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Coverage for Long Term Care Costs?

Ron H

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I’m posting this not to ‘sell’ anything, my daughter does this stuff; but there’s a larger point on this. I post cuz my wife and I were surprised we had a rather sizable ‘hole’ in our longer term retirement plans I might hope most might not have. My wife’s mother went to a senior care center last July, she wanted to stay there that surprised us as thinking she wanted to stay in her home now 10 years past her husband’s passing. Another story on this. Anyway, as my wife assists with her affairs, the cost for staying in this place is $13 grand…per month! My F-I-L in all his endless wisdom, took out a long-term care policy out some 30+ years ago. Well, chit that policy has already paid out pert near 50 grand! This is somewhere around half of the costs to stay in the place…and half of draining her funds.

This is the sort of coverage we did NOT have despite being aligned with three different IRA and other firms for insurance. This prompted us to talk with our daughter, as along the path, she didn’t want to horn in on our financial stuff unless we asked. Ahh, we asked and we got set up with some protection.

If you don’t have anything protecting some of your financials, should you or spouse need to enter long-term care – my entire point…ya might want to check it out. If you do have this protection, would be curious to know how you’re set on this.
 
Wow! We had my mom in an amazing dementia center up here. Avens, in Yellowknife. You can Google it. Beautiful, new facility, terrific staff. All in was CAN$800.00 per month, or about $600.00 in U.S. funds. Her pension was around $3k per month, so she MADE $2200 per month being there.
Wife’s dad in the next province south of me got his own apartment in a seniors complex, nurse every day, for CAN$3k per month all in. Still a pretty good deal.
 
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The nurses better be blowing me every day for 3k a month
 
If I get that bad that I need to go into one of those places, I'd rather die.
 
Although I personally share RC's sentiments on this matter, the attorney side of me feels obligated to comment. One of the few things I'll spend serious money on besides GTXs is consultation with my elder law attorney. In Pennsylvania, they used to be able to provide financial products as well as estate planning, thanks to a few bad apples, they can no longer do both. Unfortunate result was the really good ones went with law and outsourced the investment/insurance stuff.

There are legal ways to beat the system, and specialists in elder law are a good starting point. Some of the insurance products are great, others not so much. A good attorney can save you world's of grief by pointing you in the right direction early on.
 
My mother and father had long term care, it cost 150 dollars a month for 25years, it didn't last that long. If they pay out one month and one of them die, so does the policy. It was suggested my wife and I get it, 4000 a year. My wife has stargardt's disease, a form of macular degeneration and was turned down, because of her eyes, so I turned them down. I can well afford to pay for it myself when our time comes. We give and support people in this country for being lazy, having to many kids and out right making poor life choices and our elderly we throw to the side. Big business eating our elderly to death while we pay for others groceries because they don't want to work. Sorry, this hit a nerve.
 
Started buying LTC through CALPERS in 1991. Got the best plan. Was told premiums never go up. 5 years ago the premium went up 10 times. Either pay it or cancel and lose the premiums paid over 30 years. I switched to a lesser plan. They only change my diaper once a day.
 
Started buying LTC through CALPERS in 1991. Got the best plan. Was told premiums never go up. 5 years ago the premium went up 10 times. Either pay it or cancel and lose the premiums paid over 30 years. I switched to a lesser plan. They only change my diaper once a day.
That's not fair and I get it.
 
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