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By lurkingforacure On 2008.08.30 08:01
Anyone have any experience with long term care insurance, and if so, how's it working? Thanks.

By annwood On 2008.08.30 09:42
I think it is great if you have it in place before you develop any type of illness. My husband did not have it and I attempted to get it last year at the age of 60 but found the cost to be prohibitive due to a pre existing condition. Let us hear what you find out. I have recently been told to try AFLAC.

By lurkingforacure On 2008.08.30 10:00
What is AFLAC? I know my husband can't get it because of PD, I was thinking of myself since I have no idea what we'd do if I got sick, too, since our kids are so young.

By annwood On 2008.08.30 17:06
AFLAC is an insurance company. They have the goose commercials.

By Evie On 2008.09.02 09:03
We do have long term health insurance but got it a few years before my husband was diagnosed with PD. Haven't reached the point of having to use it for my husband, but my mother had long term insurance and it did off set some of the expenses when she was in a nursing home at the end stage of her life. It is a bit pricey, but I think it is a good thing if you can qualify and afford it. I think the insurance companies are only interested in insuring people they deem "healthy" and won't need much "long-term" assistance.

By jsmitch On 2012.02.14 07:02
There were posts in this thread and another from user 'sethm' -- they have been removed. The poster was an insurance salesman posing as a caregiver. He has been banned.


By susger8 On 2012.02.14 09:15
My dad does not have it, I wish he did. After seeing the financial impact of a chronic illness, I took long-term care insurance out for myself a few years ago. It is not cheap (close to $3000 per year). My insurance agent said the best time to take it out is when you are in your 50s without any chronic illnesses.

My father-in-law has it. He seems to be heading into the early stages of Alzheimer's so I think we will be grateful for it. His policy only covers 5 years of benefits, though.


By mylove On 2012.02.14 09:34
Just a note, we have accident, etc from AFLAC. We absolutely love it (then again, we are accident prone!). We looked into long term care insurance, but were pretty much told that it was too late. Most told me to take it out on myself, since I was still healthy enough to get it, but that wasn't why we were looking.

I'd be interested in knowing if anyone finds a company who would insure a PD patient for a reasonable amount.

By plcpainter On 2012.02.15 02:55
I got long term care insurance two years ago at 58 through Prudential. By paying in full, once a year I get a discount. I think my annual premium is right at $2500. My financial advisor pushed for me to get this because a) if something happens to me then we are not using joint resources for my care, thus keeping more monies free for my PD husband's care and b) because it was less expensive before age 60. It is a chunk of change to come up with but I must admit to being comforted by having it. You can also decide how much care to take out. I opted for $180/day which will cover about 2/3 the cost of a SNF, at least based upon today's prices in our area.

By packerman On 2012.02.15 09:54
i got mine recently for the same reasons.

By lurkingforacure On 2012.02.15 21:02
It doesn't seem like it's much of a comfort if the long term care either (1) limits the amount per day it will pay (and we all know one dollar today will not be worth nearly as much as one dollar in ten or twenty years, so benefits of $180/day which may cover 2/3 the cost today may only cover 1/3 or less in five years-with the insured to make up the difference? and (2) limit timeframe and/or scope of coverage.

I dont' have access to all the data the insurers have and there is no way they are offering this type of insurance if they aren't making a ton of money off of it. They know the stats and how likely it is that they will have to actually provide benefits for you, and even if they do, they protect their profit by limiting how much they have to pay and/or for how long and/or for what benefits. I'm not against profits at all, just have realized over time that all insurance is really just a gamble and the playing field is not at all level. If you get more in benefits than you paid in, the insurance company LOST the bet with you and that rarely happens, actually, I've never seen it happen!!

I'd like to see the fine print of some of these LTC policies, we can't qualify since we already have PD, though.

By parkinit On 2012.02.15 23:39
Be careful with long term care. My dad purchased LTC insurance. He had a resistant cancer that took his life year ago. The long-term care "fine print" stated 1) he had to be termed in need of a home health care aide and a few months before his death went through an interview process to make this determination and then 2) he had to have so many days of home health care before the long-term care would begin paying anything. He never met that timeframe before he passed away. We were trying to deal with his declining health, having to send paperwork in to long term care insurance during this time to prove the days, corresponding back and forth and then he didn't even get anything covered.

His policy was a rip off... It was John Hancock.

By LOHENGR1N On 2012.02.15 23:40
I'm with Lurking on this one. Of course having long term insurance is better than not having it but, even long term has it's caps either in length of years or caps of amount paid throughout the life of the insured. I believe and correct me if I'm wrong but like catastrophic coverage it has it's limit of amount of payment over the life time of those insured and everything is cumulative. As catastrophic coverage is, every event is added up toward total payment, once that total is reached the coverage is over.

Don't get me wrong I wish I had, had it however like most at age 33 the last thing I thought about was contracting Parkinson's Disease and once you've got it you have slim to none for chances of getting any decent insurance let alone long term.

But I would suggest anyone who does qualify to at least look into getting it while you can. One can never tell what lies around the corner ready to strike and then you're probably out of luck or else paying everything you can afford and more for coverage.

By susger8 On 2012.02.16 08:08
There are a lot of different options with this insurance. It's possible to get insurance that has no cap in years, and you can also get an inflation adjustment. There's always a catch-- you have to pay more. I met with my insurance agent around 5 times before deciding on what I wanted.

Another thing to consider is that you want to go with an insurance company that will not go out of business or discontinue this type of coverage before you need it. I went with MetLife for this reason even though all my other insurance is from another company.

It's not a cure-all. But I am glad that I got it, and hope I never use it.


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