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Re: LTC ins. VS. other options

Posted by Ann Vanderslice on November 03, 2002 at 16:19:44:

In Reply to: Re: LTC ins. VS. other options posted by Klaas DeWit, LPT, MBA on November 01, 2002 at 12:00:45:

: Dot,
: I believe the need for LTC insurance depends partially on your assets. I would not look into LTC insurance if your personal assets are less than about $60,000 and a house. (Pure approximate amount). If you have less than that, it could be a good option to 'go on Medicaid'.

: However, putting your funds in a trust does not guarantee safeguarding this from payments to care providers. Depending on how you do this, if you would qualify for Medicaid within 3-5 years of trust funding your assets, Medicaid may recoup that money from your trust fund.

: Also, there is a quality of care issue at play. Medicaid is a good program for people who really have no other options. But keep in mind that LTC insurance can keep you at home longer, Medicaid pays very little if any for home health care. So you will likely have to go to a nursing home. This may not be the nursing home of your choice, and you will not get a private bed.

: Visit some nursing homes, talk to an LTC agent or broker and have them explain your options. If you decide to 'safeguard' your assets, than definetely consult an eldercare lawyer. Do not make any mistakes or take illegal actions.

: Good Luck

: Klaas

Dot,

I agree with Klaas, with one additional point. If you want to remain in your own home as long as possible, consider a policy that covers home-health care only. If you need care, you may be able to put off entering a facility longer and possibly forego that option altogether.

Meet with someone in your area who specializes in long-term care products and represents more than one company to get a fair comparison of your options.

Good luck -

Ann Vanderslice

Follow Ups:

Re: LTC ins. VS. other options Bill Lindgren 23:17:31 11/04/02 (0)

Re: LTC ins. VS. other options : : Dot, : : I believe the need for LTC insurance depends partially on your assets. I would not look into LTC insurance if your personal assets are less than about $60,000 and a house. (Pure approximate amount). If you have less than that, it could be a good option to 'go on Medicaid'. : : However, putting your funds in a trust does not guarantee safeguarding this from payments to care providers. Depending on how you do this, if you would qualify for Medicaid within 3-5 years of trust funding your assets, Medicaid may recoup that money from your trust fund. : : Also, there is a quality of care issue at play. Medicaid is a good program for people who really have no other options. But keep in mind that LTC insurance can keep you at home longer, Medicaid pays very little if any for home health care. So you will likely have to go to a nursing home. This may not be the nursing home of your choice, and you will not get a private bed. : : Visit some nursing homes, talk to an LTC agent or broker and have them explain your options. If you decide to 'safeguard' your assets, than definetely consult an eldercare lawyer. Do not make any mistakes or take illegal actions. : : Good Luck : : Klaas : : Dot, : I agree with Klaas, with one additional point. If you want to remain in your own home as long as possible, consider a policy that covers home-health care only. If you need care, you may be able to put off entering a facility longer and possibly forego that option altogether. : Meet with someone in your area who specializes in long-term care products and represents more than one company to get a fair comparison of your options. : Good luck - : Ann Vanderslice

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