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What is a long-term care insurance?
Long-term care insurance (LTCI) is insurance that you buy to help pay for nursing home, assisted living or home care in case you need it. We did not have LTCI for my mother. We pay around $ 200 per day for their care.
After my father saw that first bill, he did what all the shocked cartoon characters do. He raised his jaw from the floor and replaced the eyeballs in their respective sockets. Then he bought a care insurance policy for himself. My dad had just turned 65 and this was 10 years before he had to use it.
My dad paid $ 131 / month or $ 1,572 / year for care insurance. Therefore, for 10 years he paid almost $ 16,000 for his LTCI. Your policy covered $ 150 / day for a value of three years. The nursing home was $ 210 per day. That $ 60 / day extra came to $ 22,000 / year and was paid out of my dad’s pocket. The other $ 55,000 per year was paid by the care insurance company.
My father’s LTCI saved him $ 130,000 during the more than 2 years of his care. Subtract the $ 16K that my father paid in premiums during the 10 years before he moved into a house, and my father still made $ 114,000. The return of $ 114,000 on his “investment” in LTCI was seven times.
Pretty sweet, right? It seems like I’m doing a launch to get care insurance.
Not so fast.
Is it worth the long-term care insurance?
I searched for a policy for myself five years ago. I saw how nursing homes devoured my parents’ life savings and I thought it would be wise to have an LTCI policy when I was young. The best offer I found was coverage and prices comparable to my father’s policy. But my father got his in 1998 when he was 65, and I had only 42 in 2007.
My problem with the purchase of an LTCI policy is that I did not find any company willing to guarantee that the monthly premium would remain unchanged. In other words, it could go up. Not guaranteeing my premium price seemed quite significant. I do not remember any time in my life when I agreed to buy something in which they could charge me more later, at the seller’s whim.
Even my Magic 8 Ball said that my cousin would increase. It would be foolish to think that it would not be like that. As I would have to choose to pay the increase or lower the coverage and say goodbye to the tens of thousands that I added to the LTCI policy, I do not have an LTCI policy.
In August 2008, my dad checked into the nursing home. We expected it to be temporary, but soon we realized that I needed full-time care. In November 2008, a letter arrived from LTCI’s company, my father, Genworth. (See the letter at the end of this article).
They realized that they had started using their LTCI and were going to increase their premium or abandon their daily benefit! I am not saying that this was a tortuous scheme. All the people I worked with at Genworth helped me a lot. If they were going to do this in 2008, I assumed that my LTCI premiums would be increased before I needed them 25-50 years later. After all, the costs of medical care are not less expensive.
Predicting the future
In my opinion, I do not think that nursing homes as we know them will be there in 30 or 40 years. Like now, if you do not have LTCI or enough money to pay for your care, Medicaid pays for you.
So, what should we do? Should we spend every penny we earn while we’re healthy, and then ask our fellow taxpayers to pay for our care through Medicaid when we do not have a penny?
That seems to be the approach that many Americans take. To be fair, this has not even occurred to most people.
Or do we receive an LTCI policy and expect to be able to pay for it and the likely price increases in monthly premiums? Rock, know the hard place.
My hunch is that home care will proliferate.
In 1988, in Huntsville, Alabama, in one of my first weeks as a full-time professional stand-up comedian, I worked with Brett Leake. Here he is behind the scenes with Jay Leno. The Leaker is a great comic book and friend. Twenty years after the meeting, we often find ourselves talking about the challenges we were going through with our parents. He and his family received the Governor of Virginia 2008 Caregiver Recognition Award for his care in his father’s home.
You can read about the situation at The Leakes and what they did to care for their father at home on Brett’s website. As Brett wrote:
We take this opportunity to tell you about an extraordinary man, to thank him and to defend home care. If there is someone in your family who needs help and whose needs can be met outside of an institution, try to work at home.
Rest homes have a valuable purpose. Many of the caregivers are angels. But no matter how good the institutions are, they are not at home.
I would like to hear your thoughts. Have you found an LTCI company that guarantees that your premiums will not increase? Have they hired caregivers?
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Wait On Progress
The death of my father last year not only made me and my brothers into orphans of 40 and so many years, but it also marked the end of the Age of my parents’ rest home (1998-2011). Until his death, my mother or father were in a nursing home for almost 11 years of that 13-year period. That exploded.
It was also very expensive. My mother disbursed $ 500,000 in cash over the years, and her place was neither fancy nor fancy. My father “only” paid $ 22,000 per year because he had long-term care insurance.
It was also very expensive. My mother disbursed $ 500,000 in cash over the years, and her place was neither fancy nor fancy. My father “only” paid $ 22,000 per year because he had long-term care insurance.
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