70 percent will need long term care

dqhall said:

They have Genworth. I read Genworth has asked regulators for another rate increase. My brother chose an expensive skilled nursing home in order to be close enough to visit. Mom cannot feed herself and might lose the ability to open her mouth when queued as her disease progresses. They lift the spoon for her. Dad can find his way to a facility dining hall and back. I took him shopping and to lunch on the weekend. They may have saved enough, self insuring much of the expense. I met another care giver at the facility, the daughter of an 88 year old woman invalid since 81. She is Catholic and may be force feeding, I am not sure. Her mother does not seem to move at all. Not all long term care patients die within two years.

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Genworth certainly has a big problem, which is one reason they've pulled out of the LTC market. Most states (43) have enacted rate stabilization, which means that after the year they enacted them, rate increases become a lot less likely. For example, here in Georgia, 99.7% of rate increases on LTC policies have occurred on policies issues before 2008, which is when GA adopted rate stabilization. I probably review half a dozen rate increase letters per week from advisors with clients who are getting hit with these. It's an unfortunate reality of a time in which LTC policies were severely underpriced.

While nobody likes a rate increase, replacing the policies with new coverage would still be more expensive.

And of course not all LTC patients die within 2 years. Statistically, 50% of people who need LTC will pass away within 1 year. Of the 50% that make it past a year, the average need is 4 years. But of course if we are talking about dementia and other cognitive impairments, we could be talking a lot longer. I believe One America has a current LTC claim that has lasted 16 years.

MitchW said:

I have Genworth LTC policies for my wife and myself. They even pay for home care as well as nursing homes. So far I have not tapped into them.

I've always expected to go directly from normal health to death. I never really thought about being incapacitated for years. Even refusal of treatment including food and hydration takes competence and alertness. Dementia could end those possibilities.

I was in Hospice for 3 weeks last fall and am trying to find out why they first thought I was terminal and then changed their mind. I still have sharply reduced mobility due to those two assaults on my feet and the one assault on my eyes.

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If you have a LTC policy and think you may qualify for the benefits, there's almost no reason to not go ahead and do so. The benefits pay tax free. With traditional LTC policies, it's usually use it or lose it as they don't have a death benefit. So not using it when you could is really just wasting money. You should look into it if you think you qualify for benefits.

Good thing about qualifying for LTC benefits is that it is your doctor who determines that, not the insurance company.

SPF said:

If you have a LTC policy and think you may qualify for the benefits, there's almost no reason to not go ahead and do so. The benefits pay tax free. With traditional LTC policies, it's usually use it or lose it as they don't have a death benefit. So not using it when you could is really just wasting money. You should look into it if you think you qualify for benefits.

Good thing about qualifying for LTC benefits is that it is your doctor who determines that, not the insurance company.

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Good idea. So far Medicare has paid for Hospice and Visiting Nurses. If I need nursing care and can't qualify for Medicare, I will now ask Genworth to pay. I never thought of that.

This world is an uncertain place to live in. A chronic disease can render one bankrupt and cause death even in youth, an accident can render one completely helpless at any age, we might plan for this financially but emotionally it can cause chronic depression. As for me, I am unlikely to have any offsprings besides this, I would feel miserable if I become a burden to my kids in old age. Therefore, I'm trying to do what I can to maintain a healthy lifestyle even though I realize that doing this doesn't assure me of health in years to come but it's a step in the right direction and it makes me happier knowing that I'm making an effort to preserve my health. As I age, I will fully embrace the vegan lifestyle. I would rather live in my own house while having a carer check up on me regularly, fully volunteer in church with the last strength I've got and hope to be called back home in peace

MitchW said:

Old age is a disaster for most folks. I am age 84 and my son and brother broke off completely with me. My daughter lives across the street and only speaks to me once per week on the telephone and visits once every 2 weeks. Only my wife stands by me and she is age 80.

Two doctors abused my feet and one technician abused my eyes. I just lost 70% of vision in my right eye and had to undergo ultrasonic tests of my carotid arteries. I can barely walk, stand or see.

I do have a Living Will and Advanced Directives which allow me to refuse all treatment including food and water.

Swiss doctors offer some folks an easy Exit but for me it is just too distant to travel.

My only hope:

I accept the Will of God. Many things about tomorrow I don't seem to understand, but I know who holds tomorrow and I know who holds my hand. I just live from day to day while Jesus leads the way. My heart is with Him on the Throne, and ill can brook delay, each moment listening for the voice, "Rise up and come away."

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Praying for you, I find some kids abandon their parents at these times when you need them more, may God comfort you and bring you helpers to help out on things you need. God bless

LaBèlla said:

Who needs to get hot?

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We need to get hot and educate them on basic financial principles so they can make something out of the barely anything many of them have.

It’s not our fault, but the fact that so many of them are up a creek without a financial paddle seems like a good charity to me.

Grip Docility said:

We need to get hot and educate them on basic financial principles so they can make something out of the barely anything many of them have.

It’s not our fault, but the fact that so many of them are up a creek without a financial paddle seems like a good charity to me.

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That is largely a factor of mindset and living above their means. There are numerous books and Christian teachings/ministries on this subject. It means little if you lack the discipline to change.

LaBèlla said:

That is largely a factor of mindset and living above their means. There are numerous books and Christian teachings/ministries on this subject. It means little if you lack the discipline to change.

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This is a fact. But, financial grace can be administered. It is wise to seek to have to seek to help.

I do agree about the mindset. That’s where education comes into play.

Grip Docility said:

This is a fact. But, financial grace can be administered. It is wise to seek to have to seek to help.

I do agree about the mindset. That’s where education comes into play.

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There is a lot of financial education available. More than enough. I worked in the industry. You’re dealing with habits not ignorance.

MitchW said:

I have Genworth LTC policies for my wife and myself. They even pay for home care as well as nursing homes. So far I have not tapped into them.

I've always expected to go directly from normal health to death. I never really thought about being incapacitated for years. Even refusal of treatment including food and hydration takes competence and alertness. Dementia could end those possibilities.

I was in Hospice for 3 weeks last fall and am trying to find out why they first thought I was terminal and then changed their mind. I still have sharply reduced mobility due to those two assaults on my feet and the one assault on my eyes.

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One doctor I read wrote a book, “Reversing Diabetes.” Others wrote about “Reversing Heart Disease,” using WFPBD principles. I lost 15 lbs and lowered my blood pressure to normal using their recommendations. My total cholesterol was 166 last time I donated blood they tested it for free. I am 60.

LaBèlla said:

There is a lot of financial education available. More than enough. I worked in the industry. You’re dealing with habits not ignorance.

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I agree. There is financial education available. People have their priorities backwards. They trade gold for chocolate. I still believe in helping them realize that the gold can provide limitless chocolate, while the chocolate is one and done.

But... I acknowledge... a horse can be led to water... well, you know.

There does need to be some proactive charities prepared for what is coming. After all, charities are there despite foolish decisions, as well as catastrophic circumstances.

christine40 said:

going back to OP
how do we plan for aging needs?

strokes & incompacitation happen as people get in their 80s and 90s & by then most if not all of money is gone


should we all plan to work well into our 70s to have enough money for 80s and 90s?

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If we start planning for retirement in our 20s, you can actually save a large amount of money for our aging needs. Problem is that we normally don’t start until our 40s or 50s, or later at times. If we do that from a young age, we should be able to plan to retire in a good state earlier than our 70s.

The tough time is when you don’t start saving early. While a small amount of investments when you are young translates to a large sum of money, you need to put away more for the same amount of retirement money (often less total) if you start investing in say, your 40s or later.

For our children, I think educating them to think about and invest for retirement when they are young is important. For those of use who are older, start saving now. You won’t have as long of a time for investments to pay off the older you are, however, so your investment strategy should be different depending on your age.

We also need to be smart as we do enter retirement. Sizing down is helpful. Enjoy retirement but don’t have extravagant splurges on a regular basis. Be smart with the money.

Easier said that done sometimes, but I think it is the ideal strategy.

christine40 said:

glad that worked out for your grandpa!




just learned they only have enough money to last for 2 years using home care

I've made suggestion to sell their paid off house & move to smaller place but am not the sibling in charge
they're both refusing to leave house & move
they don't want to face reality, sadly

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Home care is difficult financially. My grandpa had a large sum of money saved that he could use - otherwise we couldn’t have afforded it for much longer than you said. He only was using home care for hospice though - so it also was shorter. He had 4 strokes - and with the last one, he also got severe sepsis and lost almost all of his faculties, though his mind was still sound enough to express his last wishes - to leave the hospital and die naturally. It was a tough period of time.

Prayers for your family

christine40 said:

glad that worked out for your grandpa!

just learned they only have enough money to last for 2 years using home care

I've made suggestion to sell their paid off house & move to smaller place but am not the sibling in charge
they're both refusing to leave house & move
they don't want to face reality, sadly

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Christine,

Maybe spend 3 hours communing with Christ and then go here to raise all the funds they need:

GoFundMe: #1 In Free Fundraising & Crowdfunding Online

If it works, thank Christ and please tell all of us here in this thread how you did.

Jesus be with you in your hour of need.

In His Name.

christine40 said:

"An estimated 70% of people currently turning 65 will require long-term care in their lifetime, and they will receive care for an average of 3 years."

I know we can pray to be healthy into old age
statistically, we may be one of the 70% needing care


as a Christian, how do we plan for aging needs?

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It's not easy. And it won't get any easier. Millennials have more debt than any generation before them. They'll be responsible for making decisions for their parents within the next ten years. And they won't be able to afford quality long term care.

I think it will get very ugly.

All4Christ said:

Easier said that done sometimes, but I think it is the ideal strategy.

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Most definitely!

I'm 44 and am still unable to save for retirement.

christine40 said:

thanks to everyone's contribution/advice

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I know this is a tough situation! Hoping all works out well for your family with this.