Marriage is a three ring circus. Engagement ring, wedding ring, suffering ...
Long-Term Care Insurance
- Thread starter cycloner29
- Start date
Beginning 1/2025 Northridge Village in Ames will cost 360.00 per day. Do the math on that lol. It's a gamble no matter how you spin it.
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S
Sorry to hear about your mom, but why was she at 90 years old not already on Medicare after turning 65?
I've heard that number thrown around enough by different facilities that I'm assuming that's a max reimbursement rate from either Medicare or Medicaid.
$300/day in small town northern iowa in a non profit. Pretty standard.
Learn something new today, I thought you could be on Medicaid until you could get on Medicare at 65. I did not know that you can be on both if your income level allow a certain point..
Thanks.
I should have known you could be on both, my mom will still have her Medicare supplement in place. Learning all kinds of things as we go through this process
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I use to visit my father with dementia once a month 400 miles one way - not because he did not know who his son was, but because I know who my father was. Always made sure I had answers for questions he would ask previous to his decline; price of gas, value of farmland, and value of crops ( we use to help uncles on their farm when I was young).
Painful, lonely, yet proud I did. I cried many times on the way back to Ames at the time.
Yep, Medicare only pays up to 99 days in a care center if the patient is showing need. Medicaid is what foots the bill for care centers after that.
That’s very solid of you. We hadn’t been neighbors very long and she also basically laid in bed and didn’t talk the last two times I went. My wife went a couple more times and it was like that.
I’ve never been a fan of giving premiums to an insurance company who had the ability to invest it and come out ahead by betting the odds that a claim by me would be offset by the increase of their investment. So that’s how I’ve justified investing in annuities, RE, mutual funds and stocks with the money I would have spent on insurance premiums. When I was younger and had debt, I would buy cheap term insurance to cover what debt I couldn’t. My FIL was a successful insurance and investment advisor and I could pick up on the flaws of LTC. My advice if you start soon enough is invest and don’t let insurance companies use your money to make profits for them. They aren’t providing coverage as a charitable endeavor.
That is...logic....i guess. Literally no insurance is a charitable endeavor and there are PLENTY of instances where insurance can protect you from financial ruin.
Have heard the horror stories of denials by some nursing home insurance companies after a lifetime of paid premiums and finally the claim when the coverage is needed. At this point in my life the premiums would be horribly expensive. Taking the risk. It would eat up a lot of assets if nursing home is needed.
$360 per day is definitely the private pay / out of pocket rate.
For Medicare covered stays, max reimbursement in Skilled Nursing varies based on care complexity and can reach over $1,000 per day. It all depends on the care needs of the patient.
Medicaid pays closer to $180-$200 per day which is why very few skilled nursing facilities accept Medicaid. It's just not profitable.
How much does it cost to have a live-in nurse in the home they already own? $110k+/year seems ridiculous, I feel like if my parents were facing that I'd just take care of them & take the $100k as a 'salary'.. I understand everyone can't just up & quit their job for an unknown period of time, but feel like you could live comfortably on that.
You are willing to live with your parents every hour of every day with no break? Plus you have to subtract meals, utilities, housing structure and a few other things.
