Can my Ltc benefits get exhausted?

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PostPosted: Thu Jun 25, 2009 1:27 pm   Post subject: shared benefit LTC  

Hi Steven,

One would be hard-pressed to find an LTC policy that wouldn't required a certification of eligibility and a written plan of care prescribed by a licensed health care practitioner in order to claim the benefit. As far as which spouse is needing the benefit for "more time," I can't answer the questions specifically without seeing a specific policy. But, the nature of a shared policy is that one spouse theoretically could use the entire benefit. Hope I am getting to the answer of your question.

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PostPosted: Fri Jun 26, 2009 7:51 pm   Post subject:   

Hi Steven and Kelvin:

The cost of premiums are going to vary. Some insurers offer the shared benefit as a rider, some offer it as a joint coverage policy with shared benefit as a built-in feature. I can't get specific with a price because the premiums would also depend on the age, health history, and other criteria specific to the applicant. As for the medical documention issue in deciding which spouse uses what term of benefit -- if both spouses qualify for a claim, the insured can decide which spouse to claim the benefit for.

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PostPosted: Fri Jun 26, 2009 8:34 pm   Post subject:   

Quote:
But, the nature of a shared policy is that one spouse theoretically could use the entire benefit




That's not necessarily true. It can be done as a third pot of money.



Ex. Jason and Judy have a shared policy. Each has a 5 year benefit. With some companies, if Jason uses 6 years, Judy can only use 4 years. However, with some companies, the shared part is a separate pot of money. With a policy like this, they would both have a 5 year benefit, but there is an extra pot with 5 years of benefit. The total benefit would be 15 years, but neither one could use more than 10 years.
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PostPosted: Fri Jun 26, 2009 8:35 pm   Post subject:   

Quote:
-- if both spouses qualify for a claim, the insured can decide which spouse to claim the benefit for.




They would both claim the benefit.
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PostPosted: Fri Jun 26, 2009 11:17 pm   Post subject:   

The shared policies sometimes have built-in premium waivers or offer them on a rider, which is another attractive feature of the shared policy.

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PostPosted: Fri Jul 03, 2009 6:00 pm   Post subject:   

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PostPosted: Fri Jul 10, 2009 9:37 am   Post subject:   

Stalwart30 wrote:

Quote:
I've been suggested to go for an Ltc policy that will cover me for 3 years.



I'm 56 and not too sure whether the benefits would get exhausted before



maturity.


Stalwart30 the reason the agent recommended a 3 year benefit policy is because most all persons who enter into a nursing home don't survive past about two years.



I can readily assure you the agent has no objection to you buying a lifetime benefit plan with an inflation rider and other features. In fact the only thing stopping the agent from designing the Cadillac of all Long Term Care plans would be you and your ability to pay the premium.



Now in Florida IF a person buys a qualified LTC policy and exhausts their benefits they can still qualify for Medicaid nursing home care WITHOUT having to spend down their money equal to the amount of their LTC policy payout.



Florida Statute 409.9102.



(b) Provide a mechanism to qualify for coverage of the costs of long-term care needs under Medicaid without first being required to substantially exhaust his or her assets, including a provision for the disregard of any assets in an amount equal to the insurance benefit payments that are made to or on behalf of an individual who is a beneficiary under the program.


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PostPosted: Fri Jul 10, 2009 11:23 am   Post subject:   

Quote:
Stalwart30 the reason the agent recommended a 3 year benefit policy is because most all persons who enter into a nursing home don't survive past about two years.




That stat might be very true, but that's not a good reason to buy a 3 year benefit. One reason that people buy LTCi is because they don't want to go to a nursing home. Nursing homes are "end of the road". Before spending their 2 years in a nursing home, the person often has been receiving care at home and/or an assisted living facility.



My point for those reading (I know that you understand this Gary.) is that one shouldn't confuse the time spent in a nursing home with the length of time one needs care.



The reason to buy a 3 year benefit is typically because that is what is financially comfortable. It is also helpful, like you mentioned, to have a partnership policy so that someone with a 3 year benefit can qualify for Medicaid while at the same time have something to leave to their heirs.
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PostPosted: Thu Jul 16, 2009 4:42 pm   Post subject: Thanks for all  

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