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Post by Ardbeg... innit on Oct 23, 2008 4:02:08 GMT -6
Anyone out there have it or looking into it?
We have started the process and find it to be an amazing game of "what if's" and alternative scenarios that you have to get right now, if you want the right coverage when you need it. The reward... it pays your time in a nursing home or assisted living center, the risk too little insurance, too much insurance, or you die with your boots on and you dont need it at all (the option I would take if it was offered, but I dont have that control)
Weve been looking at $125/day coverage (with an inflation rider), 90 day exemption, and 2 years of coverage... total cost of about $700/year apiece, forever (the policy is never "paid up", you stop paying you are no longer covered) starting at our current ages.
Anybody with any experience in this? Hints? Things to look out for?
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Post by Tex on Oct 23, 2008 6:39:11 GMT -6
Gordon, I just went through the nursing home deal with my dad. The $125/day is about right, at least for this area - you could call a couple of area nursing homes and ask.
These would be my concerns (not deal breakers per se, but they would figure into my calculus):
1) A lot of alzheimers patients are in the nursing home for six years. What happens then?
2) Will the company still be in business when you need it?
3) Who decides if you need a nursing home or not.
4) If there is to be universal health coverage, would this be included? I know this is not the political board, but if the government started paying for this, would you want a lot of money invested in the insurance?
Not a cheery subject, but reality.
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Post by Ardbeg... innit on Oct 23, 2008 6:56:05 GMT -6
All good points Tex, and to a degree Ive used some aspects as starting points..
1) Fortunately no Alzheimers in the family back to my grandparents at least, though I have concerns about my father (which is where I got the 2 year figure). My maternal grandmother is the only grandparent who spent time in a nursing home, and that was a Medicare facility for about 12 months. I did run 5 years of coverage with my agent, and the cost kicks up to $1250/year.
2) I deal with State Farm, so I have to assume they are as trustworthy as any, in terms of being around in, say 30 years, or so. But these days, who can tell? Its part o fthe crap shoot.
3) It appears there is a fairly standard group of 6 tests in terms of being able to take care yourself, including being able to bath, feed, dress, move about, etc. It seems that if you cant do 2 or 3 of those you trigger the qualification standards. I am not sure, who tests those standards to verify if you qualify.
4) Im not counting on THAT happening, regardless what any Presidential candidate says. Even if it does, I cant be sure Long Term Care will still be included, or by what criteria, in 30 years. Also... if I sit around and wait a few years, that premium starts ramping up pretty quickly form my current age (53). If I wait until Im 57, I will have to pay $1000 for what it would cost me $700 now. Right now the fall back is Medicare. After seeing the facility my grandmother was in, I will avoid that if at all possible.
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Post by nolaflacav on Oct 23, 2008 7:19:16 GMT -6
I have a couple of thoughts but I have a quick question first. The subject says long term disability but the thread seems to be evolving into a discussion of long term care. These are two very different insurance products that in my mind are not interchangeable in what they do. Which one are we talking about?
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Post by Ardbeg... innit on Oct 23, 2008 7:34:40 GMT -6
Long term care.. thanks for pointing that out, Ive corrected it!
Edited: Ive been looking at disability insurance also... its a bit more straightforward but the two merged into one on the subject line.
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Post by DT on Oct 23, 2008 9:31:22 GMT -6
Playing the "what ifs" game has got to suck? First "what ifs" that come to my mind are, what if Custard had the atom bomb, or what if Grandma had balls. I'm glad I don't have to play the game. (not to say I may one day)
My uncle is going through an ordeal now where he is retiring and has to decide who is going to die first to maximize his retirement. (he and his wife are both sick)
psssst.... I've laid off the bacon & eggs, picked up on the cheerios and exercise in hopes the insurance companies can stick the what ifs up their iffin asses.
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