Just to clarify for the thread, the return of money was likely from their residential agreement with the facility and not a return of long term care insurance premiums.
2 Likes
True—my parents had NO LTCi. Dad would not have qualified for benefits as he could do nearly all his ADLs until he was hospitalized at age 95, even with his dementia. We still needed to help him—get him food and administer his medications to him and be sure he showered. We paid for someone to help him and each of us also took turns helping him.
For mom, she could do most ADLs until nearly the end of her life at 93 but needed to be prompted to remember to eat.
2 Likes
After experiences with my mom, I can also say that meeting the ADL criteria can be tricky. I actually had not realized that saying “Hospice” might have been good enough. (And no big difference in what we did because during Covid we tried to keep people away.) By the time I applied for LTC, she was near the end - I didn’t even file the one small bill.
Was her LTC insurance a waste? No, she had a superb policies from the early days - not very expensive. She did not have many assets, and it gave her great peace of mind knowing that if she needed to go into a nursing (as had both her parents, a few years each) it would not have burdened family. In today’s market of course it would have likely been too much of a splurge.
2 Likes
Don’t understand why there’s a slice of cake by my name now. I haven’t put it there but am curious.
It’s your CC anniversary 
4 Likes
If you have an iPhone it’s already built in to make PDFs of receipts and papers super simply:
6 Likes
HSAs can be used to pay for Medicare Part B premiums but not for supplemental medigap
1 Like
That seems ridiculous, but it’s true. You can’t use an HSA to pay pre-Medicare premiums, so I’m not sure why paying for Advantage plans is okay. Probably some unintended loophole.
I am not a mod and I’m not trying to control our conversation, but people on the normal retirement thread would probably appreciate much of the discussion on this thread not tied to OPs question. (I do realize many of us are on both threads).
Give that the initial question posed in the retirement thread jumped the shark long ago, this thread is just a parallel discussion of the current retirement thread and should be merged IMO, if anyone cares to flag a moderator.
But I am
If the OP has received the answers they were looking for, I am happy to close this thread . Merging is not an option for a number of reasons, with the main reason being there is no longer a merge function; moving simply appends to the old thread
1 Like
I thought it was reasonable to have a unique thread, with a specific topic.
3 Likes
Considering how many posts are on this thread, there is obvious interest in this topic. Personally, I find the differing views interesting and helpful.
The other retirement thread doesn’t even appear on 1st page of most recent posts in parent cafe.
2 Likes
It absolutely is. I just noticed we were meandering into lots of different topics (which I enjoy) and we already have a thread we’ve turned into our retirement related thread so I figured I’d bring it up.
1 Like
“That money is his alone to spend on hookers and beer…” Thank you for the smile!!!
3 Likes
I might change the name of one of my separate account to Hookers and Beer and see if my wife says anything!
1 Like
I started the thread since I didn’t want to dominate the more general retirement thread and also had a bit of a more specific question.
I appreciate all the amazing answers!
As to LTC insurance - that’s been one of my #1 concerns (not wanting to burden my kids - seeing how much $$ was needed via aides to support my parents at the end of their lives).
The answer would determine how soon we could pre-retire or retire.
Then…our (new) financial advisor told us a few days ago that LTC insurance was “essentially a scam” (?!) and that we had enough of a 401k nest egg to self-insure
Note: our nest egg is not huge! (to me). Not sure exactly what to make of this advice…
1 Like
I am also concerned about LTC. I have a pension that will pay me about 100k annually the rest of my life. Am I foolish in thinking that plus a modest 401k will cover me for LTC?
1 Like
I have heard that as well. I don’t know what to think but will take a look at these industry sources- NAIC and AARP for a start.
1 Like
LTC insurance used to be more affordable. Ours caps at $206k (each), so if longterm catastrophic health decline not enough. It was just something that made us feel secure at the time, even though odds are (crossing fingers) that we won’t need it. We closed some life insurance policies to shift gears / expenditure.
It’s good you have an advisor’s help. Certainly money into savings has more flexible use than LTC insurance.
An article on the topic There Is No Magic Number for Self-Funding Long-Term Care | Wintrust Wealth Management
2 Likes