Long Term Care Insurance - Anyone Have Experience With Having Care Paid For?

[timekiller13]

So what is the best action to take to ensure that care will be paid for both ST and LTC in facilities?

We have no kids to go live with when we get to that point. My personal main concern is that I am pretty sure that I will have to end up in a memory care facility. Every male on my mothers side has passed from Alzheimer's, most everyone is diagnosed with dementia. Some family members have passed at younger ages from early onset and others are still alive into their 90's.

Not to be a downer... At 43 it seems like between putting money in for retirement, insurances of most overtype, and living expenses there is not much left to do anything else with during younger years while planning for latter in life.

Most insurances will cover short term rehab stays after a surgery/major injury etc. if they won’t cover that they will definitely cover at home PT/OT and maybe some skilled nursing if needed.

Medicare will only pay for short term rehab if you have had a 3 day inpatient admission in hospital in last 30 days. Medicare will pay for just about any in home PT/OT etc.

Managed Medicare plans (Aetna, Humana etc) will pay for short term rehab stays without any hospitlization. They will also cover almost all at home services (within reason).

As for LTC. Unless you are loaded, you’re pretty much screwed. Average cost of a skilled facility in my area is $8k/month. You can get into a shithole facility for about $5k/month.

 

[Forestryguy]

Most insurances will cover short term rehab stays after a surgery/major injury etc. if they won’t cover that they will definitely cover at home PT/OT and maybe some skilled nursing if needed.

Medicare will only pay for short term rehab if you have had a 3 day inpatient admission in hospital in last 30 days. Medicare will pay for just about any in home PT/OT etc.

Managed Medicare plans (Aetna, Humana etc) will pay for short term rehab stays without any hospitlization. They will also cover almost all at home services (within reason).

As for LTC. Unless you are loaded, you’re pretty much screwed. Average cost of a skilled facility in my area is $8k/month. You can get into a shithole facility for about $5k/month.

All that you have said is what I am starting to realize, from seeing and helping family going through lining up placement for Assisted and Memory care. Also, from some of the situations that I have encountered over the summer during my Nursing internship on a Med/Surg floor.

In my limited experience getting as much home health care that you can afford and getting to hospice care as fast as you can are the best bets. Morbid but seems like the faster you pass the less financial burden and family hardship there will be.

 

[timmymac24]

Agree with your last sentence 100% but too often it doesn’t work that way. The cost of facilities vary greatly as does the quality of care state by state too.

 

[Old-Cat]

I’ve been an insurance broker for 23 years, if you are still having challenges, PM me and I’ll see what I can do to help.

 

[eddielasvegas]

Thanks very much for everyone's replies. Very helpful for me and others.


Eddie