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Medical Forum / Diseases and Disorders / Arthritis / November 2007long term care insurance?
about a decade ago, when i was first diagnosed and around 46 years old, i tried to get long term insurance and wasn't able to. now AARP is offering LT insurance through Genworth. RA is not an automatic rule- out, as it was when i tried to get it before. my parents had lt care insurance which really made a difference when they needed a nursing home, and if my sister had it, she wouldn't be zipping through her savings to pay for her 24 hour aide. but i'm wondering if i'm overlooking something. it would be about 180$ a month (if they accept me), which is a chunk o' change, but with my family's experience and my RA, it seems worth the money. the policy i'm considering pays about 80% with a three year minimum's worth of coverage. Also, if more than one family member gets it, there's a 40% discount. diane > about a decade ago, when i was first diagnosed and around 46 years > old, i tried to get long term insurance and wasn't able to. now AARP [quoted text clipped - 11 lines] > > diane I don't understand three year minimum. Three year maximum maybe? Also do they pay 80% of your total cost, ie room and board, or 80% of some predetermined but inadequate amount. What care level would you need to qualify for benefits? How would that be determined? $180 x 12 x 20 = a reasonable guess of what you would pay them before you need them. Or $43,200. Your mileage of course may vary. As I've told my broker, this would all be a lot easier to plan if only I knew when we were going to die. Sorry but accountants can be both pretty grim and pretty literal. Jo jo these are helpful questions and i don't yet know the answers (haven't actually seen the policy yet). although i do know that 80% is based on the supposed nc average nursing home monthly figure of 4700. the policy would pay 3700 of that. there are more comprehensive policies, but of course they cost more money. that 3 year minimum is confusing, but i believe what it means is that they will pay for at least three years of care, whether 3 consecutive years or divided up. as for qualifying, you have to need help with 2 of the "basic care" thingamobobs, like dressing and bathing. i don't know who makes that determination. that 43K is a heartstopper, isn't it? but i guess that's what insurance is all about. i'll talk to my financial planner and see what she thinks. gwen, sorry you were turned down just for OA! but just think of all the premiums you've saved. diane > jo these are helpful questions and i don't yet know the answers > (haven't actually seen the policy yet). although i do know that 80% is [quoted text clipped - 5 lines] > they will pay for at least three years of care, whether 3 consecutive > years or divided up. This is where it sticks for me. Wouldn't it be "at most" rather than "at least"? Granted three years is quite a bit. Jo Diane, you're right. I hadn't thought of that! But feel sorry for the kids if I have to go to a nursing home! Gwen > jo these are helpful questions and i don't yet know the answers > (haven't actually seen the policy yet). although i do know that 80% is [quoted text clipped - 18 lines] > > diane Diane, I don't have RA, just OA, but I have been turned down by three companies. I did not have my heart or lung problems then either. Grayson and I applied at the same time. They approved him on the first application, and turned me down! Gwen > about a decade ago, when i was first diagnosed and around 46 years > old, i tried to get long term insurance and wasn't able to. now AARP [quoted text clipped - 11 lines] > > diane Diane: I bought LTC insurance through Genworth about 3 years ago. (AARP had another carrier at the time. I studied a bunch of policies/carriers out there and the policy I got through Genworth was the best by far. Now, I'm not sure you got the same policy, so do some studying and read the fine print-- there are many things to watch out for or look for). The premiums have not increased. I was not dx. with RA at the time. I currently have some kind of inflammatory arthritis in both knees. Anyway, I forgot the technical term but we basically got a joint policy. It covers 3 years at $3000/month for either my wife or myself. I am currently 61 and my wife is 5 years younger. Our policy cost is about $840/year. Not cheap, but not bad. That premium has not gone up either Mel > about a decade ago, when i was first diagnosed and around 46 years > old, i tried to get long term insurance and wasn't able to. now AARP [quoted text clipped - 11 lines] > > diane Mel, i think you got a good deal. i still haven't seen the genworth policy, but the premiums for $3K/month worth of coverage are $183/ month for me alone (i'm 57). we live in NC and i suppose the premiums vary by state as well as the coverage. if john also gets it, there's a 40% reduction in both our rates. from what i've heard from friends, these rates are pretty good, but yours sounds excellent. it's that dicey "do i really need it?" kind of thinking that can make me crazy. so hard to imagine needing it when i'm 57. at the same time, i hobble around like Grandpappy Amos so who knows what i'll be like at 77? (if you know who grandpappy amos is, you're as old as I am). diane Diane: That premium seems awful high, but obviously they are factoring in your RA. When I got my policy, I was able to answer NO to their big questions (I did not have a RA dx. or MS or any of a bunch of things). So, at least you are able to get the policy, but at a huge cost. If you can afford it, then I guess you have a tough decision to make. But, as I said, we examined many policies and Genworth was BY FAR the best. Good luck. Mel > Mel, i think you got a good deal. i still haven't seen the genworth > policy, but the premiums for $3K/month worth of coverage are $183/ [quoted text clipped - 8 lines] > > diane I have a policy from Allianz that I took out in 1996 - I was 56 or 57. My premiums are $91.06, never to increase. There is a built in COLA increase each year in the benefits (cost of living). I can't list the benefits right now, but they were quite good. I think I even listed my OA and RA. I never receive any advertising from them on other policies they may handle. I don't think the rates are bad at all, compared to some that I am seeing here. I feel better knowing I have it.  SignatureNavy Take out the FISH to email me. > Diane: > [quoted text clipped - 26 lines] >> >> diane Sounds like the premium is not too outlandish. But again you need to examine the policy. I wish I could remember but I had about 6 major points to look at/question. One of the major ones was who decides that you need say nursing home care?? Some insurances require their own doctor to approve that. That's a BIG red flag. The one I have my own doctor decides. Another thing to look at is what they would pay for in-home care, if anything. There were quite a few other things. Oh, yeah, there was also the type of facilities that qualify. Also, is there a deductible. If so, how much? Mel >I have a policy from Allianz that I took out in 1996 - I was 56 or 57. My >premiums are $91.06, never to increase. There is a built in COLA increase [quoted text clipped - 35 lines] >>> >>> diane |
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