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Long Term Care Insurance

Icc5

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Did your long term care just go up huge. Ours (in California) just went from about $4800 for two of us to almost $9000. This was the first time it went up in almost 25 years.
We have a great plan and both our financial advisor and next door neighbor (he is an advisor to long term care insurance companies and has our same plan) have told us our plan is the gold standard.
Bart
 

wackymother

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Yowtch! Can you call your insurance broker and ask what happened?
 

Patri

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I take it that is per year? As long as you are this far into the plan, take comfort that that premium is equal to less than a month in a nursing home for one person. But yeah, the company should have an explanation.
 

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Our CA plan just had a small increase, about $30/month, but the coverage increased to reflect higher costs. We had the option to not accept it. These offers occur every 3 years for our plan.


Sent from my iPad using Tapatalk Pro
 

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Years ago I had a Long Term Care Policy. It had a provision in it that they couldn't raise your premium unless they raised the premium for everyone in your class. They did this to me two or three times so I cancelled the policy. This was one of the reasons I decided to move into a CCRC when I turned 65 years old. There is no need for a LT Care Policy when you live in a CCRC..

George
 

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I don’t live in California but my plan has a provision in which the rates may be adjusted every 5 years. Ours was increased about 15% earlier this year. If yours hasn’t increased at all in 25 years, I’m not surprised it went up that much. I would definitely check to see how often the rate can be increased and it never hurts to shop around to see what else is available. But be careful, there are a lot of bad actors selling bad LTC plans! You don’t want to end up with a plan or a company that won’t take care of you.
 

rapmarks

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After my husband’s reunion, we called a real old friend who didn’t attend. He told us his wife has been in a nursing home since 2004 with Alzheimer’s. I am assuming she was about sixty when she went in. I have to tell you it took me quite a while to come to grips with that. This friend goes every morning and feeds her, baths her dresses her, and stays til she goes back to sleep. Then returns again and helps feed her dinner, gets her ready for bed in the evening. What devotion! I always felt we could handle a few years, but 15, no way.
 
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VacationForever

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LTCI premiums are not rate protected. The company reserves the right to increase rate for the same class anytime. When claims are doled out more than premiums collected, they will increase the rates.

When LTCI premiums go up, the consumer may be given the option of keeping the old rate but benefits are reduced or shortened, or pay the higher rate for the same coverage before.

About 10 years ago CalPERS LTCI did exactly that. Their premiums almost doubled but the consumers were given the option of keeping the old coverage and pay the higher cost or shorten coverage to 3 years and keep the old rate.

I bought my LTCI policy through AARP and underwritten by Genworth, the largest LTC carrier, 10 years ago. Every year I receive a standard letter indicating that they reserve the right to increase rates etc. I have not seen an increase yet but I do expect a few if I get to a ripe old age.

My husband bought a hybrid LTCI policy where he paid a one-time lump sum. There will never be an increase in premiums. His policy pays for LTC and has an inflation rider. If he does not use up to the full life insurance amount for LTC, the policy pays the balance of the policy to the beneficiary. His policy also guarantees a minimum payout of $10K to the beneficiary even if he had used up all LTC amount on death.
 

GetawaysRus

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Yes, big increase this year. I'm away from home, so I don't have the exact figures, but Genworth raised our rates by at least 40%. We have owned the policy for about 10 years and this is the first really large increase. (I recall one small increase in the past.) We were offered the option to downgrade our coverage, but that wasn't attractive.
 

VacationForever

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Yes, big increase this year. I'm away from home, so I don't have the exact figures, but Genworth raised our rates by at least 40%. We have owned the policy for about 10 years and this is the first really large increase. (I recall one small increase in the past.) We were offered the option to downgrade our coverage, but that wasn't attractive.
Interesting to read this. I haven't gotten a rate increase yet after 10 years of buying Genworth LTCI. Since you just received a rate increase, maybe I should expect one soon. Since rates are written for age bands, I do not know if you are older than me. I bought it when I was in my 40s.
 

Sea Six

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I took out our policies at around age 45. The premium stayed the same for many years. Now it goes up every year, the closer I get to maybe actually needing it.
 

rapmarks

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I dealt with Genworth for my two aunts. Had really good experience
 

Quiet Pine

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When I was 55, I bought a LTC policy with Allianz. I bought a 10-pay (don't think Allianz offers these now), and the annual premiums stopped when I was 65. I also got a 5% inflation rider, and every year Allianz writes to tell me the new daily benefit. This year is $222.88 for a facility or home care. Total premiums I paid for DH and me were $23,000, so 3 1/2 months of care for one of us will cover the premiums.
 

Sea Six

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Which carrier?

When I started in 1999, it was with Travelers. Later that was bought by MetLife, and now is Brighthouse. When we bought the policies, our daily coverage would be $105. Now, our daily coverage is up to $265 for each of us. Almost $16,000 a month for the both of us. I forget what the premium was when we bought these policies, but we're paying $400 a month now for both us us. I had a talk with the insurance company, asking them if I have TOO much coverage. They quoted some options to lower the premium (and the coverage), but I have to do some homework on how much assisted living really costs in a nice place. $16,000 a month seems like a LOT to me. Anybody have any numbers of how much it costs? When I see that "A Place for Mom" commercial I wonder about getting a feel for how much this costs, and what really is our probability of ever getting to use it. We decided to buy the policies when at that time both my wife and I moved our parents into assisted living because they just couldn't take care of themselves anymore. Poor health and too many steps. Now we see that in our not too distant future.


PS - About 10 years ago I had an insurance agent come to compare LTC policies. She was so proud to be in our house and get a chance to compete. She spent about 2 minutes looking at our policy and said "I can't compete with this", packed up and left. Apparently, the trick is to buy early. Not something you want to hear when you wait til you're over 65.
 
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bogey21

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Our daily coverage is up to $265 for each of us....Almost $16,000 a month for the both of us...$16,000 a month seems like a LOT to me. Anybody have any numbers of how much it costs?

If I read your post correctly I think you are saying $16,000 for both of you. I take that to mean $8,000 per month for each of you. The CCRC I live in will take Non-Residents into our Assisted Living Facility on a space available basis. My recollection is that the cost for Non- Residents is a touch over $10,000 per person per month...

George
 
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VacationForever

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When I started in 1999, it was with Travelers. Later that was bought by MetLife, and now is Brighthouse. When we bought the policies, our daily coverage would be $105. Now, our daily coverage is up to $265 for each of us. Almost $16,000 a month for the both of us. I forget what the premium was when we bought these policies, but we're paying $400 a month now for both us us. I had a talk with the insurance company, asking them if I have TOO much coverage. They quoted some options to lower the premium (and the coverage), but I have to do some homework on how much assisted living really costs in a nice place. $16,000 a month seems like a LOT to me. Anybody have any numbers of how much it costs? When I see that "A Place for Mom" commercial I wonder about getting a feel for how much this costs, and what really is our probability of ever getting to use it. We decided to buy the policies when at that time both my wife and I moved our parents into assisted living because they just couldn't take care of themselves anymore. Poor health and too many steps. Now we see that in our not too distant future.


PS - About 10 years ago I had an insurance agent come to compare LTC policies. She was so proud to be in our house and get a chance to compete. She spent about 2 minutes looking at our policy and said "I can't compete with this", packed up and left. Apparently, the trick is to buy early. Not something you want to hear when you wait til you're over 65.
Assisted living without much assistance other than meals and housecleaning is much cheaper than long term care in a skilled nursing facility. Skilled nursing facilities run $10K to $16K per person per month. Most LTCI won't pay for a move into an assisted living if the policy holder does not require at least help in 2 ADLs, Activities of Daily Living.
 

rapmarks

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Assisted living without much assistance other than meals and housecleaning is much cheaper than long term care in a skilled nursing facility. Skilled nursing facilities run $10K to $16K per person per month. Most LTCI won't pay for a move into an assisted living if the policy holder does not require at least help in 2 ADLs, Activities of Daily Living.
Yes, and each bit of help costs additional money in most cases. Such as medication dispensing, stand by assistance for showers, etc.
 

Sea Six

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Assisted living without much assistance other than meals and housecleaning is much cheaper than long term care in a skilled nursing facility. Skilled nursing facilities run $10K to $16K per person per month. Most LTCI won't pay for a move into an assisted living if the policy holder does not require at least help in 2 ADLs, Activities of Daily Living.

My policy is full coverage, as needs escalate. I have $16,000 per month coverage if that is what is required. It's just hard to appreciate getting to that point. That is a LOT of money, but I want to be in a nice place, if need be, not some dump that smells like urine. I KNOW what our parents went through. Some places are so nice, some, not so much.
 

VacationForever

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When I was 55, I bought a LTC policy with Allianz. I bought a 10-pay (don't think Allianz offers these now), and the annual premiums stopped when I was 65. I also got a 5% inflation rider, and every year Allianz writes to tell me the new daily benefit. This year is $222.88 for a facility or home care. Total premiums I paid for DH and me were $23,000, so 3 1/2 months of care for one of us will cover the premiums.
That was certainly a great deal. I only pay $1100 per year and when I started the policy it was for $200 per day with a 3% inflation rider. Currently my benefits is for $269 per day for home care or facility care and I have paid $11K todate.
 

VacationForever

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My policy is full coverage, as needs escalate. I have $16,000 per month coverage if that is what is required. It's just hard to appreciate getting to that point. That is a LOT of money, but I want to be in a nice place, if need be, not some dump that smells like urine. I KNOW what our parents went through. Some places are so nice, some, not so much.
LTCI won't pay simply because one chooses to move into an Assisted Living facility, full covreage or not. Policyholder needs to be certified to require 2 ADLs. I have seen policies that require 3 ADLs but that is more rare.
 

Sea Six

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LTCI won't pay simply because one chooses to move into an Assisted Living facility, full covreage or not. Policyholder needs to be certified to require 2 ADLs. I have seen policies that require 3 ADLs but that is more rare.
We learned that in 1999.
 

Sea Six

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LTCI won't pay simply because one chooses to move into an Assisted Living facility, full covreage or not. Policyholder needs to be certified to require 2 ADLs. I have seen policies that require 3 ADLs but that is more rare.
We learned that in 1999.
 

rapmarks

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Here is what happened to my aunts. In their eighties they moved to independent living. One aunt had Alzheimer’s and they had to move to assisted living. Her policy kicked in. The other aunt had to pay out of pocket, which she did for over three years while still paying for her long term care insurance. She then had a series of hospitalization and I applied for the long term insurance which kicked in. Within a few weeks she was back in hospital and I had to move her to hospice. When she passed away, I let the insurance company know. They said, we have discovered she has been in assisted living facility for over three years, we believe she should have been receiving benefits. We are going to look into it. A month later I received a final check for a couple thousand. I thought well that is that, four months later I received a check for $120000 for benefits they decided she should have been receiving. Then three weeks later, a check arrived for seven thousand to repay all the premiums she had paid for the last three years. They determined she was ill the entire time she was in assisted living, even though she only received medication and bathing assistance. My aunt was very close with her money, and I sure wish I could have told her that her policy paid off.
 
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