Question:
> I return to a statement made in my "Personal Investment" class I took > at Boston University in 1976. Prof said on the first night that the > most significant factor affecting financial security for most > Americans was whether or not the had a solid marriage.
Now that makes sense. I have a relative on his 3rd marriage. After 10 years, his 1st wife got the home equity and most of their savings, the 2nd gets half his eventual pension and now he’s going to have to work forever to support himself and his 3rd wife (assuming that lasts the 10 years of the 1st two).
Response:
The only thing that comes close to a first to die policy in long term care insurance is a Dual Waiver of Premium. The only thing is that 2 policies will be needed, one for each person. With the Dual Waiver benefit, when one person starts using benefits, premium payments for both policies cease after a certain number of days; depending on the company. So if you need care and your wife does not, there will be no payment of premiums as long as you are receiving care. Another benefit/feature you may want to look into is the Restoration of benefits. If you have a policy that covers $150,000 and you use $75,000 to pay for long term care, and recover and stop needing the benefits… your policy will be fully restored to its original $150,000 after a certain amount of time… usually 6 months. Good luck.
Response:
- Hide quoted text — Show quoted text ->> I return to a statement made in my "Personal Investment" class I took >> at Boston University in 1976. Prof said on the first night that the >> most significant factor affecting financial security for most >> Americans was whether or not the had a solid marriage. >Now that makes sense. I have a relative on his 3rd marriage. After 10 years, his >1st wife got the home equity and most of their savings, the 2nd gets half his >eventual pension and now he’s going to have to work forever to support himself and >his 3rd wife (assuming that lasts the 10 years of the 1st two). > Hmmm. Wonder why he went for #3? I have relatives who have > done the same, although they did not lose much along the way. > But three marriages just seems daunting.
He openly says the 1st was for love, the second for children (have difficulties with the first wife and evidently had to "prove" his manhood) and the 3rd is for money (she’s an attorney). Oddly (or maybe not all that odd), all three do tend to have very similar personalities.
Response:
> I am not so sure as I watch people in my senior apartment complex. Most are > able to stay until the end. Some need a little help such as Meals on Wheels or > housecleaning. But, with walkers, oxygen tanks, grocery delivery and a few > other assists, most can continue to live independently. The ones I talk to > would mostly prefer not to live with their children. They like it here with > people their own age.
Modern Long Term Care insurance policies cover much more than just nursing home stays. Assisted living, community care, home care costs, etc, are covered in addition to nursing home expense. Statistics predict that only a small percentage of elders will require a long term nursing home stay, but a majority will need some assistance (as you describe) at some point. LTC insurance can help in either circumstance.
Response:
:>That figure will grow in future I believe. Consider the trends in :>small number of children, single parents and others selecting to live :>alone, and trend of kids not interested in caring for parents and :>there will be a lot more old folks alone and needing care during those :>last few years of live IMO. : I am not so sure as I watch people in my senior apartment complex. Most are : able to stay until the end. Some need a little help such as Meals on Wheels or : housecleaning. But, with walkers, oxygen tanks, grocery delivery and a few : other assists, most can continue to live independently. The ones I talk to : would mostly prefer not to live with their children. They like it here with : people their own age. : -Connie It is the pretty much the same here. There is a viable support system to help a person stay in an independent living enviorment for a very long time. Since out tennats are now at 30K annual adjusted income with limits on assets all have been advised not to purchase LTC policies. I did my re-hab in one of the local nursing homes…of course I was minimal care level. My bill for 3 weeks was $5,500…which I did not have to pay..thank God. This was the no frills plan. We have had people from here who went to this particular nursing home. For the most part they did not last too long as the option to stay in the assisted independant living enviorment usualy is used as to the last minute. I think Connie has it right this time. Doris F.
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>Personally I think it would be difficult to be around a lot of other >old folks when I get there. I prefer a more mixed crowd and think it >may be kind of a ghoulish death pool envionment.
I would have agreed with you until I moved into this apartment complex. At first, I considered I would be here temporarily. Now, I wouldn’t leave. Old people are just people who got old. There is as much variation in this group as any other. Most are not disabled. Those who are, deal with it mostly with little complaining and whining. There is a social life. Most of the men gather every afternoon for coffee and dare I say gossip and bs. The women seem to prefer bridge or morning coffee. There is a daily exercise class that is designed for seniors. It is exactly a 1 mile walk to circle the complex and one doesn’t have to dodge skateboarders or baby carriages. As a woman, I feel safe here. It is quiet and pleasant. It has helped me overcome any prejudice I may have had regarding age. -Connie
Response:
Remember that only about 5% of Americans ever need longterm care. Unless you have some reason to believe that you will, it is a waste of money. You would be better off to put the same amount in a savings account. -Connie
Response:
>That figure will grow in future I believe. Consider the trends in >small number of children, single parents and others selecting to live >alone, and trend of kids not interested in caring for parents and >there will be a lot more old folks alone and needing care during those >last few years of live IMO.
I am not so sure as I watch people in my senior apartment complex. Most are able to stay until the end. Some need a little help such as Meals on Wheels or housecleaning. But, with walkers, oxygen tanks, grocery delivery and a few other assists, most can continue to live independently. The ones I talk to would mostly prefer not to live with their children. They like it here with people their own age. -Connie
Response:
I am looking for a long term care policy for my wife and myself but I am wondering if there is such a policy that will cover only the first person to need the care. Something like first to die life insurance. The big financial burden comes from maintaining a home for the well person and then paying for a nursing home at the same time. It would seem that such a policy would be very appealing. Do you know of such a plan?
Response:
> I am looking for a long term care policy for my wife and myself but I > am wondering if there is such a policy that will cover only the first > person to need the care. Something like first to die life insurance. > The big financial burden comes from maintaining a home for the well > person and then paying for a nursing home at the same time. It would > seem that such a policy would be very appealing. Do you know of such > a plan?
Most ‘good’ LTC policies contain a waiver of premium clause. This means that while a beneficiary is in a nursing home, not only does the policy pay for the nursing home, no premium payments are required. When the beneficiary leaves the nursing home, for whatever reason, the premium payments resume. It appears that a waiver of premium clause would do what you want, with the added benefit of providing continuing LTC insurance to the survivor. It’s important to choose a daily benefit high enough to cover the majority of LTC costs. This will ensure that maintaining a home will not a financial burden.
Response:
> ( previous post snipped-follow thread ) > depends on what you mean by ‘needs assistance’. two of us on my block > are over 80, living alone. mort and i each have a woman come in for > cleaning (men just can’t do it adequately – i have lived with men > only and it is hard for us to see the dust bunnies). i need someone to > mow the lawn. that is about it. a number of others in my age group > (plus or minus two years) lead such lives. but the reason that i know > them is that they are out and about. none of us interact much with those > needing assisted living. both sides of the discussian may be correct
For the purposes of home health or nursing care for long term care insurance, ‘needing assistance’ is defined as being unable to perform certain life functions, such as feeding, dressing, toileting, bathing, to name some. Most policies require that a physician certify that an individual is unable to perform two of the defined functions in order to be eligible to receive policy benefits. And unlike HMO’s, most policies don’t have insurer oversight regarding qualifications for receiving benefits; they generally pay. Because home care is less expensive than full nursing home care, most policies encourage the policy holder to receive benefits in this form. And that’s usually what the policy holder wants; to stay in their own home. Some policies may also define house cleaning, but all that I am familiar with do not; that is a personal expense. Many individuals reaching advanced age will find that they are unable to satisfactorily perform two of those services, most likely due to physical infirmities and the ravages of advanced age. Dementia is, by definition and circumstance, documentation of qualification for receipt of benefits. However, a review of nursing home patients reveals that those suffering from various forms of dementia are far less than those suffering from some kind of physical infirmity. It is likely that those proportions can be extended to the non-nursing home population. Long term care insurance is somewhat derisively nicknamed "asset protection," by many who do pension and retirement counseling. And for good reason. It is akin to sticking your head in the sand to advise anyone, or even keep your own counsel, that they should not prepare for the worst. That’s what insurance is for. Alan
Response:
Connie – I have a somewhat different view of nursing home insurance than you do. First of all, the population in those p;laces is NOT mostly post-surgery, short-term, but just the opposite. Most are disabled, very old people who cannot manage on their own, and have serious disabilities. Referring to Assisted Living, you did not mention the fact that, if you buy into (or rent) into Assisted Living, and should become ill and disabled, they will NOT keep you, and will place you in a Nursing home. They are not equipped for such disabilities. Besides Assisted Living is really far too expensive for the average-income person. I bought LCI after my husband died, which was much too late, and thus very expensive. But if affords me peace of mind, in case that I should have to go there, I would be mostly covered by my insurance. As an investment, it is not good, that is why my husband did not want to carry it. But my view is that I need to protect myself, and, if I don’t, whatever little I might still have, will be taken by the Nursing Home, before Medicaid enters into it. Whether it is a good investment or not, I just do not know. My nursing home insurance contract also provides for some hours of home health care, should I be able to stay at home. I took it out only for four years,and the olderf I get (I am now 86) the more sense that makes, obviously!! Olly
Response:
>People who are >in sufficiently good physical and mental shape so they may remain independent >as >they age into their 80’s and beyond, are the exception, not the rule
I am just off to play cards with a group of women, all of whom except me, are over the age of 80 with one 93. All live independently and manage alone. One has macular degeneration, but manages with meals-on-wheels. There are many similar people here, so I wonder where you got your information that most over 80 are unable to live independently. I checked both the CDC and the Census web sites and couldn’t find any data except for the fact that about 12% of the US population is age 65 or older. So, if anyone can find the answers, I would like to know what % of those over age 80 live independently, live in assisted living, live with relatives and live in a nursing home? -Connie
Response:
I checked on an assisted living facility in this area. It is about $2300/mo which includes 1 meal and housecleaning. If you need more than that you pay more. Some have available and charge for each item needed such as help with dressing, help to the bathroom, feeding, etc. Some facilities charge a great deal more, depending on their location and what the trade will bear. However, my recent two weeks in a rehab facility cost about $500/day which was paid for by my insurer, Kaiser. I had wonderful care and excellent physical therapy. If I had someone at home to help me, I wouldn’t have needed to go to the rehab facility at all. -Connie
Response:
My mother is considering long term care insurance and I’m looking for some information and advice to help her with her decision. In our situation, I’m having a hard time understanding what benefit it would provide. My mother is currently living off of the interest from a decent sized trust fund. It’s not a huge amount of money, but she lives very well. From what I’ve read, long term care, in a facility, costs something like $50K a year, which is less than what she currently consumes anyway. To me then, something going wrong that requires her to move into a facility would actually be a bonus from a purely financial perspective. Is LTC insurance really just for people who are living very frugally or who are actively eating into their assets anyway? If LTC is $50K a year and you spend that or more per year while healthy, then what benefit is the insurance? If the problem is simply living to a very old age, then the LTC insurance only helps if you actually become ill in such a way that it kicks in, otherwise you’re out of luck anyway. What am I missing?
Response:
> From what I’ve > read, long term care, in a facility, costs something like $50K a year, which > is less than what she currently consumes anyway.
Maybe if you live in Mississippi or Louisiania, if you are lucky. In some states its closer to $300 a day or $100K a year and inflating rapidly. LTC insurance starts in the low 100s PER MONTH in the early 50s and rises rapidly from there. There are many variables and options. You have to pay forever once you start, or you lose the starting rate. Probe first through your own company benefits or a reputable organization like AARP, before dealing with the slimey insurance salesmen you get in web ads. There are many schemes for asset-shifting (hiding), then going on the dole. Most of these require advance preparation of three+ years and the government is constantly trying to thrawt them. Look in some old-age finance books. Some of my die-hard Republican co-workers made their parents appear improverished so the parents could obtain $10Ks a year of nursing home welfare. I found this ironic, but they didn’t. Yet the slightest mention of health insurance reform angers them. The American system is quirky.
Response:
Thanks for all the replies. I’m going to call the insurance salesman now and see what he has to say. I think the company is as legit as it gets, it’s GE, sold through USAA (my dad was a vet). I’m still just a little unsure what purpose the insurance serves when it seems like anyone above middle to upper-middle class is automatically self insured. By that I mean that the cost of a nursing home is about on par with what is being spent anyway for normal living. $4-$6K per month is nothing to sneeze at, but it’s in the same ballpark as current expenditures, and once my mom needs a nursing home, she presumably won’t be eating out etc. and spending money in other ways. I assume she won’t be driving either, which is a major expense with insurance and all. And this is just LTC we’re talking about. Regular medical insurance is not being questioned, which in my mind covers the huge things, like getting cancer or needing major surgeries.
– Hide quoted text — Show quoted text -> Charles posted: >My mother is considering long term care insurance and I’m looking for some >information and advice to help her with her decision. In our situation, I’m >having a hard time understanding what benefit it would provide. My mother >is currently living off of the interest from a decent sized trust fund. >It’s not a huge amount of money, but she lives very well. From what I’ve >read, long term care, in a facility, costs something like $50K a year, which >is less than what she currently consumes anyway. To me then, something >going wrong that requires her to move into a facility would actually be a >bonus from a purely financial perspective. >Is LTC insurance really just for people who are living very frugally or who >are actively eating into their assets anyway? If LTC is $50K a year and you >spend that or more per year while healthy, then what benefit is the >insurance? If the problem is simply living to a very old age, then the LTC >insurance only helps if you actually become ill in such a way that it kicks >in, otherwise you’re out of luck anyway. >What am I missing? > A couple of observations about LTC insurance. > My wife and I have it because if one of us requires it, it will make a serious > dent in the cash flow for the one not experiencing the LTC. (This does not seem > to apply to your mom’s case). The monthly payments are not a major hit to our > lifestyle because we purchased it many years ago and premiums are much lower > the when purchased at a younger age. > You didn’t state your mom’s age, but it appears that the benefits of LTC for > her may not be in her best interest. Each persons age, family medical history, > and financial condition are more important factors to consider than any LTC > plan features. > Broken hips and Alzheimers seem to be a big part of admissions to nursing > homes. With meds like Fosamax available, the number of admissions due to broken > hips may be reduced in the future. A lot of promising drugs are being developed > for Alzheimers/dementia. These developments point to a lesser need for LTC > insurance. > Our LTC plan includes "in home" care benefits, as these would be important to > us. > If your mom does choose LTC insurance, check the credit rating of the company > providing the policy. You don’t want to make payments to a company that may > file bankruptcy. > Read the fine print, not just the brochures. Our policy was supposed to have a > monthly cost that never increased; it has increased. The fine print said the > monthly cost could increase for certain reasons, if the cost was increased for > everyone in the "class" of policyholders. > If my wife and I die without ever using our LTC insurance it will be OK with > me! > Just a few personal observations that might be considered. > Moe
Response:
Charles posted: – Hide quoted text — Show quoted text ->My mother is considering long term care insurance and I’m looking for some >information and advice to help her with her decision. In our situation, I’m >having a hard time understanding what benefit it would provide. My mother >is currently living off of the interest from a decent sized trust fund. >It’s not a huge amount of money, but she lives very well. From what I’ve >read, long term care, in a facility, costs something like $50K a year, which >is less than what she currently consumes anyway. To me then, something >going wrong that requires her to move into a facility would actually be a >bonus from a purely financial perspective. >Is LTC insurance really just for people who are living very frugally or who >are actively eating into their assets anyway? If LTC is $50K a year and you >spend that or more per year while healthy, then what benefit is the >insurance? If the problem is simply living to a very old age, then the LTC >insurance only helps if you actually become ill in such a way that it kicks >in, otherwise you’re out of luck anyway. >What am I missing?
A couple of observations about LTC insurance. My wife and I have it because if one of us requires it, it will make a serious dent in the cash flow for the one not experiencing the LTC. (This does not seem to apply to your mom’s case). The monthly payments are not a major hit to our lifestyle because we purchased it many years ago and premiums are much lower the when purchased at a younger age. You didn’t state your mom’s age, but it appears that the benefits of LTC for her may not be in her best interest. Each persons age, family medical history, and financial condition are more important factors to consider than any LTC plan features. Broken hips and Alzheimers seem to be a big part of admissions to nursing homes. With meds like Fosamax available, the number of admissions due to broken hips may be reduced in the future. A lot of promising drugs are being developed for Alzheimers/dementia. These developments point to a lesser need for LTC insurance. Our LTC plan includes "in home" care benefits, as these would be important to us. If your mom does choose LTC insurance, check the credit rating of the company providing the policy. You don’t want to make payments to a company that may file bankruptcy. Read the fine print, not just the brochures. Our policy was supposed to have a monthly cost that never increased; it has increased. The fine print said the monthly cost could increase for certain reasons, if the cost was increased for everyone in the "class" of policyholders. If my wife and I die without ever using our LTC insurance it will be OK with me! Just a few personal observations that might be considered. Moe
Response:
It seems to me that long term care insurance is NOT a good deal for most people. The majority of Americans never need it. They can live independently or in assisted living facilities until the end. Unless a family has something such as Alzheimers in its history, it will probably not be needed. Most stays in nursing homes are for short term after surgery or some such. There are many ways to assist someone to stay independent. Probably the best is to make sure the individual has physical activity of some kind. Every senior center has exercise classes as well as lunch for those who want or need it and they provide a social life with their peers. I live in independent living, which is just housing that is designated for those 55 and up. Many live independently until the end. Even those with vision or memory problems do pretty well here. Residents kind of look out for each other. Some have weekly housekeepers or meals-on-wheels. Some end up going to assisted living but most never need a nursing home. -Connie
Response:
- Hide quoted text — Show quoted text ->People who are >in sufficiently good physical and mental shape so they may remain independent >as >they age into their 80’s and beyond, are the exception, not the rule > I am just off to play cards with a group of women, all of whom except me, are > over the age of 80 with one 93. All live independently and manage alone. One > has macular degeneration, but manages with meals-on-wheels. There are many > similar people here, so I wonder where you got your information that most over > 80 are unable to live independently. I checked both the CDC and the Census web > sites and couldn’t find any data except for the fact that about 12% of the US > population is age 65 or older. > So, if anyone can find the answers, I would like to know what % of those over > age 80 live independently, live in assisted living, live with relatives and > live in a nursing home?
Good for your card group. We should all be so fortunate. However, I believe that people at advanced ages who are in sufficient physical and mental conditions to live independently without any assistance is quite rare. In NYC, there are various agencies who provide home assistance. The numbers are outstanding. Although they don’t break down the clients by age, the numbers receiving home assistance and not nursing can be inferred to be the elderly. similarly, nursing homes in this area for the most part, are filled and many have waiting lists for beds. Their populations are almost exclusively the elderly. So while we would all like to be able to perform all our daily tasks and have complete mobility as we advance in age, probability indicates that such will not be the case. And therefore it prudent to prepare for the worst, while continuing to hope for the best. After all, that’s what insurance is for. it is highly imprudent to gamble, which is precisely what you advocate, with one’s life savings and resources. Alan
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- Hide quoted text — Show quoted text – > It seems to me that long term care insurance is NOT a good deal for most > people. The majority of Americans never need it. They can live independently > or in assisted living facilities until the end. Unless a family has something > such as Alzheimers in its history, it will probably not be needed. Most stays > in nursing homes are for short term after surgery or some such. > There are many ways to assist someone to stay independent. Probably the best > is to make sure the individual has physical activity of some kind. Every > senior center has exercise classes as well as lunch for those who want or need > it and they provide a social life with their peers. > I live in independent living, which is just housing that is designated for > those 55 and up. Many live independently until the end. Even those with > vision or memory problems do pretty well here. Residents kind of look out for > each other. Some have weekly housekeepers or meals-on-wheels. Some end up > going to assisted living but most never need a nursing home.
This assertion is not in keeping with what we are finding today. People who are in sufficiently good physical and mental shape so they may remain independent as they age into their 80’s and beyond, are the exception, not the rule The majority of patients in nursing homes are NOT suffering from some form of dementia, but rather have physical difficulties which preclude living independently or in assisted living. Furthermore, long term care, has become known, by those of us who do pension work, as "asset protection." Since most of us have considerable resources either through pensions, private annuities or private savings, these can quickly be spent if one has to enter a nursing home. So, long term care is indeed a prudent move. Furthermore, most long term care policies have provisions for home care, either through livie-in assistance, or daily visits. Both of which, most policies pay for additionally. Because these do permit the individual to remain in their own domicile, which even the insurance companies that sell these policies agree is preferable. Regrettably, Connie offers poor advice to individuals regarding long term care policies. The problem is that if those policies are purchased later in life, they are expensive. If purchased early, they become so ridiculously cheap to make them a ’steal’ for the purchaser. Currently, statistics reveal that the average stay in either a nursing home or an assisted living facility is a bit over 2 years. You can likely figure out what causes those stays to end. Alan
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– Hide quoted text — Show quoted text -> From what I’ve > read, long term care, in a facility, costs something like $50K a year, which > is less than what she currently consumes anyway. >Maybe if you live in Mississippi or Louisiania, if you are lucky. >In some states its closer to $300 a day or $100K a year >and inflating rapidly. >LTC insurance starts in the low 100s PER MONTH in the early 50s and >rises rapidly from there. There are many variables and options. >You have to pay forever once you start, or you lose the starting rate. >Probe first through your own company benefits or a reputable organization >like AARP, before dealing with the slimey insurance salesmen you get in >web ads. >There are many schemes for asset-shifting (hiding), then going on the dole. >Most of these require advance preparation of three+ years and the government >is constantly trying to thrawt them. Look in some old-age finance books. >Some of my die-hard Republican co-workers made their parents appear >improverished so the parents could obtain $10Ks a year of nursing home welfare. >I found this ironic, but they didn’t. Yet the slightest mention of health >insurance reform angers them. The American system is quirky.
I’ve heard a story about a local man who owned a large farm. As he approached his 70s, his son visited him with this proposition: "Dad, why not put your land in my name and have yourself declared a porpoise. That way the Government will look after you". Back 15 years ago, several of my elderly relatives, who don’t know their children as well as I do, came up with the idea of transferring their real estate to their children’s name so the Government will pay for their nursing homes if they ever need it. I was tempted to suggest they learn Spanish and develop a taste for rice and beans. Just in case. I think one of my surviving aunts has discovered that "spending down" can be a bitch. One of my 90+ year old aunts recently decided to go into assisted living. Her second husband was in the service, which qualifies her for VA, and it will pay about $1,100 a month. Every bit helps.
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There is a plethora of publications discussing long-term care. Long-term care is a recent phenomenon. Inter-generational families were the norm until about 100 years ago. Long-term care was excellent because sons, daughters, brother-in-laws, sister-in-laws lived in the same home. Today, even a person with several million dollars in the bank should factor in escalating health care costs. Health care is high-tech, and it will increasingly become more expensive. Congress could care less about health care costs. Also factor in plastic surgery. No one wants to be old, AND LOOK OLD. Baby boomers want it all, but many will not be able to have it all. For those baby boomers, who do not have several million dollars in the bank, decisions must be made. DO I WANT TO LOOK YOUTHFUL WITH PLASTIC SURGERY, but feel like HELL since health care will be second priority, with limited funds. OR DO I WANT TO LOOK LIKE HELL, but feel good through excellent health care, with limited funds. If you are single and LOOK LIKE HELL, you can rule out companionship in your golden years. Courtship is NOT based on one’s feeling good status. ON THE OTHER HAND, IF YOUR FUTURE COMPANION SEES AN ABUNDANCE OF ZEROS IN YOUR BANK ACCOUNT, THEN HE MAY BE FEELING GOOD ENOUGH TO DISREGARD YOU LOOKING LIKE HELL. I would recommend your mother run for Congress. They have the best health-care in the world. MOVING TO CANADA WOULD BE A BIG PLUS TOO. Good luck! Cameron
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Alan – you are absolutely correct in everything you wrote in your post regarding LTC. As I wrote in a post of my own – I do have it – and yes, it is terribly expensive, but that is because I took it out very late in life. I am quite familiar with nursing homes, and most of the population there are suffering from a major decline in their health, which prevents them from being able to care for themselves at home. The Alzheimer patients are usually kept separately. My policy also contains provision for home health aides. Olly
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It’d be nice to find a site someplace that wasn’t actually trying to sell the stuff. They always obfuscate it by including inflation to make the numbers sound scarier. If we’ve planned properly, the savings will grow sufficiently to cover inflation anyway. We can just talk in today’s dollars and compare the cost of care to what we are currently spending.
– Hide quoted text — Show quoted text ->My mother is considering long term care insurance and I’m looking for some >information and advice to help her with her decision. In our situation, I’m >having a hard time understanding what benefit it would provide. My mother >is currently living off of the interest from a decent sized trust fund. >It’s not a huge amount of money, but she lives very well. From what I’ve >read, long term care, in a facility, costs something like $50K a year, which >is less than what she currently consumes anyway. To me then, something >going wrong that requires her to move into a facility would actually be a >bonus from a purely financial perspective. >Is LTC insurance really just for people who are living very frugally or who >are actively eating into their assets anyway? If LTC is $50K a year and you >spend that or more per year while healthy, then what benefit is the >insurance? If the problem is simply living to a very old age, then the LTC >insurance only helps if you actually become ill in such a way that it kicks >in, otherwise you’re out of luck anyway. >What am I missing? > I’m really not sure, but you may be underestimating the cost, however > a lot depends on the cost of local facilities — which can vary > widely. The following site puts the cost per day of a private room for > an alzheimers patient at $158, and assuming 5% inflation in care costs > over the next 10 years, calculates the cost of an eight year stay to > be $910.000. http://www.prepsmart.com/x-costanal-long-term-care.html
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> MOVING TO CANADA WOULD BE A BIG PLUS TOO. Good luck!
Legal Canadian immigration is restricted to people with job offers in Canada, relatives of Canadian citizens, and refugees. You have to pass a medical test. You have to wait three months to qualify for a health card. Sound like regulations to keep out poor, sick foreigners from the south.
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) And yes, you will be >missed; you always have valuable knowledge and input to share here. >Christine CD 
Are you a homeowner or a wus!? Do it yourself! Go for it! It’s easy! Go! Go ! Go! Lu-ckey! Lu-ckey! Lu-ckey! Woo hoooo! 