Go Back  Bike Forums > Bike Forums > Fifty Plus (50+)
Reload this Page >

OT: Long Term Health Care Insurance

Fifty Plus (50+) Share the victories, challenges, successes and special concerns of bicyclists 50 and older. Especially useful for those entering or reentering bicycling.

OT: Long Term Health Care Insurance

Old 01-09-08, 02:42 PM
  #1  
solveg
Squirrel
Thread Starter
 
solveg's Avatar
 
Join Date: Jun 2007
Location: Winfield, KS
Posts: 4,928

Bikes: 07 Rivendell Atlantis, 83 Schwinn Peloton, 94 Scott Cheyenne, 81 SR Touring Bike, 80's CCM,

Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Likes: 0
Liked 0 Times in 0 Posts
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?
__________________
solveg is offline  
Old 01-09-08, 03:20 PM
  #2  
cranky old dude
Senior Member
 
Join Date: Jul 2006
Posts: 4,259
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Likes: 0
Liked 0 Times in 0 Posts
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.
cranky old dude is offline  
Old 01-09-08, 03:21 PM
  #3  
stapfam
Time for a change.
 
stapfam's Avatar
 
Join Date: Jan 2004
Location: 6 miles inland from the coast of Sussex, in the South East of England
Posts: 19,914

Bikes: Dale MT2000. Bianchi FS920 Kona Explosif. Giant TCR C. Boreas Ignis. Pinarello Fp Uno.

Mentioned: 2 Post(s)
Tagged: 0 Thread(s)
Quoted: 2 Post(s)
Likes: 0
Liked 0 Times in 0 Posts
Noticed this on Cranky old dudes posting-- That squirrel- Its guinness- isn't it?
__________________
How long was I in the army? Five foot seven.


Spike Milligan
stapfam is offline  
Old 01-09-08, 04:02 PM
  #4  
n4zou
Scott
 
n4zou's Avatar
 
Join Date: Jun 2006
Posts: 2,393

Bikes: Too Many

Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 1 Post(s)
Likes: 0
Liked 0 Times in 0 Posts
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.
n4zou is offline  
Old 01-09-08, 05:27 PM
  #5  
solveg
Squirrel
Thread Starter
 
solveg's Avatar
 
Join Date: Jun 2007
Location: Winfield, KS
Posts: 4,928

Bikes: 07 Rivendell Atlantis, 83 Schwinn Peloton, 94 Scott Cheyenne, 81 SR Touring Bike, 80's CCM,

Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Likes: 0
Liked 0 Times in 0 Posts
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!
__________________
solveg is offline  
Old 01-09-08, 08:55 PM
  #6  
bikerwannabe
Senior Member
 
Join Date: Dec 2006
Posts: 134
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Likes: 0
Liked 0 Times in 0 Posts
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.
bikerwannabe is offline  
Old 01-09-08, 09:09 PM
  #7  
JanMM
rebmeM roineS
 
JanMM's Avatar
 
Join Date: Jan 2006
Location: Metro Indy, IN
Posts: 15,462

Bikes: RANS V3 ti, RANS V-Rex, RANS Screamer

Mentioned: 15 Post(s)
Tagged: 0 Thread(s)
Quoted: 462 Post(s)
Liked 15 Times in 15 Posts
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.
JanMM is offline  
Old 01-09-08, 09:16 PM
  #8  
JanMM
rebmeM roineS
 
JanMM's Avatar
 
Join Date: Jan 2006
Location: Metro Indy, IN
Posts: 15,462

Bikes: RANS V3 ti, RANS V-Rex, RANS Screamer

Mentioned: 15 Post(s)
Tagged: 0 Thread(s)
Quoted: 462 Post(s)
Liked 15 Times in 15 Posts
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.
JanMM is offline  
Old 01-09-08, 09:30 PM
  #9  
Tom Bombadil
His Brain is Gone!
 
Tom Bombadil's Avatar
 
Join Date: Sep 2006
Location: Paoli, Wisconsin
Posts: 9,979

Bikes: RANS Stratus, Bridgestone CB-1, Trek 7600, Sun EZ-Rider AX, Fuji Absolute 1.0, Cayne Rambler 3

Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 1 Post(s)
Likes: 0
Liked 0 Times in 0 Posts
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/
__________________
"Too often I would hear men boast of the miles covered that day, rarely of what they had seen." Louis L'Amour

There are two types of road bikers: bikers who are faster than me, and me. Bruce Cameron - Denver Post
Tom Bombadil is offline  
Old 01-09-08, 09:36 PM
  #10  
solveg
Squirrel
Thread Starter
 
solveg's Avatar
 
Join Date: Jun 2007
Location: Winfield, KS
Posts: 4,928

Bikes: 07 Rivendell Atlantis, 83 Schwinn Peloton, 94 Scott Cheyenne, 81 SR Touring Bike, 80's CCM,

Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Likes: 0
Liked 0 Times in 0 Posts
Originally Posted by Tom Bombadil View Post
Those were the best links I've seen. Not too complicated to start with. Thanks Tom. Thanks Everyone.
__________________
solveg is offline  
Old 01-10-08, 05:55 AM
  #11  
maddmaxx 
Small Member
 
maddmaxx's Avatar
 
Join Date: Nov 2003
Posts: 7,164

Bikes: Diamondback Clarity II frame homebuilt.

Mentioned: 84 Post(s)
Tagged: 0 Thread(s)
Quoted: 10746 Post(s)
Liked 15 Times in 14 Posts
Originally Posted by solveg View Post
Yes! It is a Guinness!
Your typical Englishman can spot a Guinness at about 200 metres.
maddmaxx is offline  
Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
MattyMurdah
Cyclocross and Gravelbiking (Recreational)
12
03-30-18 02:39 PM
holyravioli
Mountain Biking
10
06-27-12 05:56 PM
Hipcycler
Road Cycling
25
12-27-06 06:28 PM

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service

Copyright 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.