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She has mid-moderate Alzheimer's disease, and want to get the most out of her benefits at her stage.

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If she needs personal care, I would begin the claims process as soon as possible to help pay for it. My friends' LTC policy had a 90 day waiting period and a daily limit on the amount and also a total amount limit. The wife's care began in April with 3 days a week, the became 24 hour care in May, and into a memory care apartment in June. The husband's care began with the memory care apartment move as they went in as a couple. The wife's policy was larger because she was 17 years younger and they always assumed the husband would go first and wouldn't need as much. Just the reverse has happened. The wife passed near the end of October and used just a fraction of the money she could have received if she lived longer. I submit a copy of the monthly bill to them and they pay the maximum daily amount for that the following month, so I am always paying ahead. The husband could well live longer than the payments will last, but it looks like we can pay for this for 3-5 years with the value of his condo and the IRA assets and his savings account. Once his assets are low enough, he will qualify for veteran's benefits. The AL facility agrees to take public financing once he's lived there 18 months at their regular rates, some $7,000 a month. His monthly retirement benefits pays for about half of this now and his long-term care policy kicks in about $2100 a month and the rest comes out of his assets. Generally speaking, long-term care policy companies are "reluctant" to pay, I have been told. In talking with the reps on the phone, however, I have found this company to be knowledgeable and supportive. When I complimented them on this and thanked them for it, they acted surprised because they usually just get grief. All the limits are spelled out in the policy and it's up to me as their P.O.A. to read the policy and understand the limitations. I want to use the policy benefits as quickly as possible as that is the only way to have it pay out to the agreed upon limits before my friend passes on. Good luck with this journey. I hope you find good answers and lots of support.
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My 85 yr spouse has dementia. Then you don't need the other 3 things to qualify. Our policy had a 90 day our pay in licensed facility. I talked to care facility licensed & they agreed to take spouse for 1 hr day for 90 days @$15 hr. I was blessed as we finished 90 days LTC started to pay. We then moved and we had max $120 day for 6 yrs. We had added to policy alternative care so we can hire unlicensed persons but must periodically use licensed person or place to get the continuing waiver of premium. Must have Dr fill out form for care needed once yr. I suggest Dr. put max care so you are covered whether you go to care 7 days or 3 days you satisfy LTC. I also needed DPOA not POA. Lots of loops to question & every policy is different. I pay caregiver make copy of ck, record date, time in & out, amt paid, policy #, I then sign/date & send in to LTC so I am reimbursement. Takes lot of time but welll worth it. He is at home W caregiver unlicensed but goes to licensed adult Day Care once in 2 wks & will go there for 2 wk respite care. I ckd several places. Prices vary greatly as do home care. I have called LTC many times as policy is not always understandable. I've even called on same question to make sure of answer given by different people. The 120 day for 6 yrs is really not the years but will give 20 years if total money not used in our policy. We don't always use max in one day as this could go on who knows how long. Dementia/alz is staying w slow changes in my husband & want $ there for when it gets really bad. Who ever thought we would use it. You are smart to stay ahead of what is to come. As a wife I read a lot about alz & support grp is invaluable preparing you for what may happen & then I'm not devastated. Bless you for your care. God has been along my side all the way.
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Yup, that's it, all used up in 5 years. Bear in mind that once a patient enters a nursing home, they average about 2 years life expectancy. For my MIL, it was only 3 months. That's 90 days and YOU pay the first 90 days.
Now if your loved one dies in a short period, the payout ends and you do NOT get any kind of refund. None. Zip. Zero. The insurance company profits.
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First you need to know if the policy is limited by the time it pays out or the amount it pays out. Read the policy carefully. Most of the older policies only pay out $100 a day for 2 years, 5 years etc.
It's not going to cover the whole thing.
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A few more suggestions. Start as soon as possible because of the waiting period where you have to pay cash. You can use only a fraction of it to begin with but ours had to be approved by a nurse from the LTC, then had to meet the criteria (ours was 3 required specific needs such as bathing, travel). Then you may have to be re-evaluated (every two months for us), have the doctor of record send in forms, lots of hoops. Keep on top. Other requirements may be if you stop care for hospital or something else, the policy may stop and you have to go through 90 day waiting period again. Ask them about that. Our LTC and home health tended to fight and blame each other. Don't let them pull you in. Get one representative you know by name who will help you - all the difference between getting ALL the information you need. Good luck.
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These are excellent answers to help guide me along this journey with Mom. It looks like, with all things, it pays to be on top of things. So, even though my Mother is not in need of assistance yet (outside of me helping her) I better have gotten a plan set up. Thanks so much!!
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LTC Policies have a standard requirement for needing assistance with at least 2 ADL's. (Activities of Daily Living), please read the definitions in the policy.

Also once on benefit; the premium might be waived.Policy may have a max Dollar payout amount, and may go beyond a given year payout if daily payout is less than max.

Also check on who is "payable",,some care provided by you might be included.

If she has an existing Life Insurance Policy, that may also be converted.

Contact me in private message if so.
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Last summer I was in a nursing home recovering from surgery. For a reason I still don't understand, there was a week in the middle of the period which Medicare did not cover, so I had to shell out some $7000 for my room and board in the Rapid Recovery wing of the nursing home. At least that counted toward the 90-day waiting period for the LTC policy to kick in. Although my wife is 2-1/2 years older than I am, her LTC premium is higher than mine, because she is still expected to live longer by virtue of her gender. Fortunately, our policy will cover home care, so as long as we're both alive we can stay at home, which is way much cheaper. But whichever of us survives the other will definitely have to move; I because of physical difficulty (I live in a wheelchair and can't drive), and she because of mental issues (3-years-older sister has full-blown Alzheimer's and is in a nursing home, and mother and maternal grandmother had problems too). Her short-term memory is almost shot. She can still drive and cook, but needs me along to find her way almost everywhere. Our LTC policy has a dollar limit of about $365K, which will go pretty fast in a nursing home. Will Medicaid still be around if a Republican wins the White House?
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Well let's do the math $100x365= $36,500 per year x5years=$182,500. Is your certificate more than that?
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Wow! So reading a policy carefully is key here as well as is looking into buying one for ourselves. This particular company changed their policy while we had already started the claim process 1 year in. They were paying 100%. Maybe they caught their mistake or changed their payout. I just cannot find anything on my mom's original policy from 1999 that states the different % amounts. Only shows on her updated policy printout in 2015. I didn't know if they can change things or not. Sorry to deviate from the original question but it also adds to the conversation to READ THE POLICY CAREFULLY. ;)
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