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Should You Purchase Long-Term Care Insurance?

LTC

Editor
BLM
Thu May 15, 2008 9:00 AM

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I agree with Mr. Grobe; self-insure!

We recently have experienced the joys of LTC paperwork. First, we had to collect information from the medical providers and caregivers; this amounted to over 60 pages. Each page must have the name and policy number of the insured. Then we had to send that to the company for processing and calculation of the elimination period. This company does not provide a case manager. While their office is in Chicago (and that's where you send the information), the call center is outside this continent. The time spent in preparing the information was overwhelming; I can't imagine any elderly spouse wading through this while caring for their spouse. If you are self-insured, i.e., you've saved enough money, you can hire anyone you want to; you won't be restricted by insurance requirements.

Long Term Care Insurance

Nurse Educator
Bay Pines Health CAre System
Thu May 15, 2008 9:02 AM

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I am wondering if I should canel my long term Care insurance and put that $50 a month into my TSP.

Re: Long Term Care Insurance

office automation+ Teacher+3 degrees
USAF
Fri May 16, 2008 9:59 AM
Depends on your health & family history. Just look at the facts. It's not rocket science...Family history with a lot of issues need it and if Healthy & family lives long got for the TSP.. IT'S still a GAMBLE,But what are the odds?
I'm personally betting on TSP for me

Long Term Care Insurance

Nurse Educator
Bay Pines Health CAre System
Thu May 15, 2008 9:05 AM

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I am wondering if I should canel my long term Care insurance and put that $50 a month into my TSP.
I am 56 years old african american parents lived to 75 and 89. Has a 96 yr old aunt living.

Re: Long Term Care Insurance

Worker Bee
Federal Agency
Thu May 15, 2008 3:09 PM
When assisted living in a mediocre center w/no private rooms is $3,500 per month, putting aside $600 per year doesn't seem like nearly enough to cover these costs. I'm 49 and my annual premiums for the federal LTC program are almost $2,000. . . .

Long Term Insurance and Disabilities

IT Specialist
SSA
Thu May 15, 2008 9:11 AM

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I tried to purchase long term insurance. And found out that, because I have a mobility disability that I am not eligible to buy it. People who have diabetes and some other medical conditions also are not able to access this benefit.

Isn't this discrimination, based upon disability? Doesn't this violate the ADA law. Here is a benefit that is not available to all -- it is denied to some because of sickness or disability. I was told that there is an ADA complaint wending its way through the courts. And the Feds are fighting this on "jurisdictional grounds" because they want to be able to continue this outrageous and illegal discrimination.

Re: Long Term Insurance and Disabilities

Worker Bee
Federal Agency
Thu May 15, 2008 3:07 PM
When I re-started working for the govt, one of the available benefits was LTC insurance with no medical background and automatic enrollment. I just have to pay the premiums - 100% out of my own pocket. As a disabled person, this was a no-brainer and I enrolled immediately. You might see if there are ever open seasons for this insurance. (Based on your comments, it looks like you are trying to enroll in the federal program rather than thru a private insurer.) I think the insurance companies can get away with this "discrimination" just like health insurance companies can reject you if you have had too many claims or deny coverage for pre-existing conditions. Don't think this is specific to LTC insurance.

Re: Long Term Insurance and Disabilities

IT Specialist
SSA
Fri May 16, 2008 9:31 AM
I tried enrolling during Open Season. And ran into some fine print that states that those with mobility disabilities or diabetes (which I don't have, but many others I know do have) or some other conditions will automatically be rejected. There were five questions I remember, and if you answer "yes" to any of them, then you are automatically not allowed to enroll. There are no alternatives, even higher priced ones, offered. It would seem that disabled people who are excluded from this benefit should get some sort of tax break. We pay taxes but aren't allowed to avail ourselves of the services our taxes are supposed to bring to us. The regular FEHB plan doesn't exclude or charge more on the basis of disability or sickness.

Don't count on medicaid

computer specialist
FAA
Thu May 15, 2008 9:32 AM

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Having seen two grandparents endure the indignities of medicaid nursing home care, I don't want to be in the same boat. I signed up for long term care insurance the day the federal gov't offered it, and I was 38.

Guess what? I had a stroke at 42. Fortunately with no lasting effects. But I'm certain I'd never be able to get long term care insurance now. Thank heavens I bought it when I could. I got fabulous comprehensive, unlimited coverage with inflation coverage for $47 a pay period. That amount will never go up! You can't beat that for peace of mind.

A Wild Card

Fed Peasant
DOD
Thu May 15, 2008 9:51 AM

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My wife & I judged it prudent to buy into the federal employees plan, in our mid 40s. However, I ponder the impact if we have national healthcare some day.

Long Term Care Insurance

Retired HR SES
AF
Thu May 15, 2008 9:56 AM

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Those of us fortunate enough to have CSRS, and therefore a pretty guaranteed income for life, have less need to preserve an estate if no one else is dependent on that estate. I'm not married and decided not to buy LTC insurance on the assumption that the money I've saved and my annuity are primarily to take care of me. We'll see if I'm right. I realize many people have spouses and/or children for whom they want to protect their assets.

Re: Long Term Care Insurance

Senior Analyst
Department of State
Thu May 29, 2008 5:53 PM
I would like to know more on your opinion. I am single CSRS too. Where are you at?
Total Comments: 27
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