Re: [TSP_Strategy] Re: Long Term Care Insurance

 

I can not say enough good things about federal long term care insurance. I bought it for myself and my mom when it became available. I was already in my 50's And my mom was 78. At 78 her premiums were around $300 per month but she started using it with in 3 years. She has now used all $275k. Here's what it paid for---interim care after a bad recovery from A knee surgery, 6.5 years of in home assistance 4-6 hours a day, and 2 years of assisted living residence. The in home assistance allowed my parents to stay in their home until my dad died. And the money we saved by having long term care will be enough to sustain the assisted living expenses for the rest of her life. She is now 92. I found the federal program flexible and easy to use. My mom had a single care coordinator for the entire time. For several years I hired the care givers privately and the payroll service the federal long term care uses obtained an employer tax id for me and handled required state and federal tax withholding. Moms Longterm care insurance allowed me to keep working once my dad died. It has kept her out of a nursing home. If you don't know the difference between assisted living and a nursing home learn as it's important. Fortunately I have not had to use my insurance but as someone said in an earlier post 70% of elderly need assistance over a certain age. My elder law attorney son recommends buying it in your 50's when the premiums are still low enough that you are likely to claim more than you will likely pay in premiums. If you have $2M plus at retirement you can always self insure but based on my experience with my mom I think the federal program is a great deal no matter what your financial situation.

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On Apr 29, 2016, at 8:43 AM, Gary tweet_pa@yahoo.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:

 

Have a friend who's parents had LTCI for years but had trouble getting the insurance when they needed it. They did in the end but like all insurance companies they don't really want to pay if they can find a loop hole.

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On Apr 28, 2016 11:45 PM, "del brett bretdelman@msn.com [TSP_Strategy]" <TSP_Strategy@yahoogroups.com> wrote:

 

According to the article if you are doing good at age 65 there is a 70% chance you will need nursing home care for 3 to 5 years and if you are lucky its in your 90's.  I guess the

idea behind long term care insurance is to stay out of the nursing home and stay in your house and the help comes there sometimes.    Not sure if it happens often but my mom had help

but the courts forced her to go to a nursing home, didn't know it could happen that way or we would of played their game a little different.  We had a lawyer and mom had a lawyer

and the state had a lawyer and mom got the bill for all 3, biggest rip off ever but she never lost everything and probably lived longer.  Not sure the president could keep his mom

away from the nursing home with everyone against you including doctors, RN's, lawyers, and the judge.

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To: TSP_Strategy@yahoogroups.com
From: TSP_Strategy@yahoogroups.com
Date: Thu, 28 Apr 2016 20:17:46 -0700
Subject: [TSP_Strategy] Re: Long Term Care Insurance

 

Does anyone have the statistics on the percentage of the elderly who require nursing home care?

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