Do you have long-term care insurance?

[Rasulis]

Well, even if you do, you still need to worry. Your insurance company may not be there by the time you actually need the use the coverage.

https://www.msn.com/en-us/money/reti...tanntp&ffid=gz

It appears that the insurance companies underestimated how many claims would be filed and how long people would draw payments before dying. People are living and keeping their policies much longer than expected. After the 2008 financial crisis hit, nine years of ultralow interest rates also left insurers with far lower investment returns than they needed to pay those claims.

We have ours with Mutual of Omaha since 1993 when we were in our 30s. Back then we were paying around $55 per month. We now pay $210 per month for a coverage of $10,000 per month with inflation protection. Hopefully they will still be here by the time we need them.

[SL1200]

Yes I do, but I don't know if they'll bother to pay if i ever get sick or disabled. This Is why I support single payer healthcare in the U.S.

[Lochton]

Well, even if you do, you still need to worry. Your insurance company may not be there by the time you actually need the use the coverage.

https://www.msn.com/en-us/money/reti...tanntp&ffid=gz

It appears that the insurance companies underestimated how many claims would be filed and how long people would draw payments before dying. People are living and keeping their policies much longer than expected. After the 2008 financial crisis hit, nine years of ultralow interest rates also left insurers with far lower investment returns than they needed to pay those claims.

We have ours with Mutual of Omaha since 1993 when we were in our 30s. Back then we were paying around $55 per month. We now pay $210 per month for a coverage of $10,000 per month with inflation protection. Hopefully they will still be here by the time we need them.

I do, it is called tax. I pay my tax and then when I reach the point of old age and pension, I can retire. And live fine with knowing that my taxes has gone to that.

[Rasulis]

I do, it is called tax. I pay my tax and then when I reach the point of old age and pension, I can retire. And live fine with knowing that my taxes has gone to that.

In the US, Medicare will cover for 100 days, then Medicaid takes over. However, before Medicaid becomes effective, you have to exhaust your own resources first. Basically you have to bankrupt yourself before you can apply for Medicaid.

Most people have long-term care insurance to protect their assets. Also, you probably do not want to be in a facility contracted by Medicaid. Those facilities likely won’t have the best services. Honestly, I did not realize that some of these insurance companies are in trouble until I read the article. I thought everything was just fine. So far we have not seen any 50% or 100% premium increases on our policy yet.

[Antiganon]

I have AFLAC, which will provide money for lost wages if I am disabled, and will also payout for certain medical procedures, usually enough to cover my out of pocket costs.

It's like $11/month for the out of pocket coverage for my entire family and the disability coverage for me alone.

[Independent voter]

I can get it through work but I chose not to, it was too expensive.

[Doctor Amadeus]

I do, for my mom, which we have had for years and me too, but honestly since about mid 20's I have put something away into savings or investments, so that with what I have put away with the company, even if I should need 24/hour care, I am covered. However besides my mom who is the only other person I looked out for, everybody else had better have made plans, and to my knowledge most have or due.

But in the coming years we are about to find out, because it's too late to turn back or sail another way now. Going forward everybody better just be able to cover their own.

[Lochton]

In the US, Medicare will cover for 100 days, then Medicaid takes over. However, before Medicaid becomes effective, you have to exhaust your own resources first. Basically you have to bankrupt yourself before you can apply for Medicaid.

Most people have long-term care insurance to protect their assets. Also, you probably do not want to be in a facility contracted by Medicaid. Those facilities likely won’t have the best services. Honestly, I did not realize that some of these insurance companies are in trouble until I read the article. I thought everything was just fine. So far we have not seen any 50% or 100% premium increases on our policy yet.

Forgot to add, I'm danish. So I'm not going to be a victim of the care system of the US. It is one of the things they should've used many on instead of having a military budget way higher than the second highest.

[Ghostpanther]

In the US, Medicare will cover for 100 days, then Medicaid takes over. However, before Medicaid becomes effective, you have to exhaust your own resources first. Basically you have to bankrupt yourself before you can apply for Medicaid.

Most people have long-term care insurance to protect their assets. Also, you probably do not want to be in a facility contracted by Medicaid. Those facilities likely won’t have the best services. Honestly, I did not realize that some of these insurance companies are in trouble until I read the article. I thought everything was just fine. So far we have not seen any 50% or 100% premium increases on our policy yet.

Not really. Depends on the state, but the these are the basics https://www.agingcare.com/Articles/a...aid-141681.htm

In Ohio, your home, one automobile and $2000 in cash assets are excluded and you can not exceed 133% of the Federal Poverty level of income for one person.

However, I hate the health care system we have here in the US and no one should have to worry about long term care. Personally, I would rather be dead than unable to care for myself.

Here is another interesting part of Medicaid in Ohio concerning spouses;

Q: What about my spouse? Will she have to spend all of her money if I go into a nursing home?
A: No. Your spouse may keep exempt assets (your house, one car, personal property, burial plots and pre-paid funerals) as well as half of the other countable assets with a minimum of $23,844 and a maximum of $119,220 (both effective Jan. 1, 2016​). Your spouse also may get to keep part of your monthly income if her own income is less than $2,003 per month (effective July 1, 2016). In special circumstances, she may qualify to receive even more of your assets and income.