I think I need to get Long Term health care for my husband. His health seems to be declining and he is a smoker. I need to be prepared to take care of him in the future. I need to have enough money saved to pay for his health care, and find good affordable insurance.
Before anyone says it, I know it would be better if he quit smoking, but I can't force him to do it. He tried to do it for me once, but he wasn't able to do it.
He is also a veteran, are there any veteran program for paying for nursing home care.
I am presently filing claims with one of the best long-term care insurers in the U.S. There’s a lot of red tape; invoices and receipts to manage and submit; providers that are denied; and if you’re not good at scanning into a computer and submitting online, forget it. I like that part but many people aren’t tech savvy and wouldn’t have a clue.
If my DH had self-insured, all I’d have to do is pay privately from an account, period. I’d be deciding what provider qualified, not an insurer. At this time of difficulty in his illness, that would be so much easier and efficient.
A person's health has to meet the criteria for LTC. Some conditions are acceptable and some are not. An interview will be done where you disclose your health info, then they request medical records. If you get a medical condition after purchasing the plan, it is not held against you. But they won't pay out if you have hidden a medical condition that would have disqualified you.
My Mom bought an older plan back in 1990 and paid on it about 25 years, but she definitely used it for the last 4 years of her life. For the care she received at home and in AL, it would have cost about a half million that LTC covered. But her plan bought in 1990, was before crazy rate hikes and before the companies realized people would be using the payout for several years.
Good luck with your search. All you can do is speak with several companies and find out if any LTC they offer is a good match for you or your hubby.
company stopped carrying it so i changed companies and in 2006 went to another company and it’s now costing about $1500 a month for both with forever coverage as long we pay till in a facility.
there is no way we could afford facility care without it but i worry about how long we can do it.
LTC insurance landscape for underwriters is not profitable. The big insurers (MetLife 2010 and Genworth this year) stopped writing new policies but still service existing ones. What has taken their place is a hybrid life insurance policy which has LTC coverage & a life insurance benefit. Often hybrids require single lump sum premium paid. Like 200K range. Often when a company downsize, they offer hybrids as part of the exit package and contribute a %.
If there simply isn’t the $ to afford LTC, imho, you are best off looking into how Medicaid program for health insurance and for LTC programs runs for your State and what options exist for custodial care in a facility. Then you as the community spouse do whatever to show that you as a community spouse need your hubs mo income so he does not have all his income go as the copay or Share of Cost to the NH. Doing stuff like this is not ever a DIY. It’s all State dependent on it’s very intricate regulations. You need an elder law attorney who is experienced in Medciaid and not just all about estate planning.
There is this to consider with long term care insurance, also, other than its high monthly cost.
It can SOMETIMES not be a good thing when you are in need of going onto governmental assistance. Take this sort of made up example:
John is 40 years old.
He just can't save much: to many obligations. BUT he works for a great company, his job is safe, and he will retire with a pension to add to social security.
So John decides he will now invest in a long term care insurance policy.
Now comes the sad news that John, at 65, has early onset Alzheimer's Disease. He is retired and he has his good social security. And he has the wonderful long term care insurance. But he just doesn't have much else. A car and an apartment. And John needs memory care.
So the family looks around and find care at a nearby facility.
But John has 2,500 for SS, 2,000 from pension, and 2,000 from LTC policy.
So John makes way too much to qualify for any Medicaid help.
BUT
John doens't make enough for the 15,000 a month LTC facility.
John's family now has to go to see about Miller Trusts and QIT because John is monthly asset rich, but real assets poor. Has no home to sell. No million dollars sitting in accounts.
These questions, what to do about aging, about savings, about anything in the realm are so complicated. It is good if you can get a financial advisor or an hour of time with an elder law care attorney with some basic questions. You sit down with your spouse if you have one and go through your assets, your pensions, your SS at retirement, and you make decisions.
For LTC insurance, waiting until age is creeping in, is already too late to consider some things. Do research online "Long Term Care Insurance: Pros and Cons." You will come up with more questions than answers, likely, but that's the way of things.
Good luck.
I am glad to hear of the VA access. Another good thing to begin to research now in terms of benefits.
Amazing how many people deny their elders the care they need and have worked their whole lives for, so that they can keep the elder's money for themselves. Utterly despicable.
If you have no assets, there is always Medicaid.
I chose to not buy one.
https://www.nerdwallet.com/article/insurance/long-term-care-insurance
Also check out this financial forum:
www.bogleheads.org