ago when both were healthy. We got it thru USAA insurance, and it is covered by John Hancock . I don't know how great it is or not as we haven't had to use it. G threw away ALL our insurance information a bit ago (cleaning house)so I had to order a new policy to see just what we have covered. Haven't gotten it yet. We pay around $1400.00 annual premiums each...which after paying for my mother's Nh years ago I realize is nothing. It pays $221.62 per day for NH benefits, but has a three year NH benefit period..doesn't seem very long to me. It also has 100% home health daily benefits. This is all from a summary I have.
I also took out a LTC policy about eight years ago. The attorney and financial planner suggested that I do it then while I was still young? and relatively healthy...LOL.....It is with a company called Unum Provident. I pay a premium of $2500/year for 10 years and then the policy is paid for. This year will be year eight so only two more years to pay.....I am supposing I will be hit by a bus the day it is paid off and never see a dime of that money...! It will not pay for everything, but will certainly put a dent in a NH bill....it also pays for in home care.
I wish we had invested in Long Term Coverage. Never thought I would even be thinking of LTC at 57 years old. My husband has Extended Care Coverage taken out of his retirement check, however, I don't think it is the same thing. I should investigate.
Let me know about that retirement check thing. DH does get a pension check from his company and SS. We have medicare plus supplementary insurance and of course Plan D for meds. I have a terrible feeling we're going to come up a bit short toward the end. But, then you never know.
Did I read you live in Federal Way? Do you know anything about The Woodmark, an assisted living facility that has an Alzheimer's specialty wing? My husband was seen at the UW memory center in June and they are recommending placement; one of my issues is that I drive only locally normally, and West Seattle has no appropriate place for an EOAD patient who is otherwise in good health. Federal Way seems very far to me!
As for long term care, I was in a total panic as to how I would survive financially (I have spent most of our nearly 43 years of marriage as a homemaker,only working now and again part-time) and even the elder care attorney we saw said it looked pretty grim. I then found out my husband has long term care as a benefit that we weren't even aware of! They are currently paying for adult day health 3 days a week. It is very flexible, allowing for in-home care or residential. I expect I will still need to cover some things...but they allow $275/day for NH (which I doubt he should need), and $200/day for "boarding home", which I understand the Woodmark is classified as.
Sometime in the mid 1990's I had DH at UCLA, already knew he had some sort of dementia. A counselor suggested I get LTC for myselfd, DH would not qualify. I thought about the possibility that both DH and I might need care and how would our children manage for both of us, plus their own family & needs. They were always there for us, I knew they would try, but they'd go bankrupt. I got it for myself, can't remember the details now, about what others have said, but I'm glad I did it. It was w/G.E. (Genworth) & I pay $1300/mo. Much later I would place DH for about $4000/mo, much more now. But w/our SS, IRA's and my renting out the children's rooms, I managed to keep up. Hope I never need it for myself.
We applied for LTC and I qualified but my husband did not because he had a heart attack the year before. This was before he was diagnosed. We pay 1800 per year for mine. If anyone is not diagnosed and have not had any evaluations to be traced, most definitely get it first.
Just received a call from a representative of AARP re long term care insurance. I sent a card asking for information. She told me that DH is not eligible--at 82 w/AD no one will insure him at all, period, end of discussion. She was more concerned about me. Even w/ COPD, I'm in pretty good health and she said it looked like I could qualify. I'm afraid if DH does have to be placed, at $75,000 a year, our savings will be depleted very quickly. That would leave nothing for me to live on if I should become ill or infirm. I'm thinking seriously of it. She said the premium would be between $250 and $400 a month. I know nothing about this stuff. How does that sound to you folks?
I'm 77. DH is 82. I do have COPD (chronic obstructive pulmonary disease--emphasema/chronic bronchitis). I'm quite healthy. Take 2 drugs a day to keep airways open but other than that it's business as usual. I don't consider myself young, but, maybe in comparison to some others, maybe I am still young (I feel pretty young) but numbers don't lie. (smile)
For anyone who may not officially have a diagnosis and whose LO is still working, be sure you have long term disability. And further, make it the kind you pay for in that the money is taken out of the paycheck rather than the type that the employer may pay for. We totally lucked into this (thanks to some incredible advice from my sister, the head of HR for a large corporation). Right before husband was dx'd, it was benefit renewal time at his company. I kind of knew something was wrong and out of fear of the unknown, upped his disability benefits to the self paid type because it would pay 70% of his pay rather than 60% that was customary with the company paid type. The difference, which I didn't understand at the time, is that because we had opted for the self-pay type and were paying with money deducted from his paycheck, all the LTD payments would be tax free! The W-2 form we receive shows his former employer and $0 for gross income every year. The upshot of this is that we receive practically the same amount as we did when he was employed and having taxes taken out. Had it been the other type (employer paid) all of the money would have been considered taxable. It took me a long time to comprehend this and I called the disability benefits provider, his employer, an accountant and the IRS before I believed it to be true. We don't have long term care, but the long term disability has been a godsend. He was 54 when diagnosed and the coverage lasts until he would have retired at 65.
We do have LTC, and got it when we both retired in 2001...my husb never did like "insurance", but when we got some Life Ins for me (he retired with his), the rep talked w/us about LTC and since we'd had it @ pre-retirement pd for by our company, he agreed we prob should get it...both did. It has been a Godsend for me -- pays $120 per day, unlimited, and the previous $68 per mth premium went away after meeting our 20-day-out of pocket costs...It is thru MetLife and I pay $35 per mth for my policy (age 41 when we got it)...Husb's policy also has paid for things in our home to help him, i.e. grab-bars & installation of same, etc...will also pay for someone (anyone I choose) to "grocery shop" for us -- $120 per mth for this service -- I have been very pleased with our policy, altho I know if he ever has to go into a facility, $120 per day won't cover it all...but it's def better than 0.00 being covered...We are blessed.
Mawzy - I meant to say @ the end that I agree with Bluedaze that the premiums you have been quoted seem "high"...You might check out METLIFE to see what they might have for you as another "option" to AARP. I hope you find something much much more affordable!
Whoa Mawzy, that does seem high. Our LTC is thru USAA and we have had it since 2000, but our premiums are half what you quoted..actually less than $2000.00/year each. That said, age at take out must be a huge factor, and we haven't "tested" it yet, but USAA has always been a high quality company for us. Two house disasters that were covered plus car etc.
Well, it looks like I'm going to have to do some more thinking before I sign up for anything. Sure glad I asked you guys. What a great place this--if one person doesn't have an answer, someone else does. is'nt that great!!
Haven't started looking into LTC yet, but I'll give another vote for USAA. I've had car insurance through them for years, always low rates and good responses to claims; just switched to their homeowners because they've consistently had the best record in CA for claims from wildfires; and just put my husband on their Medigap because their rates were way the best.
In the beginning, USAA was only for gov't employees..+ military etc. and families of..now it has changed a great deal and is more readily available for others. Not too sure how far it stretches, but worth a looksee.
Sunshyne--Do you know whom I contact for the Medigap and Medicare Part D Humana? I'm thinking more and more I need to do some more research. I doubt if anyone will insure DH, but perhaps I can insure myself for a few less $$. Thanks so much for all your input. Means a lot!!
He has Meicare and Medicaid through a waiver program (in Michigan)which includes coordination with Part D. H gets his ntire Soc. Sc. check as the medicaid pays the Medicare premium and the coordination with th Part D means really lo co-pays on meds and no premium out of pockect. I have Medicare and Part D with the Medicare premium subtracted from my SSD and I pay a premium and co pays for my meds. We have no life insurance on him (only some AD&D). As regards Long term insurance for us, that boat sailed long ago. Too costly on disability incomes, but a thought crossed my mind. Seems like we caregivers of our Los with Alz etc. should qualify for payments from such insurance or Medicare/Medicaid. After all, we are providing the care under medical guidance. Plus we are cheaper than a NH or Hospice. Any ideas how to get this to fly? Just one of my fly-by-night-thoughts.
well, you can get paid for caring for someone through many state programs(or medicaid etc ). The catch is you can not be that persons DPOA. At least that is what they told me, here in New Hampshire. They told me if I was willing to give up his DPOA, they would pay me for hours they would have sent out a home aid. Not willing to give up his DPOA though, but I thought that was rather a nice service they offered. They did offer to pay someone in my family as well.
Would they pay my grandson? He comes over almost every week to do yard work, vacumme, windows, drive us around, etc.: That would be so nice if he could receive a little remuneration for his efforts.
I can't speak for all states or programs... but this was through medicaid. Where Lynns AD is severe, he was approved for a program here that will allow a family member to be paid for services they would offer. As explained to me, it is far cheaper to pay someone to help you keep them home, than to place them in a NH... so they offer services like this. They offered to pay a family member to sit with Lynn, as it is obvious he would not go to a day care. I didn't ask for anything, these were just things they offered when they came to evaluate him. Ask your local agencies. Best of luck!
Oh I should note, if I do want a family member to sit with him, instead of them sending someone out, or trying to place him in day care..... that person would have to go to their office for a brief training, and their care providing, would be overseen by Lynn's medicaid case manager.
Mawzy, if your husband has had "qualifying" insurance -- you said he already has supplementary insurance and Plan D, right? -- no one can refuse to let him transfer. You might have to wait for an "open enrollment" period -- I haven't gone through this yet but I think it's around the end of the year. Anyway, the USAA people will be very nice about answering any questions you have.
The USAA number for Medigap that's with the packet of info they sent me: 1-800-531-6399
This is the "USAA Life Insurance Co" but they also sell the health insurance. They can either talk to you about Part D or transfer you to the right extension.
You can compare Medigap plans at: www.medicare.gov
Down at the bottom of this page is a section on "search tools" ... in the upper right-hand corner of that is "compare health plans and Medigap policies in your area"
For Medicare Part D, there is a great online tool that compares plans while calculating potential savings:
You enter all your prescription drugs (including dosages) and it tells you how much each plan that's available in your area would cost for a full year, including premiums, co-pays, and going through the donut hole.