Long term care insurance
 

Wasn't sure if this belonged on the MS type forum or over here since it pertains to both. I was reading an article last night on the myths of retirement and it said that although we may think we have enough saved for retirement, many don't. It also talked about the importance of long term care insurance. So that is my question. Does anyone have it, what is the average premium. I googled long term care insurance asking what the average premium is and I couldn't believe it is as high as it is. It suggested that you start this in your 40's. Whoops, I'm 64 and hubbie 65, almost 66. Premiums for people in the 60s are less than those in the 70's where it is the highest so I figured i better get some info on this. Does medicare not pay for any long term care if there is a medical need for it??? I know that it completely covers something like 5 weeks but no coverage at all after that. Medicaid would not be an option for us because of our retirement savings which we have worked hard to get to where it is and thought that we were doing OK.

Doydie, I had it through my employer and it was $1.12 per pay period! I never thought I'd need it but it was too inexpensive to not have. Boy, am I ever thankful I got it when I did. There is no way I could afford it now. I've told both of my boys to get it now....while they are young and healthy. I'd rather them pay for a long-term health care policy than life insurance. If your employer offers it - GET IT! You can always have your own private policy, too. Mine lasts through 2027 so I have to plan for the day when I won't have it but it sure is a blessing now.

I applied twice BEFORE getting dxd with MS and was denied due to the possibility of having MS.
I offerred to pay top premiums if they would cover me, but I was refused.

So we are saving for the possibility of me needing loads of medical help when I get older. I insisted on DH getting covered; he wasn't denied, although his premiums are high due to the fact that his brother passed from colon cancer.

If medical costs were more tightly regulated I wouldn't be so worried, but they are runaway in our country, so we who are chronically ill have to be prepared for huge bills later in life:(

When I was younger, I, almost, wasn't excepted on my DH's policy, because
My Doc had written MS on my med record. At that time, it was only a question
and I hadn't been DXed, so they had to cover me (according to Ohio State Ins.
Rules).

Later on, when I was in the hospital being DXed, the same insurance co tried to
deny coverage, due to pre-existing condition and they couldn't do it....so I was
covered.:D

I suggest checking your State's Insurance Board, to see what the rules are for
Ins,Cos doing business in your state. That goes for other types of Insurance
too. I also got them to cover a Homeowner loss..I used to be a fighter...LOL

There are lawyers who specialize in Elder Care. I contacted one when my mom had to go in a nursing home. I knew she'd be there several years, and no way could we afford it. He got her on MediCADE legally. She already had Medicare. The nursing home got all but $30 of her SS check, MediCADE paid the rest. She got the care she needed, that I couldn't do at home for her.
It's worth checking into, I'm sure all states have something similar. Eases your mind, and all your hard earned $$ is spared.

You have to have pretty limited assets for medicaid to take over before depleting them as I recall. Or establish a trust fund to hide assets 5 years beforehand?

I have no idea why trust funds are so popular with the rich!

i signed up for a private insur co LTCI many yrs ago. that was well before i was dx'd with all my issues now. i pay about $1200/yr. but, like i said, i've had the policy for many yrs.

So in other words you guys are saying that since I have diabetes and MS, my husband has heart disease and Parkinsons, there is a good chance we won't be able to get any??? Maybe we need to check into doing something special with the automatic payout Charlie is required to take out of his funds at age 701/2 that could be ear marked toward long term care. I think we are close to $150,00 in out investements right now and they gain an automatic 4.5% and he has an additional Jackson fund that is confusing to me. It isn't gaining much but the death benefit is guaranteed. I don't care what the death benefit is. I want something that is going to cover us in life time. We have a small pension through where we worked and then Social Security and who knows how long that will last. My check is a ice one since I was an RN but DHs is not. I wish my pension check was larger. It would have been if I had been able to wiat until age 70 to start drawing it. But DH retired before he was 65 and My Social security check was the only income then. So we both started out pensions. I was something like 60??? Sure was smaller than I was counting on. But I wasn't counting on him having a melt down because of new computer system at work that he couldn't learn.

We didn't do a trust fund. Mom didn't have a lot of assets, it was all turned over to me as her caretaker. That's why an Elder lawyer can help. This was 10+ years ago his fee was 700. I thought it was worth it. They know the laws for your state, no rumors.

I would make sure my 401K is well-stocked and watched after...people who are against Medicare and Medicaid don't understand how quickly one can drown in debt from suddenly getting ill...that's why we all need to take care of ourselves financially, IMHO.