# Long Term Care Insurance



## Huntmo1 (Nov 30, 2011)

All,

As I was reading through some other retirement forums, I noticed that some people were stressing that your retirement plan should include long-term care insurance and that you shouldn't retire unless you have it. I guess I never really paid much attention before, but I wasn't even sure what that was. After researching it some, I'm just curious if this is something that people really think is necessary, or is it more of a produce that the insurance company promotes to try and scare people into thinking that they need to have it so they can make money. Personally, I want to retire as soon as I can, and don't want to have to work more years to 'afford' long-term care insurance. I'm retired military, so I have basic medical coverage for the rest of my life. If I get to a point in my old age that I need to be put in a nursing home, my pension would likely be enough to put me in a decent place without burdening my children to pay for my expenses.

Does anyone on here have it and if so, what do you think about it?


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## jassytoo (May 14, 2003)

I don't think it's a bed idea but it's way too expensive for me. If I were richer I might get it, but then if I were rich I wouldn't need it.:shrug:


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## where I want to (Oct 28, 2008)

My mom was in a nursing home for two years (which is the average survival time in one.) Her cost just for being there was abou $4200 per month for a double room. Then there were the extras- the extra cost for a private duty nurse to get her out of bed and get her ready at night because she was somewhat too uncooperative for the regular staff to take time. The equipment rental, the more frequent medication times, the constant replacement of stolen items (sometime pretty expensive ones like a wheelchair,) personal items, physical therapy,etc. 
It was extremely expensive and steadily ate away at her capital despite her good retirement income. 
We looked into private duty nursing for my father so he could stay home but that was about $82,000 per year- three shifts of 8 hours duty. For round the clock care, you need to figure three people's salary. In addition to normal living expenses like rent and utilities.


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## Nevada (Sep 9, 2004)

The purpose of long-term care insurance is to protect assets, not assure that you will have care available to you if you need it. Medicare and most Medicare Advantage insurace will only cover the first 100 days of long-term care. After that you become eligible for Medicaid, so you will get the care you need.

The problem with Medicaid is that states have "claw-back" rights to recover funds for long-term care. In other words, if you own a house (or stock, or other significant assets) then the state can put a lien on your property to recover long-term care that was paid for by Medicaid. Note that long-term care is an exception, since most Medicaid benefits don't give the state claw-back rights the way long-term care does. The point is that if you have long-term care insurance you might be able to avoid the claw-back so your family can inherit your home.

Also note that the long-term care claw-back isn't just for old people. You could find yourself in that situation at any age. It's more common for old people, but a bad traffic accident could land you in the same place receiving Medicaid benefits with claw-back rights.


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## SageLady (Jun 10, 2008)

I think it would be a good thing to have, but we can't afford it...


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## Wolf mom (Mar 8, 2005)

Medicaid will put your assets into a Miller's Trust and draw on those assets to help pay for your care. When you die, the asset balance reverts to your estate. 

Lane, Check the VA as they have long term care for you and your spouse if you qualify.

http://www.medicare.gov/longtermcar...AV|Paying|GovernmentPrograms|VeteransBenefits


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