Provision for long term care for yourself?

[recycled sixtie]

I have done a search but could not find anything. What are you doing financially to set up long term care for yourself and your spouse(assuming you have one)?

Long term care fees seem to be getting more and more expensive. Do you have long
term care insurance or do you pay as you go? Your thoughts please.

Cheers, Guy.

[Crowbob]

I have maintained LT insurance since the 90’s with excellent coverage with Prudential. Premiums went up 20% this year.

I’ve paid so much into it over the years, I have to protect my ‘investment’ so I just keep paying. It’s a conundrum. I keep paying while hoping to never use it.

I choose to pay annually so it only hurts once per year (and get the slight, very slight, discount).

[recycled sixtie]

Originally Posted by Crowbob

I have maintained LT insurance since the 90’s with excellent coverage with Prudential. Premiums went up 20% this year.

I’ve paid so much into it over the years, I have to protect my ‘investment’ so I just keep paying. It’s a conundrum. I keep paying while hoping to never use it.

I choose to pay annually so it only hurts once per year (and get the slight, very slight, discount).

Great response Crowbob. I looked at LT insurance about ten years ago but the premiums were too much. I also asked myself "what happens if the insurance co goes broke?"

Other options are live with my daughter and family. I would not do that.

Also in the event of experiencing serious illness there is MAID or medically assisted death which I would prefer not to do.

[Chocaholic]

Be careful. There are countless legal cases where LT insurers refused or found loopholes to get out of paying. Many believe the LTC insurance industry is a scammers paradise. End of life is difficult and made worse by the industry. Some things you can prepare for, this may not be one of them short of maintaining a substantial net worth that the vultures can devour as you whither away.

[jhynesrockmtn]

Long term care insurance is a difficult proposition. I'm a type 1 diabetic and can't get it, nor can I get life insurance. I don't really need the latter, house is paid off, etc. When I asked my insurance guy about the long term care part a few years ago he said there were not any policies that made sense anymore. The ones that were legit were no longer offered. This was probably 2017. At the end, my Mom's memory care cost was close to $9,000/month. Luckily she'd sold her house for a decent profit about 5 years prior to that. She passed early this year before her savings ran out.

[3rd_gear_Ted]

Lots of Contractor's I know played the report only minimum income game to the IRS for their whole life.
Those folks are now all dying on the vine and they have medicAid-mediCal to look forward to for LT care that is really just warehousing until death by rejection.
Money is not the problem, having someone to advocate for you to get ongoing quality palliative care is the true issue.
Your either an asset or a libility in the end. Is the guy who owed the most dying the real winner?

[dsfnctn]

Screw Long term Insurance period . My father paid his whole life into that system. I oversaw his and my mothers final four years . 1st thing I found out was how much the care agencys were screwing us. I signed up for the care plan with the so called care giving agency I knew the bottom line that was responsible for the debt and the care agency would work with the insurance to get reimbursements .

first off the care givers that are provided by the agency are great but they are not allowed by the agency to go outside their box for any kind of situation.
When I quickly figured out that the out of pocket was almost double what I could pay cash for care givers I ditched the insurance and the care agency and started paying cash for care givers. what a relief and my life became so nice. The care givers became part of our family. they could really think outside the box and really provide quality life. In turn I impowered these wonderful people and no longer were they thought of as slaves a win win

For me it was super easy to balance the budget.

[Evans, Marv]

I had long care insurance in the 70s. I dropped it after a short period of time when I realized the limit of $24K/yr. of coverage was quickly becoming a figure that would cover almost nothing. At this point and at this age, I realize something like the medically assisted death at some point as they have in Canada would be the way to go to prevent care costs from eating up your assets. As it is, the DIY version might be the best route. This is actually ther only choice when you have a wife 25 years younger than you, that you have to take into consideration.

[pwd72s]

There's the .357 magnum option. Not often spoken about, but happens often. (Marv, you beat me to it.)

[2.7RS]

Not free lunch
Insurance companies are for profit
Insurance companies are not charities, really
Life expectancy is longer than ever.
Health needs are higher.


Options

Save a lot money. A lot of money
Live healthy
Move to a country with a cheaper health care. US is the highest
Consider euthanasia. We don't let our pets suffer.
Have a proxy, estate plan and a will

[GH85Carrera]

I hope to go out like my former boss. He took in his words, "early retirement" at age 92. He took his last flight as pilot in command on his 92 birthday. He was 99 and still mentally super sharp. One night he was sleepy so he kissed his wife goodnight and walked upstairs with no help to go to bed. His wife found him dead from a massive heart attack when she came up to go to bed.

I will never live in a multi story house ever again so no stairs for me. I called my old boss when he was just 98 and asked him the name and phone number of the plumber he used. He told me his name and number from memory. He was an amazing man.

[Bill Douglas]

Me too. I hope to just one day wake up dead. No drama, no nurses having to clean up my arse and spoon feed me.

[pwd72s]

Originally Posted by Bill Douglas

Me too. I hope to just one day wake up dead. No drama, no nurses having to clean up my arse and spoon feed me.

The hope of us all...

[Evans, Marv]

Originally Posted by pwd72s

There's the .357 magnum option. Not often spoken about, but happens often. (Marv, you beat me to it.)

I guess in some certain instances, it's just an approach to asset management and wealth preservation.

[David]

My mom's been in assisted living for little over a year now. She's paying out of pocket which is my plan too. According to a Forbes article I just found, most enter in their 80's. My mom is 82. Average stay is 22 months. We'll see how long mom stays.

The biggest driver for cost for my mom is how much car she receives. My mom is lazy as scheiss so her monthly bill is 50% more than it should be. I doubt many of us are so lazy we need help to do everything.

[jhynesrockmtn]

We just had dinner at an old friend's new house. It was one they had a handshake deal with the owner on for many years. "When Evelyn dies, we will buy her house"

Evelyn lived to 95. Pushed their move back significantly. Good for her. She went out to the garage every night to have her once per day cigarette and cocktail. She didn't want to smoke in the house of course. Her son found her in her "garage chair" a day or two later. Just fell asleep and didn't wake up. That is a great way to go.

[pwd72s]

Originally Posted by Evans, Marv

I guess in some certain instances, it's just an approach to asset management and wealth preservation.

Exactly. That and tolerance of the inevitable physical deterioration...the old quality vs. quantity of life argument.

[sc_rufctr]

Originally Posted by Bill Douglas

Me too. I hope to just one day wake up dead. No drama, no nurses having to clean up my arse and spoon feed me.

Same here. The last thing I want is to be a burden to my kids.

[JavaBrewer]

I went through this watching my Dad getting seriously older. I have a thread or two here related. When he was still strong in his late 50' he insisted we just toss him over the pier into the ocean if he started showing signs like his Dad did. Well, once well into his 70's he became a fearful man recognizing his days were in sunset. He was then terrified of passing away, medical costs and asset management were no longer a priority. I think we all will expereince this with mental decline.

.357 to the head is a sure way to keep the predators away from the estate you worked so hard to build and bequeath to your family. I am keeping check on myself and hopefully will make the right decision before it is removed by some FED/CA State person who wants to steal from my family so that I can languish in a facility watching TV eating poor quality airline food and gas station coffee.

[Evans, Marv]

I had an off-the-record conversation with my doc of 25 years, and asked him how would be the best way to go about it if I ever got into the situation where it wasn't all worth it. I told him I had guns and a motorcycle tha might work out OK. His answer was not to go that route, because it was too messy. He told me to complain to him that I was unable to sleep, & he would prescribe strong sleeping meds. I could hoard a few prescriptions and take about 100 of them an lie down and rest. Unfortunately he has since retired.