My relatives have an LTC. One of them is in his 70s and got diagnosed with terminal cancer. The LTC offered to just pay out $75k and call it a day. I told them take $100k.

LTC offered that becasue they knew they'd have to pay more otherwise. I told them to take it becasue you have to use their certified providers, and he had certain people he'd rather care for him. Why make his wife spend his last few months filing paperwork with the LTC company every week to get reimbursed? Let her enjoy her time. They happen to be well off so it was not a big dent financially.

Just today I contacted our LTC insurance company for a print out of the benefits as we are updating our legal affairs and trying to consolidate our financial affairs. We think it is important to share the LTC information with our adult children as it is an important part of your financial resources as you age. Because we have a daughter with a disability, we got the policies early. You definitely see the daily rate that will be paid and for how long. And sometimes the policy amounts can be transferred from a spouse if one dies and has not used all the benefits.

It is also definitely a good idea to review your legal affairs periodically and to name a successor as appropriate because life circumstances can change for anyone. And I can tell you that a 97 year old could make a choice to update his will and had the acumen to get his doctor to attest to his mental faculties without telling anyone. He was still driving so no need to ask for a ride! His wishes were respected, but then the seven siblings worked out a division that was fair to all taking into account the impact on all.

I can tell you that it is very difficult to find an experienced lawyer to deal with the intricacies of a Special Needs Trust for one with a disability if you want to find one who will have continuity of services as lawyers retire, too, so to have a firm with others able to handle the legal issues over time. If you move to another state, it is always wise to check to see if anything needs to be revised if you do have a family member with special needs or are a guardian for someone.

When folks are wondering about their options on a CCRC, or AL, just be glad you do not have a son or daughter who must be 62 to qualify to go with you! It is a federal rule in how they are set up. Yet it limits the options on future care for so many families even those who can private pay. (Some can qualify at 55 to be in an AL place.)

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There is almost certainly an overall cap on expenses. Some policies do have a cap on how long benefits can last so I don’t know if using benefits lightly could trigger that period.

My father had the fed LTC plan that was considered the Cadillac version. The max was $6k a month for 15 months or something like that. This was in 2018. He paid for it for 15 years and only got to use it for one measly month.

This is like complaining that you have paid for health insurance all year, but haven't been sick, and so haven't been able to use it. In other words, idiotic.

It’s actually a point to consider. These plans can be expensive!

Yes. Our financial planner has suggested that we continue to put our money into savings as we may have enough to not need to use LTC. That still makes me anxious but we are following this advice.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There is almost certainly an overall cap on expenses. Some policies do have a cap on how long benefits can last so I don’t know if using benefits lightly could trigger that period.

My father had the fed LTC plan that was considered the Cadillac version. The max was $6k a month for 15 months or something like that. This was in 2018. He paid for it for 15 years and only got to use it for one measly month.

This is like complaining that you have paid for health insurance all year, but haven't been sick, and so haven't been able to use it. In other words, idiotic.

PP you’re responding to. I didn’t say he shouldn’t have had it, I’m just sad he didn’t get more use out of it before he passed that’s all. Not idiotic at all.

May his memory always be a blessing.

Anonymous wrote:DH and I both have LTC insurance, and and even after combing through our policy, the use features still seem somewhat nebulous. I’m planning to approach a CCRC, both on a parent’s behalf and to find out whether aging in place or a CCRC may be the best use of our LTCI when necessary. There is a CCRC nearby that hosts open houses; if there is one local to you, that might be a helpful resource to see how it might apply. I’m sure they have staff designated to discuss financing options.

Great suggestion - thanks.

Anonymous wrote:OP, I'm not sure your question is very useful. It's like you're asking, "what is your experience with beef."

You need to get the contract from your MIL and read it, carefully. Nobody else's experiences are going to matter.

I think my OP was clear that MiL has been less forthcoming with this info than other. So, yeah, that's why I'm here with a question that I flagged is kinda vague.

Fortunately, other posters have come on here and shed light from their personal experiences with their parents. It's helpful.

DH and I both have LTC insurance, and and even after combing through our policy, the use features still seem somewhat nebulous. I’m planning to approach a CCRC, both on a parent’s behalf and to find out whether aging in place or a CCRC may be the best use of our LTCI when necessary. There is a CCRC nearby that hosts open houses; if there is one local to you, that might be a helpful resource to see how it might apply. I’m sure they have staff designated to discuss financing options.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There is almost certainly an overall cap on expenses. Some policies do have a cap on how long benefits can last so I don’t know if using benefits lightly could trigger that period.

My father had the fed LTC plan that was considered the Cadillac version. The max was $6k a month for 15 months or something like that. This was in 2018. He paid for it for 15 years and only got to use it for one measly month.

This is like complaining that you have paid for health insurance all year, but haven't been sick, and so haven't been able to use it. In other words, idiotic.

It’s actually a point to consider. These plans can be expensive!

OP, I'm not sure your question is very useful. It's like you're asking, "what is your experience with beef."

You need to get the contract from your MIL and read it, carefully. Nobody else's experiences are going to matter.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There is almost certainly an overall cap on expenses. Some policies do have a cap on how long benefits can last so I don’t know if using benefits lightly could trigger that period.

My father had the fed LTC plan that was considered the Cadillac version. The max was $6k a month for 15 months or something like that. This was in 2018. He paid for it for 15 years and only got to use it for one measly month.

This is like complaining that you have paid for health insurance all year, but haven't been sick, and so haven't been able to use it. In other words, idiotic.

PP you’re responding to. I didn’t say he shouldn’t have had it, I’m just sad he didn’t get more use out of it before he passed that’s all. Not idiotic at all.

Anonymous wrote:

Anonymous wrote:There is almost certainly an overall cap on expenses. Some policies do have a cap on how long benefits can last so I don’t know if using benefits lightly could trigger that period.

My father had the fed LTC plan that was considered the Cadillac version. The max was $6k a month for 15 months or something like that. This was in 2018. He paid for it for 15 years and only got to use it for one measly month.

This is like complaining that you have paid for health insurance all year, but haven't been sick, and so haven't been able to use it. In other words, idiotic.

Anonymous wrote:There is almost certainly an overall cap on expenses. Some policies do have a cap on how long benefits can last so I don’t know if using benefits lightly could trigger that period.

My father had the fed LTC plan that was considered the Cadillac version. The max was $6k a month for 15 months or something like that. This was in 2018. He paid for it for 15 years and only got to use it for one measly month.

Anonymous wrote:There is almost certainly an overall cap on expenses. Some policies do have a cap on how long benefits can last so I don’t know if using benefits lightly could trigger that period.

Thanks. That's helpful.

There is almost certainly an overall cap on expenses. Some policies do have a cap on how long benefits can last so I don’t know if using benefits lightly could trigger that period.

DH's parents have a LTC policy - they've had it forever. DH doesn't really know the details unlike some of their other finances. They started using it about 9 months ago to pay for week day help with his dad, who really can't be left alone - more for risk of fall than flight risk as he is shown no inclination for that (one of my uncles was so I am pretty familiar with the behavior).

Are there others on here who have experience here with this LTC use? Wondering if there is an overall cap regardless of any expense or more of "we pay X for Y and that's it, but there is still money remaining for other types of expenses." Could the insurance company tell MiL in another year that there is no more money left for the caregiver as well as for a CCRC?

I realize that no one can give me an exact answer - we are just interested in what others' experiences are as DH works to figure out more about the plan. While his mom has been pretty straight forward about other sources of their finances, she has been more vague about the LTC policy.

Thank you - look forward to responses.