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The way my mother's LTC policy was set up did not pay the nursing home directly. I paid the nursing home and then sent a copy of that month's bill to the LTC and they sent my mother a check which covered a large portion of the expense.
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One of the ? in all this that gets overlooked is whether or not a facility will accept the insurance. At my mom's NH, they flat will not take LTC policies for payment. EIther your private pay or Medicaid or Medicare. Billing told me that the reporting requirements from all the different carriers was just too much of a headache. Company A has a different form than Company B which want's something different. Medicaid even at a low room & board day rate is better than dealing with the myriad of LTC reporting.

We are about to have a tsumani of baby boomers who will be filing against their LTC polices. And the costs for health care have increased dramatically from what it was 15 - 25 years ago when the policy was written. What insurance companies tend to do when faced with huge payouts, is to very carefully define the fine print on the conditions on fulfilling the contracts. Obstacles will be placed to be able to get fulfillment. Having a policy that pays for a CNA 5 times a week for 3 hours only doesn't really help if they need 24/7 care. Having a policy that requires the caregiver to be a Registered Nurse is great but only if there are RN's who want to do the job and at the pay scale the LTC policy has set. Those are the kinds of issues we are going to read about that are going to happen as they were based on what health care was like in the 1980's.
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My advice is to consider the carrier first before purchasing. This is the most forgotten factor when purchasing long-term care insurance but the most important too. Looking up the ratings of long term care insurance companies is important.

I hope people will not just focus in finding affordable policies but will also consider the ratings of companies before making a purchase. In doing so, you can avoid inconveniences in the future.
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Its a fact of life. Unless you have more than 2 million dollars saved (and want all of that spent on care) you need LTC ins.
Most people can get it, even if you have diabetes or had cancer. Rates vary of course.
I have an annuity-LTC hybrid policy. If I never use it, my premiums go to beneficiary. Plus is is adjst for inflation, no lifetime max, etc. Only cost me$2800/ year ffor 20 yrs.
If you don't want to shell out a little bit now with a small payment, be prepared to risk going on Medicaid. And have a dormitory-style room in not a pretty setting.
I'd rather make sacrifices and pay that small premium now
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My mother had LTC insurance and it paid a sizable part of her monthly nursing home bill for four years before she died.She had bought one with a rider for an annual inflation increase and a rider for premiums to cease once she entered the nursing home. My step-mother benefited from her with a rider for home health care which my dad is using his policy as well while staying at home. Unlike my mother's policy, my dad's policy only lasts 4 years. He is 89 and no one in our family tree, male or female, has lived this long.
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Long-term care insurance is a good option, but not for everyone. You have to consider the pros and cons of having one. The greatest issue could be affordability because long-term care insurance comes at a cost. Starting with the basic fundamentals, according to http://www.longtermcareinsurance.org/, statistics showed that 70% of Americans aged 65 and older will be needing some form of long-term care, however, the cost of ltci can be a challenge to your finances. In addition, you should anticipate future rate increase.
You have to assess your needs first, consider you finances and preference for future ltc needs. Check the rate increase history of the insurance provider and do not forget to check the reviews or ratings of the carrier. Based on ltcoptions/long-term-care-insurance/long-term-care-insurance-companies/, the stability of the company will also determine your policy's strength.
Speak with a specialist, and purchase a policy that is relevant to your personal situation. If you are living paycheck to paycheck, a stand along ltci may not be the best fit you, check out other options to cover your future long-term care expenses.
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I worked in a well known Long Term Care company for 11 years. I know the ropes. I know what to look for, what to avoid, what to buy and why. Even if you would qualify for insurance. You can't just have it. You learn alot on the inside. I have my own policy. If you want details, message me so we can exchange numbers.
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It is a good option for future care but you need to be wary about its cost. Long-term care insurance can go anywhere from $1,000 to $7,000 annually. Also, insurance companies are increasing their premiums which makes it hard for interested individuals to get covered. However, it is worth it since it provides comprehensive coverage for home care, adult day care, assisted living facilities, nursing homes and other facilities. There are also myriad of ways that can help bring down your premiums.

Experts claim that buying long-term care insurance early can help you save money. Since you're young and healthy, insurance companies will grant you coverage for an affordable price. Another way you can save money is by creating a policy based on your needs and personalizing policy features like elimination period and benefit amount. It is also beneficial to compare long term care insurance quotes from reputable websites like http://www.longtermcareinsurance.org/, https://www.aaltci.org/ and http://www.freeltcquotes.com/. By requesting for quotes, you can compare costs, policies from major carriers, benefits and even discounts. But please proceed with caution and only stick to websites that are reliable since you will provide your personal details, which will be used to create quotes that is within your budget and can satisfy your future care needs.

Without a doubt, long-term care insurance is a great financial shield which will give you not only peace of mind but protection for your assets.
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AKDaughter, there is a program called the long term care insurance partnership program, it is a collaboration between the government and private insurance companies, in case you might be interested. With the partnership program, they have an asset- disregard benefit which would not require you to spend down all your asset to qualify.

The key to having a good ltci policy is to tailor your plan, don't just give in to what insurance agents sell to you because you might end up overinsuring. When this happens, the purpose of the product is no longer beneficial. If you are still unsure, these sources can be a great help as they aim to educate people about ltci:

aaltci.org
longtercare.gov
infolongtermcare.org
longtermcarelink.net
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AKDaughter, I'm with you. I think LTC insurance is often a pig-in-a-poke. You think you're buying one thing and when the time comes, you find your coverage isn't nearly as beneficial as you thought it was because of the fine print, inflation, and exclusions. The premiums are very expensive and paid for years. I'd rather invest that money in the stock market myself.
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Thanks, Blannie. I have been looking for a straightforward, unbiased article on this topic for years. There are things in the Consumer Reports article that I have suspected, but are never mentioned by the agents selling these policies. I only know of one person who actually used their long-term care benefits, and in his case, it only covered $3,000 of the nearly $10,000 monthly fee for the SNF, even though it had an inflation rider. It seems to me that for people of modest means, paying premiums for years simply postpones the Medicaid eligibility date, thus saving the state money.
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The issue with long term care insurance is not the insurance itself but the not-so-positive notion surrounding it. For years now, LTCi has been tagged as a so-so insurance policy since you can never really tell if you're going to need it in the future or not. It's a gamble, everyone says. Well the truth is, buying any kind of insurance is a gamble. It is only a matter of perception and careful planning before deciding which insurance one will likely to use.

In general however, long term care insurance is as beneficial as you could possibly get from any other insurance. Used in nursing facilities, hospice care, and such, long term care has a notorious cost ranging from $50,000 to $100,000 annually. Now, imagine paying that amount of money. Unbelievable, isn't? That is why it is advisable to have your long term care insurance reviews as early as possible. To learn more about this, visit acsia for more information
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My dad didn't have long-term care insurance and it was only after he passed away that my siblings and I realized the importance of this coverage. That's because my sister and I ended up shouldering the cost of our dad's treatments and long-term care services. In just a 14 months our savings were wiped out and had to start all over again. If you're considering LTCI, then I suggest you start by first doing your own comparison of different long-term care insurance quotes. Rates or premiums vary from one insurance company to another. Prices are based on age, health condition, and benefits/riders selection. Insurers also offer different discounts and options depending on the personal details of the interested buyer.
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Many people are still unaware of the impact of long term care in their lives, but with the problems brought about by the crisis of aging, we all should be educated and well informed of how important it is. I have heard a lot of stories where seniors who have saved up for their retirement end up being drain of all their assets for paying care out of pocket. There is a great risk that all of us will be long term care dependent sooner or later, so are you willing to take the risk? Nursing home, ALF or even home care could cost you at least $80K depending on your state, there are state where care would cost up to $120K!

Long term care insurance is something that some seniors are glad they got. While there are some people who do not believe in ltc insurance, because they think that they will just be throwing money by investing into something that they are not sure if they will be needing in the future. However, there are ltc insurance alternatives that allows you to use your benefits even if you stay healthy and do not require long term care services.

The key is to consider your health, age and family's health history before purchasing and ltc insurance. It would also be advisable to talk only to experts from reliable insurance companies with strong financial stability and ratings. In addition, long term care quotes are now available online, it gives you faster results and it is free so you can compare ltc rates and choose the best options. If you still need comprehensive information about everything ltc check out the learning center of infolongtermcare.org. Hope this helps :)
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