Long Term Care coverage

[db-2]

Like to know to so if one can find on nursing home should one not be able to find on the rest? db

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I cannot and on a good day my best is to find the on switch. db

 

[deactivated]

Like to know to so if one can find on nursing home should one not be able to find on the rest? db

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I cannot and on a good day my best is to find the on switch. db

I am sure I could but the point of the exercise is to have people who make stupid comments full of commentary and no facts find their own information. I think the stupid commentary is due to the fact that people do not know how to find the information to form an educated opinion.

 

[PrairieGhost]

I think the stupid commentary is due to the fact that people do not know how to find the information to form an educated opinion.

Oh you mean like the people who tell me I need to be better informed, then admit they refuse to listen to FOX? Those people? Yup, I agree. :::;:;rofl

 

[db-2]

Ok I am old, slow, to long of sentence with to many words and to lazy to find things or look them up but not sure what was said and if I screwed up but guess what it just don't mean nothing as the old mill will still taste good tonight.

Maybe like when I am told trump lies all the time and when I ask give me a time they say nothing back. Not sure. db

 

[64Mustang]

Ok I am old, slow, to long of sentence with to many words and to lazy to find things or look them up but not sure what was said and if I screwed up but guess what it just don't mean nothing as the old mill will still taste good tonight.

Maybe like when I am told trump lies all the time and when I ask give me a time they say nothing back. Not sure. db

:;:thumbsup

 

[3Roosters]

Also to add to the equation, a person or couple does have to be insurable to get the coverage so even if a person or couple decide they want to get it and have assets to protect, doesn't mean they will get the coverage, thus the reason the sellers of this product tell you to get it before age starts creeping up and things medically start happening where you might not be able to qualify for it. The coverage is kinda like a parachute...you need to own it before you need it.

 

[Colt45]

So the people that plan and budget for their own care late in life also get to pay for those that don't or those who are "protecting" their assests? It sounds to me like those that can pay and do pay, as they should,get raped to make up for the ones that dont pay or by ones that are "protecting" their assests........... or am I wrong? Seems to me everyone has assets that they would like to protect, so maybe nobody should pay for their late life care.............

 

[db-2]

Sounds good to me what you said colt 45. Reminds me to get to the bar and enjoy.

But in life it is never fair and I am not sure what end of the equation I am at. db

 

[3Roosters]

So the people that plan and budget for their own care late in life also get to pay for those that don't or those who are "protecting" their assests? It sounds to me like those that can pay and do pay, as they should,get raped to make up for the ones that dont pay or by ones that are "protecting" their assests........... or am I wrong? Seems to me everyone has assets that they would like to protect, so maybe nobody should pay for their late life care.............

I don't think those late in life are the only ones that need to do some planning. Winging it without health insurance, for example, can and does wipe out assets real fast if something catastrophic were to happen. Probably one of the leading causes of bankruptcy.
Hope it doesn't happen to me isn't a plan.
Not sure what the health insurance answer is for the country but don't think the if you like your dr. you can keep your dr. option turned out so good.:;:stirthepot

 

[Reprobait]

http://www.inforum.com/news/crime-a...-suicide-pact-says-health-problems-robbed-her

One wonders if finances factored into the decision of this elderly couple in Fargo to kill themselves? They tried carbon monoxide in the garage. That didn't work. He shot her and himself. She died, he lived and has been charged with murder. It is such a tragedy that it comes to this.

I know of a couple who worked hard all their lives. He developed dementia at a relatively young age and ended up in the nursing home. They had nursing home insurance but it did not even come close to covering the costs. Not that they had some kind of large estate, but she actually considered getting a divorce to protect something. She may have quite a few good years left. According to the attorney she talked to, this is not that uncommon. He passed away relatively soon and that did not end up happening. It is heartbreaking to think about.

I don't know what the answer is. Half this country lives paycheck to paycheck. In a life of hard work, kids, college, mortgages, 401K's, vehicles, and an occasional vacation; LTC insurance is not even on the radar till it''s too late. Would the world be a worse place if we let someone like the Fargo couple have enough medication to lay down and go to sleep one last time together?

I am in my mid fifties and paying off the house is within sight. I can't imagine putting a bunch of money into LTC insurance just in case. In my opinion nursing home care is not that great. They seem to get the bottom of the barrel for nurses and aides don't care, or if they do they are overworked.

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Just a thought provoking interview that I came across recently on late life/ end of life issues:

https://www.tpt.org/late-life-a-conversation-with-atul-gawande/

 

[db-2]

Mustang:
I want to thank you for starting this tread.
At my age I thought I had most basics cover and I now know I am not even close to preparing the family for mine and my wives death.
Yes I feel I got the cost cover with the purchase of a whole life $15,000 one time premium for each of us and putting ownership into one daughter and as a back up to that there is sufficient cash in the house to cover.
But as far as keeping the kids together after our parting we have only begun to take care of that. Do not even have the burial spot in place.
Goal to stay out of the nursing home but one knows how that goal can work out. Do not and will not have funds to cover for any length of time. But other things I can control while alive and so a lot of work for me and the wife to do now.
Thanks again. db

 

[espringers]

https://www.nd.gov/dhs/info/pubs/docs/2017-19-legislatively-approved-total-budget.pdf

 

[db-2]

Help me espringers:
Is that a 4 billion dollar expense budget for the state of ND?
And is that saying that if I go to the doctor and have a bill that is paid by medicare that is part of the 2.6 billion?
Is that 2.6 billion part of the nursing homes bill that people use?
Where does the state get this 4 billion to pay for these expense?
Did those funds come from the federal and is part of my SS they took out over the years? db

 

[db-2]

A 20 age something man called me. Got married and his premium went to over 700/month. they told him if he makes less than 20000 he can get medicare. Self-employed farmer who's tax's returns show until 20000. Did not know this. db

this was for health insurance

 

[Reprobait]

A little late, but I just keep wondering if I read that last post right. You are saying that premiums for long term care insurance are 700 a month for long term care insurance? I am sure 700 a month invested over 50 or 60 years amounts to a whole lot of $$$ Unless you have some money and assets to protect, there is no way that this makes any sense for most people.

 

[Achucker]

Wow I know I am a little late to this thread but from some of the comments how you should use your assets to pay for your care and from what some sounded like if you don't have any assets and have to use taxpayer money you are just a POS loser. My opinion is getting LTC coverage is using a portion of your assets at a young age to assure that you don't deplete all of them later in life is just good financial planning.

Just remember to stop looking down at those who didn't end up with a $350,000 house two cars a boat a camper, maybe some land, and a couple of 401k that will take care of you when your older. Not everyone out there have them opportunities in life and are good hard working people.

 

[( deleted account )]

My wife and I have had long term care for many years. With out luck we have put $28K into it so far and will perhaps drop over dead and never see a nursing home. That's best I guess.
Anyway, we have ours through Thrivent which is a Lutheran organization. We started many years ago with $250 a day nursing home insurance, or up to 12 hours per day at home nursing care. It goes up 5% per year which put us at about $500 per day now. We purchased it only a month before that very good plan ended.

Yes, I have a friend that says he doesn't need long term care because he has a 12 gauge he can stick in his mouth. Some liberal friend say they are going to let the government take care of them. They may be living in a cardboard box in the park. Maybe if they stay in Mexico for a year and get citizenship they can come back illegally and get everything paid for.

I doubt depending on the Govt to take care of em in their old age is common to either Liberal or Conservative oriented individuals, Bruce! Scary when you look at savings figures nationwide with so many in their 50’s by and large having little or minimal savings for old age, whether they end up in a nursing home assisted living or comfortable retirement. Where will the money to pay for that anticipated blissful retirement come from? Savings by the masses? I think not.
Having said that, the costs for nursing homes, assisted living, long term care are huge! Adding Alzheimer’s, diabetes doubling every 10 years, poor health in many shapes, skyrocketing medical costs........ lots of things we could learn from other 1st world countries who seem to handle it and keep costs down to a reasonable level, or at least try to. But when you are young, it’s kind of an “out of sight out of mind” thing. Myself included -never thought of these things till I got old older.

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My personal take on this:

1. If you are in your 40s, you are too late to by buying this insurance as the cost of insurance will kill you, and then you wouldn't need it anyway.

2. People talk about "protecting assets" from being used to pay for their care.

Umm, #2 is exactly what should be done with your assets, they SHOULD be used to take care of you if/when you need it. It's people without assets and/or insurance that are the damn problem. Everyone wants someone else to pay for their care so they can leave their assets as a gift (inheritance) to their heirs. That's not the way it should be at all.

Excellent post Allen! Whenever I hear the term “protecting your assets” I cringe as it invariably means some way to go on the public dole, while passing anypersonal savings along as inheritance. I have no problem with inheritance at all, but not if it means that responsible hard working saving taxpayers have to pay for others that don’t bother saving or worse still, hide their assets to take advantage of more frugal rainy day people. I can understand people wanting to pass along a self made business, farm, investment thing to their heirs. As long as passing along too much as inheritance doesn’t burden then rest of us, forcing the remaining taxpayers to cough more so they can do so.
Tough questions, tougher answers......

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Most of the posts here aren’t looking down on people who work hard but can’t put away adequate money to look after themselves in old age, Achucker. The way I read it is that negative posts are mostly directed to people who could have looked after themselves but couldn’t be bothered and a good life filled with nice to have but not really necessary toys, or deliberately protected their assets to let the rest of us pay for them in older age. BIG difference! Yes, the employment and opportunity playing field is not a level thing. Wish it were!

 

[3Roosters]

I don't subscribe to "investing the premium cost" into some other type of investment to grow for a good number of years vs paying a premium each year for the following reasons. #1. No one can predict when or even if long term care coverage is needed...ie..what happens if you put that $8000 amount aside(or whatever amount you decide) to invest....yet end up going to the home in 2 yrs for example..that $16000 saved(plus interest earned) surely wouldn't pay for many months in a nursing home. Of course if you didn't need nursing home care of a good number of years then for sure your $8000 set aside each year should grow to a nice amount, but life doesn't always work out the way we planned. At least with long term care coverage, you are covered from day 1 if something should happen in the near term and wouldn't have to worry about how long you would need to keep putting $8000 aside to grow to your magic number.
I guess that's the way most insurances work, using a portion of income/assets to transfer the risk to an insurance company.
If a person had a choice, I am sure they would rather have auto, fire, health etc etc insurance and NOT need it than need it and not have it. I also think a good financial planner is key but also believe insurance can play a key part in a plan.

 

[db-2]

As far as I can see the only good solution to this problem for both of us is to die in our home.
However that may or may not happen.

But the nursing home that I am familiar with is struggling financially. Most people will not be able to afford any extend stay in a home so the government will need to take care of those in the home and our government can not afford this either as we go forward. Too many old people.
That is the way it is and nursing home insurance is not going to cover the cost. And for many of us we try to protect what assets we may have from being spent on our care (care one gets is not worth spending the hard earn dollars on).
Major problem and as for me and the wife we got old and are now think about this.

First goal is to stay out of the nursing home as many do. Nothing wrong with going to the grave before the nursing home. Just that now I want to hold on to living. Scare and not enough faith for the hereafter.

Second goal is to live for today. Went on our first Goldwing ride of 1300 miles and the wife said she will go again. Food plots are looking good and now to plant the brassicas soon. Taking part in the kids and grand kids life. Need to quit working at my job.

Third goal of getting the will in place and maybe getting rid of some of the assets to the kids now.

Fourth goal of looking back, then forward, making sense of all of this, finding a stronger faith, making decisions, understanding that we both had our chance at life, we got what we got, all positive, tomorrow is another day, we cannot afford any extended time in a nursing home even if we sold all our assets, cannot understand why we cannot hire someone to take care of us in our home for what we can afford, I feel someone living with us can make a decent living with our retirement monies, and tonight I need to put a fan and light in the ceiling to repair the broken one, grab a beer, bless Trump a time or two and watch Gunsmoke. DB

 

[Davey Crockett]

Too many people telling others how and how long to live their life in this world for my likings.
We don't have nursing home insurance and won't ever have any but when I am still young and have a strong mind I'd gladly sign up and pay in advance for Dr Kevorkian services for when I decide I've had enough.
Another thing to consider is do you have a living will ? No way in hell I am going to lay in a hospital or a nursing home 1/2 dead for years on a machine to keep me alive nor or do I wish to put the decision on anyone else's shoulders when to pull the plug.


FWIW a large % of people don't have health insurance because they would have to change their lifestyle , I hope they aren't the ones telling us we should have nursing home insurance. It's a goddamn shame what a nursing homes get away with charging, That's the tree you should be barking up.
Our health insurance costs an arm and a leg , Why do they get "off the hook" for long term care ?



PS : Should offer free Kevorkian services in the prison systems too.

Another PS : Should let North Dakotans take CBD or MMJ instead of other meds if they want to. Haha ok Rant over , If you are thinking I must be joking about my Dr Kevorkian opinion your dead wrong.