So sorry for all that, I hope you are ok. I am glad you were able to purchase it before you became uninsurable. Were you on insulin when you purchased it?
Yes, I was on insulin when I got the policy.
As an For your information item, my agent is Bruce Asanof, in Florida (licensed in other states, too. You can find him on the web. Nice guy, and I think he can work with āproblemā cases.
Rob
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Thanks for the good wishes. My recent surgery was a CRS/HIPEC procedure for metastatic gallbladder cancer that had taken up residence in my peritoneum. When the path people looked at what was taken out, they also found colon cancer. So itās going to be a complex situation.
Rob
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Rob, like many of your āvirtual friendsā here, I send you my very best wishes for a smooth recovery. So sorry for these troubles!
My in-laws had LTC insurance, my father-in-law was 95 when he passed, and my mother-in-law 102. They were in assisted care. My wife took over filing, paying premiums, and arranging care. If at anytime they stopped paying they would not be able to get benefits. All filings, 20-30 pages a month, had to be faxed whereupon they scanned the documents; if pages were out of order she would have to resend the filing. No matter how long, or how old you are when you start filing, you still have to pay premiums, and rates do go up. What they allowed/payed were anything that medicare did not pay for. Some of the time she struggled to get the company to pay for the benefits that should have been covered. Mostly they used it for unskilled care; someone to help with bathing, driving to food shopping, or getting dressed.
After my father-in-law passed my wife went through the records of payments to the insurance company, and what the company paid out, and it was barely even, or less. They would have been better off putting in the bank, or any non-volatile fund. We consider it a racket preying on people with long term health issues.
Consult a financial advisor that has a fiduciary duty to the client.
Mike
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I think a living trust is best. That way if you need a higher level of care you can become eligible for medicaid and they canāt bankrupt you. If you live a long time even money in some sort of fund is going to go quickly. But at home is best. My neighbor who is in her 90ās lives at home with 24 live in care. Her son manages it all, but Iām not sure how it is financed. One of her sons lives there as well but he is not able to help with her care due to disabilities. We have to consult one anyway now that my father has died and will be doing that.
I totally agree the whole system is a scam, as is palliative/ hospice care which I learned is a billion dollar industry which often also gives terrible care.