Posted on 03/27/2010 6:13:35 PM PDT by chatter4
This one IS an individual, named account. Whatever you put in, when it is gone, it is GONE.
Like almost all LTC contracts, most are never used. I have seen figures of around 15% actual utilization of LTC. So, I expect that the money from those who die without utilization will disappear into the General Fund and most folks will simply either continue on Medicaid money for nursing home or long term in-home care. In-home care payments from Medicare is cut incrementally over each of the next 8 years until it disappears. I am told the subsidy is under the actual cost.
It would be better, IMO, to simply ascertain what someone still at home might need, such as housecleaning, assistance with ADL and perhaps one day of cooking, portioning the results into microwavable packages put into the freezer and someone just doing a checkup of the person a few times a day by phone or email or in person, if there is no response and then hiring someone in the community. You would probably pay around the same amount out of pocket as the deduction or insurance premium. I know that, at one time, even comprehensive health insurance would only pay for professional medical staff for reimbursed in-home health care. It was much cheaper to hire non-degreed folks, train them and pay out of pocket. With a small pool of individual workers, no one would work enough hours to require the FICA/FUTA/SS taxes. A couple of late-middle-aged ladies in my area voluntarily clean and cook for a few elderly they feel need help. They do this for free.
I know folks in their 80s and 90s who are doing fine on their own, as well. One couple, who still live in the same large house in which they raised 3 children, don’t even use any outside cleaning services. The husband is 85, still hunts and hikes on his own and last summer took an Arctic Circle cruise on a small ship by himself. (His wife is quite an intelligent lady and declined the adventure).
When I was 45, I thought pushing 70 was ancient and the start of a noticeable decline. Now I am nearly there and still working. I work more, but smarter, than I did at 30.
Most of us will not need LTC. However, Penny Pritzker began investing the family portfolio in nursing home chains back in the late 80s and this is payback.
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I'm going to go out on a limb and say HELL NO.
Bastards.
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