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Hi there! ???? I hope you're all doing well and looking forward to some warmer spring weather! ? ???? I wonder if you all have any thoughts/experience with long-term care insurance or life insurance with a long-term care option. My financial advisor is strongly suggesting it as a way to protect my retirement assets. The policy is a life insurance policy with a LT care option. It is one where, if I need LT care (after a 90-day elimination period), I could get up to $12k/mo or anything less than that for up to 3 years. After that, I'd have to cover all expenses out of my own personal funds. ? ???? The policy allows homecare or facility if I cannot perform two of the activities for daily living. If I never end up needing it, then the life insurnce goes back into my estate, so in essence I don't lose it. If I need access to the funds before I die, I have access to them as well. It would cost me $7200/yr ($600/mo) and would be in effect until I'm at least 95. ? ???? Anyway, right now, I have a healthy and diversified retirement fund and they say this kind of insurance is intended to protect my personal retirement funds in the event of a situation where I need long-term care. ? ???? Have any of you dealt with this for yourselves or a family member/friend? My parents are both in good health at 85 and 91, and neither have had to take advantage of this kind of service. Of course, none of us know what could happen tomorrow. Putting out this kind of money at the moment is just giving me pause, especially given what's going on in our government right now. ? ?So I decided to check in with my tribe to see what kind of info or knowledge you might have to share on this topic. ? ?Any thoughts? ?Any questions I should ask my advisor? ? ?Thanks! ?Linda ? ? ----- ?Linda Howard, CVF, PMP, CMC? Howard Consulting, LLC Transforming how teams collaborate to achieve purpose-driven results Certifications: CVF (Certified Virtual Facilitator), CMC? (Certified Management Consultant), PMP (Project Management Professional) ?-- I check email twice daily - around noon and end of my day. If this is urgent, please resend with URGENT in the subject line and I'll respond sooner. -- ~~~~~~~~~ Linda Howard lhoward@...office: 703-307-6048 mobile: 703-307-4497
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I tried to get LT insurance and it is expensive.? My advice is read the fine print.? We ultimately didn't go for it because of the cost.?
Hi there! ???? I hope you're all doing well and looking forward to some warmer spring weather! ? ???? I wonder if you all have any thoughts/experience with long-term care insurance or life insurance with a long-term care option. My financial advisor is strongly suggesting it as a way to protect my retirement assets. The policy is a life insurance policy with a LT care option. It is one where, if I need LT care (after a 90-day elimination period), I could get up to $12k/mo or anything less than that for up to 3 years. After that, I'd have to cover all expenses out of my own personal funds. ? ???? The policy allows homecare or facility if I cannot perform two of the activities for daily living. If I never end up needing it, then the life insurnce goes back into my estate, so in essence I don't lose it. If I need access to the funds before I die, I have access to them as well. It would cost me $7200/yr ($600/mo) and would be in effect until I'm at least 95. ? ???? Anyway, right now, I have a healthy and diversified retirement fund and they say this kind of insurance is intended to protect my personal retirement funds in the event of a situation where I need long-term care. ? ???? Have any of you dealt with this for yourselves or a family member/friend? My parents are both in good health at 85 and 91, and neither have had to take advantage of this kind of service. Of course, none of us know what could happen tomorrow. Putting out this kind of money at the moment is just giving me pause, especially given what's going on in our government right now. ? ?So I decided to check in with my tribe to see what kind of info or knowledge you might have to share on this topic. ? ?Any thoughts? ?Any questions I should ask my advisor? ? ?Thanks! ?Linda ? ? ----- ?Linda Howard, CVF, PMP, CMC? Howard Consulting, LLC Transforming how teams collaborate to achieve purpose-driven results Certifications: CVF (Certified Virtual Facilitator), CMC? (Certified Management Consultant), PMP (Project Management Professional) ?-- I check email twice daily - around noon and end of my day. If this is urgent, please resend with URGENT in the subject line and I'll respond sooner.
--
~~~~~~~~~
Linda Howard
lhoward@...
office: 703-307-6048
mobile: 703-307-4497
-- Liz Wainger President, Wainger Group liz@...
O: 301-340-6831 C: 301-461-3780
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We needed care for my Dad. After my Mom suddenly passed away at
88, he was not able to live alone. We brought him here for a year,
and then after he would get up in the night and was prone to
falling, his doctor said he was not safe here.? We moved him to
Aarondale, about 10 minutes away.? He was there less than a year
before passing away at 91.? Neither had long term care insurance,
and his funds luckily covered his care.? However, had he needed
more years of care, we could have had to cover the $95K+/year at
some point.? Ouch.
So it seems to all be about the math and guessing how many years
/ at what age you would need the care.? We were lucky that he made
it to his 90s before he needed it.? Your family history seems to
indicate a long life span.
We didn't buy LTC either.? We are healthy and so far have funds.
By the way, for the year he lived with us, we got him into a day
program at Insight Memory Care. That made it possible for us to
work rather than watch him. That cost was in the $2500/month
range, but allowed us to defer the more expensive care.
Good luck,
Dorothy
On 3/3/2025 9:01 AM, Liz Wainger wrote:
I tried to
get LT insurance and it is expensive.? My advice is read the
fine print.? We ultimately didn't go for it because of the
cost.?
Hi there!
???? I hope you're all
doing well and looking forward to some warmer spring
weather!
?
???? I wonder if you
all have any thoughts/experience with long-term care
insurance or life insurance with a long-term care
option. My financial advisor is strongly suggesting it
as a way to protect my retirement assets. The policy
is a life insurance policy with a LT care option. It
is one where, if I need LT care (after a 90-day
elimination period), I could get up to $12k/mo or
anything less than that for up to 3 years. After that,
I'd have to cover all expenses out of my own personal
funds.
?
???? The policy allows
homecare or facility if I cannot perform two of the
activities for daily living. If I never end up needing
it, then the life insurnce goes back into my estate,
so in essence I don't lose it. If I need access to the
funds before I die, I have access to them as well. It
would cost me $7200/yr ($600/mo) and would be in
effect until I'm at least 95.
?
???? Anyway, right now,
I have a healthy and diversified retirement fund and
they say this kind of insurance is intended to protect
my personal retirement funds in the event of a
situation where I need long-term care.
?
???? Have any of you
dealt with this for yourselves or a family
member/friend? My parents are both in good health at
85 and 91, and neither have had to take advantage of
this kind of service. Of course, none of us know what
could happen tomorrow. Putting out this kind of money
at the moment is just giving me pause, especially
given what's going on in our government right now.
?
?So I decided to check
in with my tribe to see what kind of info or knowledge
you might have to share on this topic.
?
?Any thoughts?
?Any questions I should
ask my advisor?
?
?Thanks!
?Linda
?
?
-----
?Linda Howard, CVF, PMP,
CMC?
Howard
Consulting, LLC
Transforming how
teams collaborate to achieve
purpose-driven results
Certifications: CVF
(Certified Virtual Facilitator),
CMC? (Certified Management
Consultant), PMP (Project Management
Professional)
?-- I check email twice
daily - around noon and end of my
day. If this is urgent, please
resend with URGENT in the subject
line and I'll respond sooner.
--
~~~~~~~~~
Linda Howard
lhoward@...
office: 703-307-6048
mobile: 703-307-4497
--
Liz
Wainger
President,
Wainger Group
liz@...
O:
301-340-6831 C: 301-461-3780
--
Dorothy Firsching, PMP
Ursa Major Consulting, LLC
9536 Stevebrook Road
Fairfax, VA 22032
phone (703) 425-6236
fax (703) 345-9354
|
My most recent experience is with my Mom & Dad who both
self-funded. Len and I have decided that it's too expensive and,
as Liz said, read the fine print.? I'd also ask what's in it for
your financial advisor - do they make a commission?
On 3/3/2025 9:01 AM, Liz Wainger wrote:
toggle quoted message
Show quoted text
I tried to
get LT insurance and it is expensive.? My advice is read the
fine print.? We ultimately didn't go for it because of the
cost.?
Hi there!
???? I hope you're all
doing well and looking forward to some warmer spring
weather!
?
???? I wonder if you
all have any thoughts/experience with long-term care
insurance or life insurance with a long-term care
option. My financial advisor is strongly suggesting it
as a way to protect my retirement assets. The policy
is a life insurance policy with a LT care option. It
is one where, if I need LT care (after a 90-day
elimination period), I could get up to $12k/mo or
anything less than that for up to 3 years. After that,
I'd have to cover all expenses out of my own personal
funds.
?
???? The policy allows
homecare or facility if I cannot perform two of the
activities for daily living. If I never end up needing
it, then the life insurnce goes back into my estate,
so in essence I don't lose it. If I need access to the
funds before I die, I have access to them as well. It
would cost me $7200/yr ($600/mo) and would be in
effect until I'm at least 95.
?
???? Anyway, right now,
I have a healthy and diversified retirement fund and
they say this kind of insurance is intended to protect
my personal retirement funds in the event of a
situation where I need long-term care.
?
???? Have any of you
dealt with this for yourselves or a family
member/friend? My parents are both in good health at
85 and 91, and neither have had to take advantage of
this kind of service. Of course, none of us know what
could happen tomorrow. Putting out this kind of money
at the moment is just giving me pause, especially
given what's going on in our government right now.
?
?So I decided to check
in with my tribe to see what kind of info or knowledge
you might have to share on this topic.
?
?Any thoughts?
?Any questions I should
ask my advisor?
?
?Thanks!
?Linda
?
?
-----
?Linda Howard, CVF, PMP,
CMC?
Howard
Consulting, LLC
Transforming how
teams collaborate to achieve
purpose-driven results
Certifications: CVF
(Certified Virtual Facilitator),
CMC? (Certified Management
Consultant), PMP (Project Management
Professional)
?-- I check email twice
daily - around noon and end of my
day. If this is urgent, please
resend with URGENT in the subject
line and I'll respond sooner.
--
~~~~~~~~~
Linda Howard
lhoward@...
office: 703-307-6048
mobile: 703-307-4497
--
Liz
Wainger
President,
Wainger Group
liz@...
O:
301-340-6831 C: 301-461-3780
|
Hello all, yes it is a crap shoot, plz excuse my expression. ? We have no kids, we have pensions and some reserves.? We own our home which due to poor condo mgmt, has gone down ?in value but hope still pervades.? We took long term care insurance via Fed program when it was offered.? We come from lines of families who have lived well ? into their 90’s.? My mother was ?97 at her death.? She lived in assisted living in McLean for 4 years before she passed.? Studies show people last about 4/5 years once entering assisted living.? We are paying dearly for this Insurance but if you want to avoid the treacherous “benefits” of Medicaid I would go for it.? If I have to go into a continuous care place I sure as hell want to be able yo afford anything above Medicaid.? My brother’s experience with Medicaid was horrendous.? I will take my own life before entering a facility and be subject to awful care.? If I had family that would be taking care of me I might think differently. ? If I have to go in to long term care, hopefully I will have done everything in my power to stay healthy and stay out of one of those places.? In 15 years I predict long term care will be 20 k a month if not more. ? U deserve the best in your final days….long term care helps provide that. ?‘‘Tis a crap shoot”. my friend. ? ?Anybody want to help manage my money when I am 95? ? I am tired of all these passwords already ?….. Cynthia
Hi there! ???? I hope you're all doing well and looking forward to some warmer spring weather! ? ???? I wonder if you all have any thoughts/experience with long-term care insurance or life insurance with a long-term care option. My financial advisor is strongly suggesting it as a way to protect my retirement assets. The policy is a life insurance policy with a LT care option. It is one where, if I need LT care (after a 90-day elimination period), I could get up to $12k/mo or anything less than that for up to 3 years. After that, I'd have to cover all expenses out of my own personal funds. ? ???? The policy allows homecare or facility if I cannot perform two of the activities for daily living. If I never end up needing it, then the life insurnce goes back into my estate, so in essence I don't lose it. If I need access to the funds before I die, I have access to them as well. It would cost me $7200/yr ($600/mo) and would be in effect until I'm at least 95. ? ???? Anyway, right now, I have a healthy and diversified retirement fund and they say this kind of insurance is intended to protect my personal retirement funds in the event of a situation where I need long-term care. ? ???? Have any of you dealt with this for yourselves or a family member/friend? My parents are both in good health at 85 and 91, and neither have had to take advantage of this kind of service. Of course, none of us know what could happen tomorrow. Putting out this kind of money at the moment is just giving me pause, especially given what's going on in our government right now. ? ?So I decided to check in with my tribe to see what kind of info or knowledge you might have to share on this topic. ? ?Any thoughts? ?Any questions I should ask my advisor? ? ?Thanks! ?Linda ? ? ----- ?Linda Howard, CVF, PMP, CMC? Howard Consulting, LLC Transforming how teams collaborate to achieve purpose-driven results Certifications: CVF (Certified Virtual Facilitator), CMC? (Certified Management Consultant), PMP (Project Management Professional) ?-- I check email twice daily - around noon and end of my day. If this is urgent, please resend with URGENT in the subject line and I'll respond sooner.
--
~~~~~~~~~
Linda Howard
lhoward@...
office: 703-307-6048
mobile: 703-307-4497
|
I have 2 experiences to share about LTC insurance. - I researched options for Rick and myself several years ago.? When I ran the numbers about what it would cost and what it would pay out, I decided that I was better off putting the premiums into a good mutual fund and self-insuring.? The insurance paid too little for too short a time to cover the appreciated value of the premiums.? The numbers just didn’t work.
- Cynthia has LTC insurance that she bought as a federal employee/retiree.? My aunt did the same, buying as a retiree maybe 15-20 years ago.? She got a policy that had no cap on how long it will pay or the total it will payout, covered all of the cost of assisted living and now covers almost all of the monthly cost of skilled nursing, has an annual escalator to increase the daily maximum, and the premiums stop as soon as you qualify for benefits.? She is now 93, has Alzheimer’s, and has lived in assisted living and then skilled nursing for the past maybe 8 years—so she has not paid any premiums during that 8 years.? Her plan is now paying about $15K/month, and has paid out over $800K so far.? The key point here is that while this is great insurance, you and I can’t buy it.? It does not exist in the general market, and probably doesn’t exist anymore in the perks for federal employees.
So my advice is to run the numbers and see if it actually makes financial sense. ? Becky Roberts (703) 472-3313 ?
toggle quoted message
Show quoted text
From: [email protected] <[email protected]> On Behalf Of Cynthia Miller via groups.io
Sent: Monday, March 3, 2025 3:26 PM
To: [email protected]
Subject: Re: [FacilitatorLadies] Seeking opinions on long-term care insurance? Hello all, yes it is a crap shoot, plz excuse my expression. ? We have no kids, we have pensions and some reserves.? We own our home which due to poor condo mgmt, has gone down ?in value but hope still pervades.? We took long term care insurance via Fed program when it was offered.? We come from lines of families who have lived well ? into their 90’s.? My mother was ?97 at her death.? She lived in assisted living in McLean for 4 years before she passed.? Studies show people last about 4/5 years once entering assisted living.? We are paying dearly for this Insurance but if you want to avoid the treacherous “benefits” of Medicaid I would go for it.? If I have to go into a continuous care place I sure as hell want to be able yo afford anything above Medicaid.? My brother’s experience with Medicaid was horrendous.? I will take my own life before entering a facility and be subject to awful care.? If I had family that would be taking care of me I might think differently. ? If I have to go in to long term care, hopefully I will have done everything in my power to stay healthy and stay out of one of those places.? In 15 years I predict long term care will be 20 k a month if not more. ? U deserve the best in your final days….long term care helps provide that. ?‘‘Tis a crap shoot”. my friend. ? ?Anybody want to help manage my money when I am 95? ? I am tired of all these passwords already ?….. ???? I hope you're all doing well and looking forward to some warmer spring weather! ???? I wonder if you all have any thoughts/experience with long-term care insurance or life insurance with a long-term care option. My financial advisor is strongly suggesting it as a way to protect my retirement assets. The policy is a life insurance policy with a LT care option. It is one where, if I need LT care (after a 90-day elimination period), I could get up to $12k/mo or anything less than that for up to 3 years. After that, I'd have to cover all expenses out of my own personal funds. ???? The policy allows homecare or facility if I cannot perform two of the activities for daily living. If I never end up needing it, then the life insurnce goes back into my estate, so in essence I don't lose it. If I need access to the funds before I die, I have access to them as well. It would cost me $7200/yr ($600/mo) and would be in effect until I'm at least 95. ???? Anyway, right now, I have a healthy and diversified retirement fund and they say this kind of insurance is intended to protect my personal retirement funds in the event of a situation where I need long-term care. ???? Have any of you dealt with this for yourselves or a family member/friend? My parents are both in good health at 85 and 91, and neither have had to take advantage of this kind of service. Of course, none of us know what could happen tomorrow. Putting out this kind of money at the moment is just giving me pause, especially given what's going on in our government right now. ?So I decided to check in with my tribe to see what kind of info or knowledge you might have to share on this topic. ?Any questions I should ask my advisor? ?Linda Howard, CVF, PMP, CMC? Transforming how teams collaborate to achieve purpose-driven results Certifications: CVF (Certified Virtual Facilitator), CMC? (Certified Management Consultant), PMP (Project Management Professional) ?-- I check email twice daily - around noon and end of my day. If this is urgent, please resend with URGENT in the subject line and I'll respond sooner.
--
~~~~~~~~~
Linda Howard
lhoward@...
office: 703-307-6048
mobile: 703-307-4497
|
Hello All!
I have experience with 2 parents--1 who had LTC Insurance and 1 who does not.?
?
1. Mom--In my Mom's case with her Alzheimer's, it was a lifesaver for us with Assisted Living and Memory Care expenses right off the bat, especially at the beginning when we had no access to her funds right away. ?It took a while with the legalities to gain access to her funds--especially dealing between Florida and Maryland.? That said, the waiting period was challenging, so our uncle lent us the money for the first few months until we had access to the LTC $$.? My stepdad bought the policies for them early on in their lives.? I don't remember if it was Fed or not, but he was retired military, so maybe.? My Mom lived 10 years after going into Assisted Living and her last few months were with Medicaid (which took forever to apply and get approved for the funds). The LTC $$ ran out after 3 years.? Overall, we had a good experience with the Assisted Living facilities, but you have to stay on top of it and visit OFTEN for you loved one to receive more attention.? My Mom lived to 90 years old.
?
2. Dad--my Dad is 97 years old and living independently in a continuing care facility.? IF he had LTC, we would not be able to apply it yet for he is able to take care of himself.? That said, we are noticing that he is starting to slide and we are contemplating moving him to Assisted Living.? Assisted Living will be challenging for you are surrounded by a good portion of people who have memory problems and more severe health problems. We think it will be a quick demise for him in that sad environment.? In his case with the continuing care facility, if he runs out of money, they will not "kick him out", but will downside his nice apartment for a smaller one.? He has been living there 7 years.?
?
Sorry for the rambling, but those are my stories.
?
I always understood that LTC was a "use it or lose it" situation and does not go back to your estate.? I'm surprised that you've learned otherwise.?
I agree with Liz about the fine-print and with Cynthia that it's a crap shoot.? As for me, being single with no kids, I am okay if there is no money left in my estate. Just an FYI, my accountant is my personal representative for my Estate.? It's so hard to make these decisions--especially when single and no kids.? I obviously have longevity in my family, but the Alzheimer's runs rampant on my Mom's side.?
?
I hope my rambling is helpful in some way.? Good luck with your decision.? ~Dawn
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Linda Howard
Dorothy Firsching
Cynthia Miller
Dawn Rhine, CPF, CVF