What happens if your parent's resources run out before the long term care insurance does?

Are you thinking that the LTC insurance will not cover all of her needs at that point?

Yes for the LTC does not cover all of her needs right now.

I am wrestling with a question similar to this now. My mom is 94, I am 68, her only caregiver and in retirement also. Caregiving for her is pretty much a 24/7 job, and before anyone responds about getting help either for care or financial, I have tapped as much as I can with advice from her doctor and from our county senior center. So far, we are OK, getting on, but I am worried about if I have to put her in assisted living or nursing home. I have few resources myself, a very modest IRA that I only dip into to pay taxes on the house and necessary repairs and in the last few years it has shrunk alarmingly - I had new windows installed year before last, and a new furnace this year for instance. The house itself is small and in this economy, not worth very much even if I can sell it, in our town there are houses that have been on the market for a couple years, so even if I had to sell it it may take time. If I start dipping into my IRA to support her in an assisted living, even if they take her S.S., my IRA will only last for a couple years, at very MOST. Im I being selfish to want to protect my few resources for the days when I may not have her anymore? She would say no, but I have a lot of guilt that I do not want to bankrupt myself before I am even able to begin to enjoy my own retirement.

I accidentally hit submit before I was finished proof-reading, I also wanted to add that in our community we have not much choice, there are assisted living facilities that cost a lot more than just her S.S., those county facilities who only take S.S. are not very good, in fact, mom will consider going to one of those as a certian death warrent because of my dad died in one of them (2 choices). So, I feel I am between a rock and a hard place. I want to keep her home as long as I can, but she is fast approching a condition where that may not be possible. I have also looked into hospice, there are places that have separate facilities to take the patient to, but the one in our county through the only hospital in town does not, they send hospice workers to the house. No help there, either. Am I to spend myself into bankrupcy? I should add that we are not a religious family, I do not feel comfortable in "putting my faith in God" and letting the chips fall where they may, it is not in my province. There will be on one to look out for me (I should add that I have a couple problems of my own.) if I should find myself in the same situation. I do not want Anyone to feel obligated like that anyway. I have always taken care of myself.

Isn't that where medicaid would kick in? DT your funds don't belong to your mother, so if she is technically out of funds can she not qualify for medicaid? Does the house belong to you or mom?

Is it the case, cmagnum that the NH where your mother is does not take Medicaid? That would be the obvious answer. DT, I assume that the ALs don't take Medicaid and don't have SNF sections that do?

That place where you both find yourselves -- between a rock and a hard place -- is becoming increasingly crowded and it is going to get worse, I'm afraid.

I don't know the answers, but I strongly urge you both to protect your ability to take care of yourselves financially.

If Mom has to go to one of those country nursing homes, DT, I think then you take on a strong advocate role and see to it that she gets the great care she deserves, even if the home does not have a reputation for great care.

I'm not sure that I was entirely clear with my question. My mother has long term care insurance and because of a rider, no longer pays premiums. Also, she bought a policy that is a lifetime policy. However, the money in the bank and securities may not last to pay the difference between the cost of the nursing home and what the LTC policy pays. This may or may not take place, but if it does I need to have a plan.

Ah. that makes it clearer, cmagnum. I don't know if/how Medicaid works in conjunction with an LTC policy. I guess that is the question, isn't it? Once all her resources are gone, she would presumably qualify for Medicaid. Can you talk to the director of NH about what your mom's options are once she can no longer afford to make up the difference between the LTC coverage and the NH cost? As you say, it may never happen, but it will be better to know the options ahead rather than deal with it in a crisis mode. Another source of information might be your state's department on aging.

I would be interested in what you find out. Many of us have policies that looked like adequate coverage at the time we took them out, but may not keep pace with increasing long term care costs. So if not for our loved ones, many of us would be interested in this topic. I hope you will take the time to share.

Good luck to you.