[JourneyOfLife]

Just a question about one or two comments in your post that I thought were somewhat germane to the topic of "financial planning for LTC".

AP around Medicaid is, in many ways, the antithesis to financial planning.

Rather than getting this thread off track or potentially derailing it, Why don't you consider starting another thread to discuss your interest in Medicaid related AP?

You should be able to reuse your original post to start the conversation.

It will probably be a hot topic for some.

[NJblue]

Actually, I couldn't pick a better title for what I was commenting/questioning than what was selected for this thread.

[JourneyOfLife]

I don't have any comments or advice about your AP question.

But in your opening sentence you listed two concerns; Estate and Surviving Spouse Living Standards. Are those your main concerns?

Of course we all want everything including maximum flexibility.

But sometimes because of personal circumstances, some goals might conflict with other goals, especially if certain scenarios play out.

If you were to prioritize them, which is first and which is second? Which one matters more to both you and your spouse?

[Hancle704]

$55,000/year in a LTC facility with 3 meals/day versus hiring a CNA or Home Health Aide would cost what? Any info?

[rpensabene]

I do long term care planning. Most policies you have a choice of staying at home, assisted care facility or nursing home. I would be more than happy to sit with you and explain how long term care policies work. Depending on how old and how you structure the plan dictates the cost. Just like any other insurance (i.e. homeowners and auto), you are protecting your assets. You are also taking the burden off of loved ones. There are other funding options other than traditional long term care policies.
Send me a private message if you are interested.

[skip0358]

Just received a notice from my insurance that many LTC companies are gearing up for a HUGH price increase and they expect a lot of people to drop out. So what happens to the money you pay into these accounts if they stop selling or it becomes cost prohibitive ?

[JourneyOfLife]

Here is another good article on the state of the LTC Insurance marketplace.

What’s Killing the Long-Term Care Insurance Industry « Caring for Our Parents

[JourneyOfLife]

Originally Posted by skip0358

Just received a notice from my insurance that many LTC companies are gearing up for a HUGH price increase and they expect a lot of people to drop out. So what happens to the money you pay into these accounts if they stop selling or it becomes cost prohibitive ?

Some great questions. I am not sure anyone knows the answer.


I am pretty sure state regulators have to approve premium increases for existing policies.

The states are going to not want more people using Medicaid, so they will probably only let those premium increases go so far. My guess is that they will probably balance the concerns of the industry, the government, and policyholders.


I am wondering if there will be a bunch of class action law suits. If not now, in the future if the large premium increases turn out to be unjustified.

[buzzy]

Florida is insurance-friendly, and always grants rate increases. My John Hancock policy went up 40% last year. Hopefully that will be it for a while. I chose to pay the difference, rather than take reduced coverage. On my policy, If I ever stop paying, then the paid-in premiums will be available for a claim. This may vary for other insurers or policies.

[JourneyOfLife]

A few more videos on LTC planning. These videos seem to be targeted at the professionals (insurance agents/planners) that are involved in educating clients and helping clients to plan.


Here is the general website link. It contains information about other planning topics (e.g., retirement) that I thought were educational.


The Wealth Channel: Retirement & Estate Planning


If you scroll through the list of videos, there are several on LTC planning (as well as other topics).