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Anyone here have it?

If so, what type financing did you opt for?

Monthly payment or lump sum?

How many years did you sign up for?

Name of your insurance provider?

What options did you get, i.e., inflation rider, etc.

Thanks!

P.S. If you have any knowledge of someone having LTC and then experiencing problems with the insurance company when they needed to use, I'd be grateful for any details.

I started looking into it for my wife and I bc of the cost of taking care of my grandmother opened my eyes. It's too late for my parents (cost wise) and the younger you start the cheaper it cost. Since I quit my job and working on another degree I didn't really persue it. I'm not sure if you know any social workers that work at a LTAC unit or hospital but they would def be the ones to ask. I forgot what the ladies told me when I asked a couple of years ago

I think we have LTHC. It's Medicare bolstered by a not cheap supplemental policy.

If you're talking about nursing home/assisted care coverage, the premiums are outrageously and prohibitively expensive, we'll just go drive off a mountain in Colorado or Montana somewhere - together. Bye, y'all.

Dave Ramsey's standard recommendation is to purchase long term care policy at age 60. If one waits later, then they become prohibitively expensive.

Oldgringo wrote:I think we have LTHC. It's Medicare bolstered by a not cheap supplemental policy.

If you're talking about nursing home/assisted care coverage, the premiums are outrageously and prohibitively expensive, we'll just go drive off a mountain in Colorado or Montana somewhere - together. Bye, y'all.

That's why we were looking into it in our 30s

I don't have it but have dealt with it for my Mom and Dad. They were divorced so each bought their policy separately but from the same company many years ago. You need to be careful of the wording in the policy because what you think it says may not mean what you think.

Mom's policy basically stated it would cover everything you would receive in an assisted living facility but did not have the wording "assisted living facility". When we tried to use it for that it was turned down. She said when the policy was purchased assisted living facilities didn't exist so as long as the care is the same it should cover it. We appealed but still lost.

Dad's policy purchased around the same time from the same company did cover the assisted living facility. It clearly show 2 separate pay outs depending on where he was living - assisted living or nursing home. My mother's only showed 1 pay out.

When you go to used the policy you have to have the facility approved and after that there is a set time before they start to pay and then for how many years they will pay out. Once they start paying they pay with no issues.

Abraham wrote:Anyone here have it?

Yep, my wife and I both started LTHC policies a few years ago when the Teacher Retirement System (TRS) of Texas set up a blanket group to cover educators in the state. Now, new teachers can join, but there are restrictions on older teachers from joining if they were employed when the group started, and now want in.

Abraham wrote:If so, what type financing did you opt for?

Teachers pay for the insurance through a monthly payroll deduction, paid directly to TRS, who covers the payments to the insurance group. I'm paying $187/mo (out of pre-tax income). Pam was paying just a little bit more.

Abraham wrote:Monthly payment or lump sum?

See above. Can't imagine how much it'd be for a lump sum payment - more than I'd earn in a long time, I suppose.

Abraham wrote:How many years did you sign up for?

Lifetime unless I get out of teaching and don't take my TRS retirement as a monthly annuity (in which case TRS continues to deduct the payment from my annuity), but take it in a lump sum and stop making payments, or I opt-out of the program.

Abraham wrote:Name of your insurance provider?

Genworth Life Ins. Co.

Abraham wrote:What options did you get, i.e., inflation rider, etc.

Inflation rider was the only thing that comes to mind. It was a pretty basic policy.

But one thing I did not like finding out the hard way: the standard for the market is to reimburse all payments if an insured died before age 65, or at least that's one of the things I was told by the customer service supervisor at the company when I talked with them when my wife died earlier this year without using any of the benefits of the policy. The policy that TRS negotiated, though, does not have that provision (Grrrrr - take advantage of the teachers, again, huh?) so her estate only got a partial refund for the month that she died.

Thanks all for your responses. Very much appreciated.

RKirkwood,

Your Mother's situation and any variation thereof - is precisely why I'm researching before buying, if I buy... I don't want to pay a large sum to discover if I need to use it, I get rejected on some unforeseen, minor technicality...

Your Mother's LTC insurance company COULD have been reasonable and not rejected the claim, but saw an opportunity to save big bucks - wouldn't want ethics to get in the way of doing business.

n5wd ,

I just hit the submit buttom to discover your response just in time to thank you. Very helpful information.