https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Tue, 21 Apr 2026 11:30:32 +0000 https://boards.hellobee.com/topic/psa-long-term-care#post-1614725 Mon, 05 May 2014 20:24:37 +0000 jessibear 1614725@https://boards.hellobee.com/ <p>I worked in long term care for years and I can't stress enough how important this is. I also agree with @mamamoose: it is not practical/possible for the typical person to self-insure. Additionally, even though no one plans to, families often end up fighting over liquid assets and a ltc policy can help prevent people from feeling their loved ones are spending "their" inheritance on care. </p> <p>Please shop around for policies and companies. Some are notoriously difficult to work with and these companies frequently get bought out. All policies have different qualifiers to pay, not just those listed above. You want a policy that doesn't require you to be nearly incapacitated before it will pay. </p> <p>This is such a worthwhile investment. Thanks for bringing it up! </p> https://boards.hellobee.com/topic/psa-long-term-care#post-1613746 Mon, 05 May 2014 14:06:40 +0000 rattles 1613746@https://boards.hellobee.com/ <p>I was really happy to hear that my parents had prioritized this. I don't know what, if any, plans my in-laws have for LTC. </p> https://boards.hellobee.com/topic/psa-long-term-care#post-1613736 Mon, 05 May 2014 14:04:03 +0000 keiki_mama 1613736@https://boards.hellobee.com/ <p>Thank you for this! </p> https://boards.hellobee.com/topic/psa-long-term-care#post-1613711 Mon, 05 May 2014 13:54:39 +0000 Adira 1613711@https://boards.hellobee.com/ <p>@Mrs. Lemon-Lime: Oh good! That's a relief! </p> https://boards.hellobee.com/topic/psa-long-term-care#post-1613700 Mon, 05 May 2014 13:53:03 +0000 kiddosc 1613700@https://boards.hellobee.com/ <p>I didn't know that there was LTC insurance, this is very useful information. </p> <p>My Grandmother lived in LTC with alzheimers for 5 years and ended up on Medicaid benefits as her assets were very quickly eaten up. We loved the facility she was in, however, and they took excellent care of her until she passed. </p> https://boards.hellobee.com/topic/psa-long-term-care#post-1613670 Mon, 05 May 2014 13:43:07 +0000 Mrs. Lemon-Lime 1613670@https://boards.hellobee.com/ <p>@Adira: well sounds like your MIL will easily qualify for Medicaid benefits. </p> https://boards.hellobee.com/topic/psa-long-term-care#post-1613668 Mon, 05 May 2014 13:42:21 +0000 yoursilverlining 1613668@https://boards.hellobee.com/ <p>@MamaMoose: "You have to be EXTREMELY well off to "self-insure" for LTC events and pay for it out of your asset base."</p> <p>YES to this, a million times over!<br /> Self-insuring nursing home costs is going to require a fairly astronomical amount (for most regular earners) of money on hand, especially to provide for a multi-year stay in an assisted living facility for 2 people. Before my grandmother passed away last year, her monthly bill for a shared room in a moderately nice facility was almost $7k a month or $85,000 a year in cash. Imagine how much it will be in 10 or 20 years. </p> <p>I would definitely suggest LTC insurance, if people can find decent policies. I work for a large insurer who got out of the LTC business because they determined that basically no matter what premium we charged, we would always lose money on that block of business - - which again tells you how $$$$$$ care is and will be. </p> <p>Ugh; I am putting off starting this conversation with my own parents even though I know we need to have "the talk". My MIL has LTC insurance covering $5k/month, not sure about my FIL. </p> https://boards.hellobee.com/topic/psa-long-term-care#post-1613645 Mon, 05 May 2014 13:33:11 +0000 BKCaribBaby 1613645@https://boards.hellobee.com/ <p>This is something that I think about a lot especially as it relates to my mother. She's in excellent health, but there is a good chance she will live a long time and need care of some sort. We have spoke with a financial planner about this, but I think she needs to start thinking about this as well. </p> https://boards.hellobee.com/topic/psa-long-term-care#post-1613531 Mon, 05 May 2014 12:59:06 +0000 Adira 1613531@https://boards.hellobee.com/ <p>This kind of stuff makes me so scared for my MIL who is broke broke broke and has no funds set aside for her future! :( I'm scared that Hubs and I will have to bear the burden of taking care of her (or paying someone to) when she's older. </p> https://boards.hellobee.com/topic/psa-long-term-care#post-1613530 Mon, 05 May 2014 12:59:03 +0000 MamaMoose 1613530@https://boards.hellobee.com/ <p>This probably the biggest concern our clients have these days. It's a HUGE issue. You have to be EXTREMELY well off to "self-insure" for LTC events and pay for it out of your asset base. In many cases, children are buying for their parents. My parents have LTC insurance and my brother and I made a deal with them that they will pay the 1st ten years of premiums and after that, my brother and I will split the premium. </p> https://boards.hellobee.com/topic/psa-long-term-care#post-1613510 Mon, 05 May 2014 12:52:25 +0000 swurlygurl 1613510@https://boards.hellobee.com/ <p>I have no idea what our parents are planning on for their future with regards to care.<br /> My mom is going through this right now with my Granny. It is a mess, and the burden is solely on her 3 kids. She was in an independent living center, but not taking care of herself, so she ended up in the hospital and now has to live my parents who both work full time. Luckily (??) my sister just got laid off from the assisted living home she was at, so my Granny's estate is able to pay her to help while my parents are at work. Makes finding a reliable/trustworthy caregiver easy!</p> <p>But yeah, so much headache, a lot of stress, and all something that could have easily been taken care of! </p> https://boards.hellobee.com/topic/psa-long-term-care#post-1613496 Mon, 05 May 2014 12:49:18 +0000 Dandelion 1613496@https://boards.hellobee.com/ <p>My parents have savings for exactly this. They have been well prepared for their future.</p> <p>My inlaws...not so much. I might have dh look into this. </p> https://boards.hellobee.com/topic/psa-long-term-care#post-1613446 Mon, 05 May 2014 12:34:56 +0000 T.H.O.U. 1613446@https://boards.hellobee.com/ <p>I always let my parents know if they need help paying their LTC premiums to please let us know! </p> https://boards.hellobee.com/topic/psa-long-term-care#post-1613372 Mon, 05 May 2014 12:10:01 +0000 Mamaof2 1613372@https://boards.hellobee.com/ <p>My dad and step mom both have LTC policies.</p> <p>As for my mom I suspect she will live with one of us when the time comes and then if/when needed move into assisted care - she has lots of money though put away!</p> <p>My grandma was in an assisted living place for 3 months before she died - it was almost 4K a month. She had enough to last her about 2 years. I think my mom will be in the same position!</p> <p>My In-laws have nothing I am sure </p> https://boards.hellobee.com/topic/psa-long-term-care#post-1613357 Mon, 05 May 2014 12:03:29 +0000 Mrs. Lemon-Lime 1613357@https://boards.hellobee.com/ <p>Hello HBers, last week I attended a course for a professional designation and one of the topics, Long Term Care, really resonated with me. My parents are already in their 60s and I often think what will happen to them if they can no longer care for themselves. I think about what role will I play in making sure they are safe and cared for- providing care or funding care. Here's what I learned from the course and thought I'd share it in case any of you may find it helpful as well.</p> <p>Long Term Care is LTC is custodial care for chronic conditions. It can be either skilled or non-skilled care, and can be delivered in the home of in facilities such as nursing homes or assisted living environments.</p> <p>Who pays or provides LTC?<br /> Family The financial burden could bankrupt them or adversely affects children’s own retirement funding. The emotional burden could strain any family relationship.<br /> Self-insure Ask yourself, “how much will be needed and how much in disposable assets does one have?”<br /> Veterans Administration VA Veterans of foreign wars may be eligible for nursing home benefits by applying for acceptance into subsidized VA programs.<br /> Medicare does not have long term coverage. Here’s what Medicare Part A provides only after several requirements are met:<br /> • A consecutive three day hospital stay must precede entry into a skilled nursing home facility and for the same medical condition<br /> • The care needed by the patient must be skilled nursing<br /> • The patient’s condition must be improving<br /> There is a sliding scale of coverage payments from Medicare that will likely result in significant monetary outlay on behalf of the patient.<br /> • First 20 days in a Skilled Nursing facility- Medicare pays in full<br /> • Days 21-100- Patient pays $148 per day as a co-payment<br /> • Days 101 plus- Medicare pays nothing<br /> Medicaid pays for LTC services for those at or below poverty level. Anyone who still has assets, but applies for Medicaid will be required to divest many of those assets to that states’ Medicaid program. Asset qualification review looks back five years.<br /> LTC insurance policy</p> <p>Reasons for purchasing a Long Term Care policy<br /> • Preserve independence<br /> • Guarantee choice of care and caregivers<br /> • Protect assests and standard of living<br /> • Avoid being a burden on family<br /> • Leave more assets to family, church, school or worthy cause<br /> • Peace of mind</p> <p>Benefits provided by a Long Term Care policy<br /> In home coverage<br /> Home health care- medically necessary skilled care performed by trained medical personnel<br /> Home care- more custodial in nature<br /> Assisted Living Facility<br /> Nursing Home<br /> Skilled care- requires trained medical personnel authorized by a physician<br /> Intermediate care- similar to skilled care, but on a less frequent basis<br /> Adult Day Care<br /> Hospice Care benefits paid for symptom control for terminally ill patients</p> <p>What determines the approval of a claim for LTC insurance? (Triggers)<br /> Inability to perform any 2 of the Activities of Daily Life:<br /> 1. Eating: Feeding yourself by getting food into your body from a receptacle such as a plate, cup or table or by a feeding tube or intravenously;<br /> 2. Dressing: Putting on and taking off all items of clothing and necessary braces, fasteners, or artificial limbs;<br /> 3. Bathing: Washing yourself by sponge bath; or in either a tub or a shower, including the task of getting in or out of the tub or shower;<br /> 4. Toileting: Getting to and from the toilet, getting on and off the toilet, and performing associated with personal hygiene;<br /> 5. Transferring: Moving into or out of bed, chair, or wheelchair; and<br /> 6. Continence: The ability to maintain control of bowel or bladder function; or, when unable to maintain control of bowel or bladder function, the ability to perform associated personal hygiene, including caring for a catheter or colostomy bag.<br /> -OR-<br /> Cognitive Impairment<br /> Severe congnitive impairment means a loss or deterioration in illectual capacity that is: (1) comparable to Alzheimer’s disease or similar forms of dementia and (2) measured by clinical evidence and standardized tests that reliably measure impairment in the individual’s short term or long term memory, orientation as to people, places or time, and deductive or abstract reasoning.</p> <p>Building and rating the LTC policy<br /> Daily or monthly benefit based on current age, sex, state of residence and medical history (at issue age 18-84). How much will you need based on your area’s expenses? (Genworth survey attached)<br /> Waiting (or Elimination) period. How many days can you self-insure and pay for the care out of pocket? (30, 90, 180, 365 days).<br /> Benefit period. How many years do you want LTC benefits before you self-insure and pay out of pocket again? (3, 5, 10 years or lifetime)<br /> Inflation option. (CPI Consumer Price Index, Simple, or Compound)<br /> There are lots of riders to add to the policy to fit needs and any concerns.</p> <p>To learn more about the costs of Long Term Care (ie home nurses and nursing facilities rates) <a href="https://www.genworth.com/" rel="nofollow">https://www.genworth.com/</a> was recommended by the course instructor. Every year the company surveys care rates for each state.</p> <p>My brother and I will soon have the uncomfortable conversation about LTC with our parents. Have you discussed LTC with your partner regarding each other's parents or for yourself? </p>