Very interesting. I've always heard bad things about LTC insurance. By me it can cost well over $10,000 a month for a nursing home. These policies always seemed to pay far less and had lots of loop holes.

Its really SAD all the "fine print" people don't know and/or see when getting any type of insurance..............and even sadder that many insurance companies do not pay when all is said and done............for some reason in the "fine print" that was over looked:(

Its also beary sad how many hoops folks have to jump through and how long it takes to get any answers :(:(

Beary sad for sure:(:(

IMO its mostly a huge racket. I won"t spend good money on something I may never need.

TroJan........you are prolly beary smart person:):) Hubby and I have regular life insurance that we have paid on for years, but as I try to seek help for me, I find that many places want to know about our (small life insurance ) policies..........prolly in hopes of getting them.......I'm sure. Well that sure wasn't why we got them:(:(

Its just not right............but its things ya never know "growing up" :(:(

Thanks for the info peaceful. I was just thinking about it for my Dad and I'm not getting it now. Insurance companies always seem to have loop holes. It's so sad:((((
Hugs

These days you need a very knowledgeable financial advisor and then you still need to do your own research. Things like life insurance can be good or can be bad, depending on the type and how it is titled. You need to know if it is considered your asset or if it is a policy that pays someone else on your death and you cannot touch no matter what. There are also other legal and financial tools that will let you protect your assets while providing the best care.

I've been working on this with my mother for many years, I'm an accountant and I still find myself consulting with another accountant and mom's lawyer at least once a year to make sure we are doing the best possible things.

Funny, the timing of this post. WE just found out, that my Mom is being released from the Rehab center on August 9th. They will have done all they can do for her there.

But, she's not ready to come home, because she needs someone here with her at home, 24 hours a day, and able to pick her up if she falls (she's a fall risk, with her balance, and her stubbornness.)

So, she can't come home, because i'm physically disabled with bad hips,knees, spinal stenosis,and a bad case of degenerative disc disease.

She does have a LT Health Care policy. We are going to call and get the specific information, so we know if they will pay anything.

The social worker is looking into Assisted Living homes for her. She's not ready to be in a nursing home, she's more advanced for that right now.

I'm bumming though, because i'm hoping her insurance will cover some...but either way..if they take a lot of her money, and she is in there, we may have to sell the house. I am on a limited income on social security disability.

I would have to hire people come in to pack, and clean, and all of those things you need to do, to prepare in selling the house.

I knew this time would come ,but I'm still not prepared. They said she will be released next week!!!!

The other thing is, at the end of August, I'm having major surgery, and will be limited in what I can do for the 1st few weeks. It's times like these, I wish my brother wasn't way out in Seattle ,WA.

Ok, will keep y'all informed on how things go. We are getting brochures to different places, & then we will go and look at them and get prices.

Boo

Well I have said it before and I shall say it again! I know it costs money not everyone has but if at all possible get an elder c are lawyer BEFORE the money runs out. Some of the best money we ever spent.

Boo go online to aplaceformom.com They have a free referral service. They know the places and the costs.

It's hard when they fall in between like that. Rehab requires that you are progressing but you might not qualify for skilled care. I hope you can find something that will work.

Thanks Tigg!!!

Boo

Wow, this topic really came up for several of us in a big way. I am still on the outside looking in with my Mom on this. I try to bring it up in other ways. Like, "a friend of mine has a Dad at home..." then put some of her details in and say they home is going to be secured for assets etc..
Mom either has NO clue what she (I) will face IF she requires in house care for an extended or till death. OR she thinks there is enough saved some place I know nothing about so that we can hire in help.
At some point I will suggest the elder attorney visit to update all her ideas of this stage of life.

For Deb and Boo, whatever you setup if you have time to outline details I would really appreciate. We all seem to be in the "figuring it out" point.

Hang in there Boo with the packing and all. There are reasonable groups to hire or some who volunteer depending on circumstances.
Agency on Aging offers some help to people over 50 who are disabled
P

Bill her estate for moving costs. You should not have to pay out of your pocket for this sort of expense.

LTC costs are outrageous. How can anyone afford $10, 000 per month to share a room? One can go on a luxury cruise first class for less.
I don't understand at all how that is ju justifiable. Tge food isn't even tgat great in LTC.

I may wander off in the woods with a couple bottles of tylenol and a bottle of whisky before contemplating that.

Sunny, that is a great reminder..."charging the estate for moving"
There must a list of acceptable expenses and the limits somewhere.

I have issues with understanding some of the description. They are vague when reading "reasonable expense or fee" as a Trustee or even
Executor. What amount would this be? Gonna have to get this fact on board.
It does seem the 10K is ridiculous. I think this is why my folks thought it possible to stay at home and hire in care if needed. Cheaper. They are not rich but secure.

PS. What is the thing about going into the woods all about? My sister says this too although her liver failure attempt includes starvation and coyotes. :)

(Sorry Boo...to lose focus on your thread...I do take that seriously)

P

Wow, never mind the sentence to Boo. This is my thread. Mornings are tough on me. While typing, Mom is reading the paper aloud. No excuse for such a blunder but it is funny.
If I did not know me better, would think I was nippin' on the whiskey
Sunny is toting into the woods....

Yours Truly and per-caffeinated,
P

Ok, this was a shitty day!!!!

I went to Mom's rehab center to call the LTC Ins. Company. She has paid about $1800 per year, for this LTC insurance mind you....

They will pay: $268.00 per day for Nursing Home care, of for Assisted Living Care. She doesn't qualify for the Assisted Living care, because she is a "FALL RISK"....All of those times she tried to get up by herself, are now "against" her, in trying to be place in Assisted Living for now. She is in need of 24 hour care.

So, our options are a nursing home. One of them is $11,000 per year!!!!!!!!!!!!!!!!!!!!!!!! The social worker told me that price.

I have some to call on Monday, but, she does have a clause on her policy, that they will not touch her assets, until she has exhausted them, and at that point, she'd go into Strait Medicaid anyways, cause she would only have her Social security check. She does get a dividend check to supplement her income each month, so after they take what they need, she will end up having Medicaid take whatever money she has, and foot the bill.

Luckily, my mom has a Living Trust. This will protect all of her assets in stocks bonds, mutual funds, so they will be protected until she dies, and my brother and I will get ownership of those assets.

There is a possibility, that Mom would qualify for the Medicaid Excess Income Spenddown.

basically what that means is, they would charge her the difference from the maximum you can make to be on Medicaid, and what her income is monthly, and pay the difference, to have Medicaid cover her nursing home costs.

This actually may work to her benefit, as she only has so much per month, and I just have to call her Financial advisor, to see if the dividend deposit she gets every month, would be considered income, along with her Social security,..which I know is considered income.

WheW!!!! did you get all that? that's what my day has been like, along with making umpteen phone calls and talking to numerous places. I had a freakin' headache at the end of this day, and am still up at 3am, cause my mind is racing with all that I have to do, so that Mom is safe, and taken care of, cause I LOVE MY MOM!!!

more later, once I find out more info,

"Tired Boo"