My husband I are 68 and 69 and want info about long term health insurance. Where do we find that?

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It's very important to buy LTC insurance with inflation protection.
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I took out a long-term care insurance policy about 15 years ago. Care costs have gone up so much that the benefits are pitiful compared to today's costs. And premiums increased 80% last year.

I don't blame insurance companies. The skyrocketing costs must make this a very difficult coverage to offer.

I'm not giving up what I've paid in on all these years, but I no longer think it is going to be sufficient, if I develop something expensive, like dementia.
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Igloo: "what were the other costs for any fees associated with the initial set up and are any of these recurring?"
LTCShop: There are no set-up fees and no recurring fees. He only has to pay his monthly premium of $189.

Igloo: "If he forgets to pay, at what point (60 days, 90 days, more) is the policy cancelled?"
LTCShop: His premium is paid electronically each month from the same account into which his pension and social security are deposited. If for some reason the premium is not paid there is a 31 day grace period. If the premium is not paid by the end of the 31 day grace period another notice is sent to him, and a notice is sent to a relative that he has designated. He has 35 more days from the date that notice is sent to pay the premium (a total of 66 days from the premium due date).

Igloo: “Whats the 69 yr old initial period of self pay before the LTC will pay....is it 60 days?, 90 days?, 120 days? And will any hospitalization or “observation” days count towards the initial period of self-pay?”
LTCShop: He does not have to “self pay” for care during the 90 day Elimination Period. A relative could care for him during that time and that would satisfy the 90 days. Days in a skilled nursing home that are paid by Medicare would also count towards the 90 days.

Igloo: “This policy on the 69yr old make, is a really a traditional LTC insurance policy OR is it actually a “hybrid” so it’s life insurance or an annuity that allows for some of the policy to be used for LTC? So it’s actually bundled and not just a LTC policy?”
LTCShop: It is NOT a hybrid. It is a long-term care insurance policy. It is a special type of long-term care insurance called a “long-term care partnership policy”.

Igloo: “Just how does he get to “protect 200k of his assets.... from Medicaid”?”
LTCShop: He is a resident of Ohio. Ohio is one of the 44 states that has a Long-Term Care Partnership Program. If he uses up the benefits in the policy, he can apply for Medicaid. For every dollar the policy has paid in benefits he can protect one dollar of his assets from Medicaid. If the policy pays him $200,000 in benefits, he can apply for Medicaid and keep $200,000 of his countable assets.

Igloo: “Of the 3 LTC insurance companies you write the most, are all 3 licensed to sell in NY state?”
LTCShop: The 4 LTC companies I write the most are all licensed in NY state.
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Ltcshop, so what’s your commission on the 69yr olds 200k LTC policy, both for the initial sign up and then commission paid each year? what were the other costs for any fees associated with the initial set up and are any of these recurring? If he forgets to pay, at what point (60 days, 90 days, more) is the policy cancelled?

Whats the 69 yr old initial period of self pay before the LTC will pay....is it 60 days?, 90 days?, 120 days? And will any hospitalization or “observation” days count towards the initial period of self-pay?

This policy on the 69yr old make, is a really a traditional LTC insurance policy OR is it actually a “hybrid” so it’s life insurance or an annuity that allows for some of the policy to be used for LTC? So it’s actually bundled and not just a LTC policy?

Just how does he get to “protect 200k of his assets.... from Medicaid”?

Of the 3 LTC insurance companies you write the most, are all 3 licensed to sell in NY state?
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The ideal age to buy long-term care insurance is between 55 and 69. If you live in a state that has a Long-Term Care Partnership Program you don't have to buy an expensive policy. You only need to buy as much benefit as you want to protect in assets. We recently helped a 69-year old man who wants to protect $200,000 of his assets. If his long-term care policy runs out of benefits, his assets will be protected from Medicaid. His premium is under $190 per month. With long-term care insurance, it's important to shop around and to work with an agent who specializes in LTCi.
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I used to do assessments for long term care insurers and i knew a lot of the applicants would not be accepted. One woman I assessed had no way of qualifying. She told me she was still a licensed RN and on call for per diem work at the local hospital but they did not call her anymore. The company refused her and her son applied somewhere else so once again I got the case. The son called me and told me he had requested another nurse because last time I had 'failed" Mom. One hospice patient tried to use his benefit but died before his help was approved.
As others have said the premiums are prohibitively expensive unless you start in your early 59s then you pay so much in premiums that you would be better off saving the money and investing wisely. Nothing I would consider even if they would have me now.
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Sorry to hear about your brother. Bummer. Nearly every policy available today includes home care benefits. A few policies have an option to pay a family member who's providing care. There's a lot to be said for receiving care in assisted-living facilities. The social aspects of an assisted living facility can dramatically improve quality of life.
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LTC--
Thanks for that info. My mother has a great LTC policy, which she will never use. Daddy wanted her put in an ALF when she became a burden--well, we're well past that and my POA brother will never allow mother to leave his home. He intends to care for her until death. While that's admirable, he's counting on family help and I am the only one who can offer any--the other 3 sibs are totally MIA and do not want to be involved. Mother is still walking and caring for herself pretty well, but she is bored and lonesome.

We can't get LTC on hubby, he is a liver transplant recipient, but we can on me. I am going to look into it. I am sure I will have to take care of my hubby in his old age, but he would not do the same for me.
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KK: “Also....the benefit qualification was near impossible to meet....they had to have All 5 qualifications.... cannot walk, cannot dress themself, cannot eat (not cook.but actually had to be spoon fed), cannot bath themself, cannot toilet by themselves.”
LTCS: Long-term care insurance policies that meet the federal guidelines only require assistance with any 2 of the 6 activities of daily living. If these people owned a policy that required needing assistance with 5, then it was definitely not a long-term care insurance policy they owned.

KK: “I found the insurance company was constantly looking for any reason to disqualify them. It was a constant fight to get benefits paid. And every 3 months we had to go through the whole thing again, meanwhile the benefit payments would stop. Massive hassle”
LTCS: This is why it’s important to buy long-term care insurance policies that meet the federal guidelines.
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KK: "Many of the long term care policies have been discontinued by the insurance companies."
LTCS: Once a long-term care policy is issued, the insurance company cannot cancel it, unless the premium has not been paid. 13 different companies currently sell new long-term care insurance policies.

KK: "You don't get much benefit in the first 10-15 years, and after that the lifetime cap is too meager."
LTCS: With long-term care insurance, the full benefits are available from the very first premium payment. It doesn't sound like the policy they had was long-term care insurance. It sounds more like an annuity.

KK: "My parents bought a very generous plan when they were about your age. Cost them about $600 per month for both.... For the benefit it actually paid out they would have been miles ahead to put that same money away and save it. After 25 years of paying into that...the max lifetime cap was $215,000. They would have had far more than that even with low interest on their savings."
LTCS: Today a healthy, 70-year old couple, can share $200,000 of benefits for $146 per month per spouse. If the policyholder lives in one of the states that has a long-term care partnership program, their assets can be protected even if the policy runs out of benefits.
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