I'm here in the comments, knowing I'd find someone like Helpful Neighbor. My dear in-laws are 90yo. They started in assisted living, now in locked memory care. We started the LTC *claim* process a year before we actually began to get reimbursed, & then it was 6 months AFTER devastating health issues.
The very large insurance company they chose requires extensive updates every 6 mths from us, doctor & facility. I, too, am a college-educated accountant & have been baffled by the paperwork maze.
We're estimating our folks paid about $120K in premiums over 20 years (minimum). So far, we've received $100K. Obviously, that's a blessing, but the money could have just been invested over the years & easily paid these expenses.
I would NEVER ask my kids to do all this filing on my behalf. Instead, my dh and I plan to set aside the equity from our house sale to use for LTC.
LTC insurance is truly an ILLUSION of protection.
So glad for Helpful Neighbor's post!
Comments
I'm here in the comments, knowing I'd find someone like Helpful Neighbor. My dear in-laws are 90yo. They started in assisted living, now in locked memory care. We started the LTC *claim* process a year before we actually began to get reimbursed, & then it was 6 months AFTER devastating health issues. The very large insurance company they chose requires extensive updates every 6 mths from us, doctor & facility. I, too, am a college-educated accountant & have been baffled by the paperwork maze. We're estimating our folks paid about $120K in premiums over 20 years (minimum). So far, we've received $100K. Obviously, that's a blessing, but the money could have just been invested over the years & easily paid these expenses. I would NEVER ask my kids to do all this filing on my behalf. Instead, my dh and I plan to set aside the equity from our house sale to use for LTC. LTC insurance is truly an ILLUSION of protection. So glad for Helpful Neighbor's post!
Post: Their Loss, Your Gain
Link to comment from June 27, 2021