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Old 01-09-08, 02:42 PM   #1
solveg
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OT: Long Term Health Care Insurance

So, I found out today that I can take Long Term coverage out on my mom, and since she and her husband don't want to pay for it I am thinking about it for my benefit, as well as theirs.

Anyone have any experience with this?
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Old 01-09-08, 03:20 PM   #2
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We looked into it in the early 90's for ourselves. Met Life was the carrier. As I
recall it was quite expensive, and we were in our 30's at that time. They turned
down my wife because of her M.S.

I haven't looked at it since.
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Old 01-09-08, 03:21 PM   #3
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Noticed this on Cranky old dudes posting-- That squirrel- Its guinness- isn't it?
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Old 01-09-08, 04:02 PM   #4
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You need LTC to protect yourself and/or parents. It takes a minimum of one year for Social Security to kick in. 99.9% of everyone applying for SS is turned down as 7 out of 10 people will be dead within that first year. Consequently SS never pays 7 of 10 claims. Also SS requires you liquidate everything before they will pay. If LTC is required your parents estate would be liquidated to pay TLC costs leaving nothing before SS starts.
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Old 01-09-08, 05:27 PM   #5
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Originally Posted by stapfam View Post
Noticed this on Cranky old dudes posting-- That squirrel- Its guinness- isn't it?
Yes! It is a Guinness!
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Old 01-09-08, 08:55 PM   #6
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Everything I read recommends buying LTC insuarnce - but I still don't really understand it.

All I know is that I am gun shy because of my dad's experience.
He was one of the most cautious and frugal guys ever and I am sure he did a lot of research before he bought his insurance. However when he needed it (he had Parkinson's disease) it turned out that nothing he needed it for was covered. We had to pay first for live in help and eventually for nursing home care. So, as far as we were concerned, LTC was just a big rip off.

My advice - you should do a lot of homework to be sure what you are buying.
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Old 01-09-08, 09:09 PM   #7
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Quote:
Originally Posted by n4zou View Post
You need LTC to protect yourself and/or parents. It takes a minimum of one year for Social Security to kick in. 99.9% of everyone applying for SS is turned down as 7 out of 10 people will be dead within that first year. Consequently SS never pays 7 of 10 claims. Also SS requires you liquidate everything before they will pay. If LTC is required your parents estate would be liquidated to pay TLC costs leaving nothing before SS starts.
Medicaid, not Social Security.
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Old 01-09-08, 09:16 PM   #8
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My mother passed away in 2000, spending her last year-and-a-half in a skilled nursing facility. Her LTC policy paid out more than what she had paid them in premiums, near as I could figure it up. That's not a sure thing, especially if premiums become more expensive, or if a person lives very long in LTC. LTC insurance is a mathematical gamble.
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Old 01-09-08, 09:30 PM   #9
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Here's what the government says about it:
http://www.pueblo.gsa.gov/cic_text/health/ltc/guide.htm

And Consumer Reports:
http://www.consumerreports.org/cro/m...1103/overview/
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Old 01-09-08, 09:36 PM   #10
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Those were the best links I've seen. Not too complicated to start with. Thanks Tom. Thanks Everyone.
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Old 01-10-08, 05:55 AM   #11
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Yes! It is a Guinness!
Your typical Englishman can spot a Guinness at about 200 metres.
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