I have been reading alot about Long Term Care Insurance in regards to paying for assistance living, etc. Are there anyone out there who has Long Term Care Insurance they can tell me about? Is it worth paying for Long Term Care Insurance?
Both my parents had it. I suspose a lot depends on how you set it up.
My parents had 24 weeks of self pay before the insurance kicked in. Like a deductible. Then they had one payout rate for in-home care, another for AL and yet another for NH.
The in-home care was what they both utilized the most by far and the daily reimbursement rate was $30 a day - which came to a little over one hours care, when my dad was receiving 8 hours a day and then 18 hours towards the end. So the insurance was a drop in the old bucket.
My mother utilized home care for about three years and NH care for one year. The NH reimbursement rate was $90 a day - so better. Between moms insurance and her pension almost the total cost of her NH rate was covered, although we had to pay for incidentals and we continued a private caregiver for 6 hours once a week. This was out of pocket.
When everything was said and done - neither parent got back what they paid into the insurance. My mom came pretty close.
The problem in my mind was how they set the insurance up. The way they set it up made for lower yearly premium- which I can’t recall for sure but I think it was around $1,400 a year.
However, for the number of years they paid for LTC insurance- the numbers just didn’t pan out in the end - and I have to wonder if they would have been better off making some smart investments with that money.
My parents had 24 weeks of self pay before the insurance kicked in. Like a deductible. Then they had one payout rate for in-home care, another for AL and yet another for NH.
The in-home care was what they both utilized the most by far and the daily reimbursement rate was $30 a day - which came to a little over one hours care, when my dad was receiving 8 hours a day and then 18 hours towards the end. So the insurance was a drop in the old bucket.
My mother utilized home care for about three years and NH care for one year. The NH reimbursement rate was $90 a day - so better. Between moms insurance and her pension almost the total cost of her NH rate was covered, although we had to pay for incidentals and we continued a private caregiver for 6 hours once a week. This was out of pocket.
When everything was said and done - neither parent got back what they paid into the insurance. My mom came pretty close.
The problem in my mind was how they set the insurance up. The way they set it up made for lower yearly premium- which I can’t recall for sure but I think it was around $1,400 a year.
However, for the number of years they paid for LTC insurance- the numbers just didn’t pan out in the end - and I have to wonder if they would have been better off making some smart investments with that money.
I don't have any info or experience
but if you use the search box in the upper right hand corner. put in ...
long term care
there are a lot of q & a and also some articles with q & a's