Don't take it, they pulled the same %$#& on my parents. Eventually the company paid almost 100k toward my dad's last years. So my parents are certainly "even" on premium outlays. Now that he has passed, my mom no longer has to pay her premium payment. Her policy is ready to be tapped whenever I can convince her she'd have company, things to do, & better food if she moved into the AL in her subdivision.
The following is based on my personal family experience & is not investment or legal advice. Consult your own professionals please. My family has had similar experiences with our dad over the last 3 years. Sadly he passed away in November. Now it's mom's turn to be coaxed to AL. They did not always make the right financial decisions in life, but having decent LTC insurance policies and good health insurance supplements saved the day. My two cents for those with the luxury of time: 1. Get on top of Durable POAs and will prep, for yourself and your elderly loved ones. 2. Convince your parent to add you as a joint owner to bank accounts. The powers of a POA end at death. 3. Get those passwords NOW, keys to safe deposit boxes, combo to safe, etc 4. If there's a remote chance of the need for Medicaid, get prepared now by closing unnecessary bank and investment accounts. You will need to provide account statements for each account for the last 60 months. No, this is not a rewarding use of your time. 5. Prepay final funeral expenses* when possible, and have some choices already made, ie casket style, readings/poems, burial plot, obituary, etc. Even with planning there will be choices needed when the sad day arrives, but the stress & burden while emotionally & physically low will be a bit lighter. * If applying for Medicaid you will want to talk with a lawyer on how to appropriately proceed with prepaying funeral expenses, it does involve a special step to hold the prepaid funds. (The 5-year lookback in Medicaid is not to be ignored, so do your planning right.)
And at some point, Medicaid if assets are low enough. Please investigate that before you tap home equity, especially if you're married. In Illinois a spouse has the ability to reside in the home while the other spouse is in a nursing facilty, so check your state's rules.
We appreciate your willingness to serve...and educate! I have faith all of us HD diehards will behave so you have an easy job. We have something in common already--I worked at KPMG back when there were "The BIG EIGHT" firms. Yes, I am dating myself. PS I'll buy you your favorite beverage if you're ever in the far western suburbs--we're fortunate to be able to choose either the Aurora or LaFox stations for Chicago-bound trains!
Dear Elaine, Hannah, Henry, June, Nicholas, and Andrew,
We loved your beloved Jonathan. May he rest in peace & may his memory always be a blessing. We are grateful he embraced us.
Jonathan, you're often in our thoughts and your input is greatly missed. Take good care of yourself and tap those pleasures that provide comfort and bring you joy.
Sending hugs to Elaine, too.
xo, Stacey
Comments
Don't take it, they pulled the same %$#& on my parents. Eventually the company paid almost 100k toward my dad's last years. So my parents are certainly "even" on premium outlays. Now that he has passed, my mom no longer has to pay her premium payment. Her policy is ready to be tapped whenever I can convince her she'd have company, things to do, & better food if she moved into the AL in her subdivision.
Post: This Too Will Pass – Moving to Assisted Living
Link to comment from January 27, 2026
The following is based on my personal family experience & is not investment or legal advice. Consult your own professionals please. My family has had similar experiences with our dad over the last 3 years. Sadly he passed away in November. Now it's mom's turn to be coaxed to AL. They did not always make the right financial decisions in life, but having decent LTC insurance policies and good health insurance supplements saved the day. My two cents for those with the luxury of time: 1. Get on top of Durable POAs and will prep, for yourself and your elderly loved ones. 2. Convince your parent to add you as a joint owner to bank accounts. The powers of a POA end at death. 3. Get those passwords NOW, keys to safe deposit boxes, combo to safe, etc 4. If there's a remote chance of the need for Medicaid, get prepared now by closing unnecessary bank and investment accounts. You will need to provide account statements for each account for the last 60 months. No, this is not a rewarding use of your time. 5. Prepay final funeral expenses* when possible, and have some choices already made, ie casket style, readings/poems, burial plot, obituary, etc. Even with planning there will be choices needed when the sad day arrives, but the stress & burden while emotionally & physically low will be a bit lighter. * If applying for Medicaid you will want to talk with a lawyer on how to appropriately proceed with prepaying funeral expenses, it does involve a special step to hold the prepaid funds. (The 5-year lookback in Medicaid is not to be ignored, so do your planning right.)
Post: This Too Will Pass – Moving to Assisted Living
Link to comment from January 27, 2026
Thanks for making me feel like I was there. We hosted our son's engagement party Saturday night, otherwise I would have loved to have met everyone.
Post: A Day In Philly
Link to comment from November 11, 2025
And at some point, Medicaid if assets are low enough. Please investigate that before you tap home equity, especially if you're married. In Illinois a spouse has the ability to reside in the home while the other spouse is in a nursing facilty, so check your state's rules.
Post: There is no magic number – and it sure isn’t $1 million
Link to comment from September 23, 2025
Amen!
Post: Farewell Friends
Link to comment from September 22, 2025
We appreciate your willingness to serve...and educate! I have faith all of us HD diehards will behave so you have an easy job. We have something in common already--I worked at KPMG back when there were "The BIG EIGHT" firms. Yes, I am dating myself. PS I'll buy you your favorite beverage if you're ever in the far western suburbs--we're fortunate to be able to choose either the Aurora or LaFox stations for Chicago-bound trains!
Post: Quick Intro
Link to comment from September 22, 2025
Dear Elaine, Hannah, Henry, June, Nicholas, and Andrew, We loved your beloved Jonathan. May he rest in peace & may his memory always be a blessing. We are grateful he embraced us.
Post: Farewell Friends
Link to comment from September 22, 2025
I'm glad you found a happy life. And what an interesting life you've made, Haliday! PS I always wanted red hair. 😀
Post: Dreams I Had
Link to comment from September 7, 2025
Your life sounds well-lived & thoughtfully planned. Enjoy your future travels & writing about them!
Post: Dreams I Had
Link to comment from September 7, 2025
Jonathan, you're often in our thoughts and your input is greatly missed. Take good care of yourself and tap those pleasures that provide comfort and bring you joy. Sending hugs to Elaine, too. xo, Stacey
Post: Jonathan, you’re in our thoughts and prayers
Link to comment from August 31, 2025