by Guest » Mon Jun 22, 2009 12:29 pm
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.
I'm 56 and not too sure whether the benefits would get exhausted before
maturity.
Posted: Fri Jul 10, 2009 09:37 am Post Subject:
Stalwart30 wrote:
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.
Posted: Fri Jul 10, 2009 11:23 am Post Subject:
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.
Posted: Thu Jul 16, 2009 04:42 pm Post Subject: Thanks for all
http://all-term-life-insurance-quotes.blogspot.com/
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