Experience W/ Long Term Health Care Insurance for a Parent

Hi Susan:
Assisted living costs $2500-3000/month and that doesn't include the extras. There is a charge for everything, bath assistance, medication reminders, meals, etc. A nursing home is $5000/month. Medicare doesn't pay for assisted living or nursing home care, unless they are placed there to recover from surgery and/or need rehab after surgery or an injury. A Home Companion, not a nurse, costs $15-$17/hour. If she will need help with bathing or anything like that it costs more.
The home will take a draft from her bank account each month to cover her expenses. When the money is gone they put a lein on her home. And unless the family can pay off the lein the home is sold to cover the nursing home costs. She can transfer the deed for the home into your name or another of her children or grandchildren. The transfer must be done approx 5 years before she needs nursing home care. You should speak with an attorney to get the details on the laws.
I have been dealing with this with my Mom for a few years. My Mom is 92 and not doing too bad, mentally, but physically she is too weak to stay home for long periods of time. If I have to leave and there was a fire or weather emergency my Mom could not get out of the house without help. I am currently talking with people at the local senior citzens center and the County Social Services. I am unemployed but hope to find a job soon I asked my Mom to pay me to stay home to care for her. It seems silly to me to pay someone to come in and take care of my Mom more money than I would be earning.
I begged my Mom to get long term care insurance. We share a home and I could lose my home if she ends up in a nursing home. Hopefully your Mom has a bit of time and you can search out a good insurance plan for your Mom but I urge you to get the insurance to protect you and to take care of your Mom.

I didn't have time to read all the responses but the ones I did are providing you with good information. Just thought I would add our story. My parents purchased LTC insurance many years ago. Make sure the policy you get pays for assisted living. My mother has been in assisted living for over six years and her LTC policy only covers skilled care (nursing home). She did not have much for income or assets so we checked into government help. If all her assets (cash, life insurance, home, etc.) are less than $4,000 (in Nebraska), then she is eligible for Medicaid waiver to pay for the assisted living and her medical expenses. She is required to keep her supplemental medical insurance coverage and the Part D medication coverage. What she pays for her assisted living care is then based on her income after paying for the insurance. Currently, she pays over $900 a month for her assisted living apartment. Most of her medicine is paid for. The ones that aren't covered, my siblings and I pay for out of our pockets. The medicaid waiver program requires yearly reports to the social worker and we also have to report any changes in Mom's income/expenses and in her living arrangements. I am blessed to have three siblings who help as much as possible and work well together. Good luck!

Dear Susan:

LTC Insurance is very expensive--My husband and I had it but it keeps going up all the time-you have to pass a physical to get it in the first place-my husband and I both passed the physical and we are in our 70's but we have since dropped it as the cost was getting to high-we initially got a good price since our health is good and we take no medications but with the price going up $100/month at a time we dropped it-Good Luck to you and your mother--from S.

There are several things to consider when thinking about long term care health insurance. If ur parent qualifies for Medicaid, then they won't need it, but if there are a considerable amt of assests involved, then it may be worth considering. I don't know the cost of the insurance, but i work in long term care, and i know the cost of a nursing home stay can average $4000.00/month or more. There are Medicare benefits for this also, but they are a lot more limited than Medicaid. Once in the nursing home, to get on Medicaid, a lot of states require a spend down of the assets etc. So it may be worth doing some checking into... If there are places such as a local Area Agency on Aging etc, maybe they could give u more info...
I don't know if that helps at all, but i do know that the financial burden on families is a great stressor if/when a loved one does need nursing home care.
C.

Hi Susan,

I am a licensed independent insurance agent who is also LTC Partnership approved as well. There are a lot of considerations for LTC coverage - too much for an email/post.

I would suggest based on your mom's age that you do look sooner rather than later regardless of who you talk to.
I would be happy to help if you don't already have someone you want to work with. Regardless, some of the top rated carriers based on coverage and service to keep in mind would be carriers like John Hancock and Genworth. There are some smaller less stable ones that I would suggest to steer clear of. History in the LTC marketplace is very important.

Let me know if you want to chat more.

Good luck.
D. Bijou J.