Is Long Term Care Insurance necessary for people with E?

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Dignan

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I ask this because in many areas the availability of Long Term Care insurance is going away or becoming increasingly expensive.

I wanted to know if anyone on the forum here thinks it wise or necessary for people with E to have long term care insurance in case of long term side effects (from either seizures or the meds) that might affect memory or who knows what down the road?
 
I think that's a question for a lot of folks, not just those with epilepsy. With people living longer these days, two-thirds over the age of 65 will need some kind of long-term care. Most people with epilepsy live a full life span, so we'll probably need long-term care for something, even if it's not epilepsy-related.

So it basically depends on your overall health history and your financial resources. Rich people can afford to self-insure. Poor people can turn to Medicaid. If you anticipate needing long-term care in your later life, and can afford to buy insurance, you might start in your 70s (or earlier) depending on your available cash. There can be rate advantages to buying when you're younger, and some insurers offer various discounts (like for couples).

Another consideration is whether you will have family to take care of you, and whether you want to burden them with your long-term care. These factors will make the decision different for each person.

I'm not planning on getting long-term insurance at the moment. I doubt I will get it in the future. My regular health insurance already takes a huge chunk of my income as it is...
 
Hi, D.
I know where you're coming from with your question. A nurse where I work was telling me about a 42 y.o. patient she had with E for 30 years who has had the condition so severely over the past 5 years that she had had to move back home. She is not a surgical candidate and over the 30 years of her E. she has now run out of meds to try. Her parents are now in their early 70s, and recognize they need to do something to ensure their daughter is looked after, probably in about another 10 years.
 
I've been looking into these policies, and they are going away, so if you want one you may need to get one sooner rather than later.

My parents bought them years ago and they gave them a policy with a daily amount paid that increases 5% a year, and the payout time is unlimited.

Now, an insurance person told me that the unlimited payout times are no longer available (since they were financial losers for the insurance companies). They are being pulled back to 5 year max payouts.(this is down from 10 years last year). In some states, LTC policies aren't available at all anymore.

They are also getting more expensive. So, if you want a LTC policy, even with a limited payout time, you may need to move on it now.
 
It's necessary nowadays especially for people with conditions such as epilepsy. The cost of long term care is consistently increasing and without private insurance, you'll probably end up exhausting your lifetime savings. Some would raise the issue that long term care insurance is expensive but in the end, they would realize that it's more expensive to pay for long term care out-of-the-pocket because of the inflation rate.

Considering long term care insurance as early as now is the wisest thing you can do. Also, if you buy early you can enjoy low premiums. If you have limited budget but you feel that this insurance product will greatly benefit you, then start planning your future now.

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Patty Coleman
ltcoptions.com
 
You may find you are unable to get long term care insurance, just like you may not be able to get life insurance. People with seizures are routinely declined all kinds of insurance. Not fair, but there it is.

The reality is that on average once people go into nursing homes, they either go home within 3 months, or they die within 6 months. There are always the people that aren't average and that live on and need care for much longer. That's when Medicaid comes in, when your resources are depleted. Once you are on Medicaid or Medicare the smart doctors know how to put you in the hospital for a few days every 3 months so your nursing home stay will always be covered, no matter how long you need to be in there.

I've had a few friends go through this with their parents. They made a funds management plan b/c they were worried about their parent's funds depletion. When the time was right their parent gifted all their money to them (their kids, people they could trust). Then they were broke and could go on Medicaid early while they still had some money left. Then my friends used their parent's funds to help pay for extra services for them or a better facility while they were on Medicaid and medicare. I think they used an attorney to set up the transfer; some specialize in wealth preservation and that's who should do it for you. Yes, it's legal. Otherwise an attorney wouldn't do it.

Un-cheery but necessary subject. The only time you need a plan is when you don't make one.
 
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I got life insurance when I was in my 40's pay it's got everything covered it.
I'm married and have my husband and I once had my mother ask me if I'd ever put her in a nursing home.
 
I do not worry about these things as i see its all gonna change and maybe not for the better. ?? But we're all going to die. At least that what we say in Buddhism. Worrying about future conditions does not help now. Sorry to sound like a downer..
 
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