I am looking for advice about long term care insurance. While I do not have a diagnosis, I am 4/4 and have been having disturbing memory issues. After a visit with my doctor today, I realize these are significant enough I need to start planning for my future. I am only 49, but my husband is 76 and not in good health. I can't assume he will be around to help care for me. I have no children, and the rest of my family lives half a continent away.
It would give me peace of mind to know that this was taken care of, but money is an issue. My parents might be able to help, however. If you have experience with long term care insurance, could you share some pointers? What to look for? I live in a rural area, and while I wanted this to be my forever home, I'm starting to realize that might not be possible--even if friends pitch in to help, I'll need to be in town to make it feasible.
Thanks,
Andrea
Long Term Care Insurance
Re: Long Term Care Insurance
Hi Andrea;
A good place to start is this excellent caregiver thread. Once you have opened the thread, look just under the title of the thread - there is a search function (little magnifying glass) that searches just in this specific thread, not the all the forums. Try putting "insurance" in the search box.
Hope this helps get you started.
A good place to start is this excellent caregiver thread. Once you have opened the thread, look just under the title of the thread - there is a search function (little magnifying glass) that searches just in this specific thread, not the all the forums. Try putting "insurance" in the search box.
Hope this helps get you started.
Slacker
E4/E4
E4/E4
Re: Long Term Care Insurance
(((Andrea))) you may not like what I have to say. If you told any of your physicians about your 4/4 status or any cognitive issues you’re experiencing, it’s very likely that you won’t be able to get LTC. In any application, you must reveal all doctors you’ve ever seen and your records will be scoured for any hint of chronic disease. LTC is reserved for the healthiest population as it’s a gamble the insurance companies plan to win. In case this impacts your ability to get insurance, it may be time to come up with an alternate plan. -xo
Re: Long Term Care Insurance
We looked at LTC insurance and got quotes for different options, before my 4/4 was in my medical records. All the LTC options were VERY expensive with high premiums and limits on number of years that they will pay. My husband, who works in a related business, determined that we would likely pay more in premiums than we get back in the event I ever needed to use the benefits. We decided instead to try and self-insure. If you decide against LTC or you can't get it, consider taking what you would pay in premiums and put it in a low-risk investment that you will have for care, if you need it down the road, and then if you don't -- hooray! and the money is still yours.
Re: Long Term Care Insurance
Setting up a financial cushion for long-term care makes sense in many ways. We do everything possible to avert cardiovascular disease, Alzheimer's and other conditions. Much is within our control, but not everything.
For most people, building a financial cushion will involve setting aside some money each month, or dedicating part of any inheritance to this.
For carriers of APOE4, it makes sense to learn and use investment skills. Pattern recognition, decision-making, problem-solving, all are exercised. Occupational complexity is one of the factors linked to preserved or enhanced cognition.
A few hours a week dedicated to studying and emulating the masters of small-scale investment, such as William O'Neill, is likely to be repaid in many useful ways. I get people to start with imaginary money until they demonstrate a degree of reliable competence. Then they start putting their real money to work, and reaping the rewards.
Of course, a healthy financial cushion is useful beyond the possible need for long-term care for oneself or loved ones. There's more to life than that.
For most people, building a financial cushion will involve setting aside some money each month, or dedicating part of any inheritance to this.
For carriers of APOE4, it makes sense to learn and use investment skills. Pattern recognition, decision-making, problem-solving, all are exercised. Occupational complexity is one of the factors linked to preserved or enhanced cognition.
A few hours a week dedicated to studying and emulating the masters of small-scale investment, such as William O'Neill, is likely to be repaid in many useful ways. I get people to start with imaginary money until they demonstrate a degree of reliable competence. Then they start putting their real money to work, and reaping the rewards.
Of course, a healthy financial cushion is useful beyond the possible need for long-term care for oneself or loved ones. There's more to life than that.
Re: Long Term Care Insurance
apeacock, good to think ahead, and at 49 there is so much you can do to prepare!
As Searcher suggests, start putting away money now - that would be an alternative to paying into LTC that might not cover what you need anyway - and work hard to find someone who is willing to be your paid conservator when you need extra help. I have no children either, but have a trusted niece who is willing to do this for my husband and me. And we have planned to move back to the midwest when we get older to make it easier for her to do that job.
And at 49, you can still turn the health ship in your favor. Memory problems at your age are likely due to changing hormones, so please do get that checked out. And with your husband's health problems, you might also be seeing effects of stress.
Sending hugs and do come back and let us know how it's going.
As Searcher suggests, start putting away money now - that would be an alternative to paying into LTC that might not cover what you need anyway - and work hard to find someone who is willing to be your paid conservator when you need extra help. I have no children either, but have a trusted niece who is willing to do this for my husband and me. And we have planned to move back to the midwest when we get older to make it easier for her to do that job.
And at 49, you can still turn the health ship in your favor. Memory problems at your age are likely due to changing hormones, so please do get that checked out. And with your husband's health problems, you might also be seeing effects of stress.
Sending hugs and do come back and let us know how it's going.
Last edited by SusanJ on Tue May 22, 2018 4:47 pm, edited 2 times in total.
Re: Long Term Care Insurance
Thank you all for such terrific alternatives to LTC insurance. Often family members are willing to take on a conservator role without pay, but planning ahead is a great idea. My brother and sister-in-law without children have already zoned in on a niece that they're building a special relationship with. It's so important to plan ahead. Also, as Susan points out, 49 is very young and there are so many strategies that you can implement to turn things around. Sending good energy your way.
Re: Long Term Care Insurance
There is a good LTC insurance product offered by Lincoln MoneyGuard. There is a health questionnaire but no medical records asked for. The questionnaire asks if you have diagnosed AD, which is sounds like you do not.....and does not ask about genetic testing. At your age and in good health I don’t think it would be too expensive and may be a good thing to do. Take a look at that one, and/or let me know if you want more details.
Re: Long Term Care Insurance
Thanks everyone for the advice. My doctor does know about my 4/4 status, so LTC insurance probably is out of the question. But I like the idea of putting some money aside to help compensate whoever my caregiver ends up being (I have a nurse friend who has reassured me she will help, and I know my brother will as well).
