Reply to Long-term care insurance

Forum Index » Money and Finances

Reply to "Long-term care insurance"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I tried to get it but an obscure non-verified diagnosis five years ago DQ’d me.  It was a hybrid plan- $126k cost for nine years of coverage starting around $6k a month with a COLA.  It would have paid out over $1.4 million if the entire thing was used.

Needless to say I now have to self insure.  [b]My mom’s care is roughly $7-9k a week at this point.[/b][/quote]

Serious question. How can we say we are proud to be Americans with this kind of highway robbery? I don't care what illness someone has. $7k per week is simply a shame.

This then beg the question, if someone at some point has to pay this much, how can a yearly salary under $1 million be a good salary?

We are royalty f*&#d[/quote]

Average lifespan of a nursing facility patient is 13.7 months, and 53% die within 6 months.  It is a crazy amount, but based on fairly short life expectancies once someone enters the facility.[/quote]

This assumption got my parents into trouble. My parents' financial advisor kept telling them "You're fine, you're fine" and when I pressed that 4 years of memory care could wipe out all of their savings, he replied with the above quote - most people only need nursing home care for a year.

But this completely ignores that my dad was very healthy and has a family history of dementia. It is very possible that he'll need 2+ years of memory care. We are already planning to start the Medicaid forms next year once they spend down their savings enough to meet the Medicaid limits ($12k/month memory care, but they are already nickel diming us on extra costs). Fingers crossed that Medicaid still exists and that his facility will actually accept it when the time comes. [/quote]

My mom is coming up on two years in memory care in January.  But prior to that was assisted living and before that was independent living.  So her cost of care has been ever increasing over the past 5-7 years, with the last two being the cherry on top.  I tell my son to be creative if I ever get dementia, I won’t hold it against him. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics