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Who are you caring for?
Which best describes their mobility?
How well are they maintaining their hygiene?
How are they managing their medications?
Does their living environment pose any safety concerns?
Fall risks, spoiled food, or other threats to wellbeing
Are they experiencing any memory loss?
Which best describes your loved one's social life?
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By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington. Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services. APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid. We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour. APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment. You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints. Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights. APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.I agree that: A.I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information"). B.APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink. C.APFM may send all communications to me electronically via e-mail or by access to an APFM web site. D.If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records. E.This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year. F.You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
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Your loved one may not require home care or assisted living services at this time. However, continue to monitor their condition for changes and consider occasional in-home care services for help as needed.
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If you read this article you will find that at 65/female the average cost of a LTC policy will be about $5k per year. The older you are when you buy the policy beyond 65, the premium price goes up exponentially.
Nerdwallet.com has some good articles about LTC.
Another good resource is Bogleheads.org, which is a public forum much like this one. Ask your question there.
Bettysteam, welcome to the forum. Some people like long-term-care polices, others do not. Is this policy for yourself, or for your mother?
If for your mother, read the fine print that says when the policy will become active. Some policies only become active two years after signing up. Some policies will only give out 2 or 3 years of payments, or stop when the maximum was used. Here's another good read on LTC policies www.kiplinger.com/retirement/long-term-care-insurance/things-you-should-know-about-long-term-care-insurance
My only experience with LTC was my boss, who was 85 years old at the time (he could run circles around anyone 20 years younger) who every year would grumble about the annual policy cost. His last payment was over $6,000. He never got to use his LTC policy as he died during covid in 2020 and was gone within a week. Now, if he would have put all those policy premium costs into an investment, he probably would have had more money when the time came to use it for long term health care, or would have passed onto his heirs when he passed.
Not trusting is an excellent place to start on long term care policies. It is CRUCIAL to read all the fine print as they are tricky and getting trickier. For instance some policies demand that there be an RN presence in the facility. Guess what, there never is. There may be one on call, checking medication orders, but that's it.
These policies get more and more expensive as you age and are nearer to needing them. Sometimes these policies preclude your getting needed care help from the government as they provide a monthly stipend that raises your monthly income but that at the same time is not enough to cover your care.
There are many who love LTC. I am not myself a fan. But it's a decision I hope you will discuss with a good financial planner.
As to LTC, be very very careful. I would say the same thing about reverse mortgages. For some they are truly a godsend and they worked well for my own MIL. For others, not good. It is up to you, after all the information you can gather, to try to make your own best decision.
Your mother is 92. Does she currently HAVE a long term care policy you want info on? Because if you don't trust the company itself to provide accurate info, I'm at a loss as to who you WOULD trust. You can hire a lawyer to interpret the fine print, at your expense, but bottom line, the ltc company is the one who approves or disapproves the payouts.
Imo, you're best off getting the details directly from the insurance co and going from there.
Imho unless you are in your 40’s or younger, getting a LTC insurance policy with premiums to be paid is not affordable. The premium costs will increase as you age and often astronomically to the point that sadly for many it is not affordable so cancels.
There is a somewhat newer approach to doing LTC Insurance and that is a “hybrid” policy that can be used for both as LTC Insurance & as Life Insurance (permanent life insurance not Term). If I’m not mistaken, it’s a buy-in, so to get the underwriting done it will be an in full upfront initial payment. Like $200,000 or more. Tends to be done by those getting a huge lump sum payment upon retirement or company downsizing, so they have six figures to do a hybrid without affecting their regular living expenses. New York Life underwrites these.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
If you read this article you will find that at 65/female the average cost of a LTC policy will be about $5k per year. The older you are when you buy the policy beyond 65, the premium price goes up exponentially.
Nerdwallet.com has some good articles about LTC.
Another good resource is Bogleheads.org, which is a public forum much like this one. Ask your question there.
If for your mother, read the fine print that says when the policy will become active. Some policies only become active two years after signing up. Some policies will only give out 2 or 3 years of payments, or stop when the maximum was used. Here's another good read on LTC policies www.kiplinger.com/retirement/long-term-care-insurance/things-you-should-know-about-long-term-care-insurance
My only experience with LTC was my boss, who was 85 years old at the time (he could run circles around anyone 20 years younger) who every year would grumble about the annual policy cost. His last payment was over $6,000. He never got to use his LTC policy as he died during covid in 2020 and was gone within a week. Now, if he would have put all those policy premium costs into an investment, he probably would have had more money when the time came to use it for long term health care, or would have passed onto his heirs when he passed.
It is CRUCIAL to read all the fine print as they are tricky and getting trickier. For instance some policies demand that there be an RN presence in the facility. Guess what, there never is. There may be one on call, checking medication orders, but that's it.
These policies get more and more expensive as you age and are nearer to needing them.
Sometimes these policies preclude your getting needed care help from the government as they provide a monthly stipend that raises your monthly income but that at the same time is not enough to cover your care.
There are many who love LTC. I am not myself a fan. But it's a decision I hope you will discuss with a good financial planner.
As to LTC, be very very careful. I would say the same thing about reverse mortgages. For some they are truly a godsend and they worked well for my own MIL. For others, not good. It is up to you, after all the information you can gather, to try to make your own best decision.
Imo, you're best off getting the details directly from the insurance co and going from there.
There is a somewhat newer approach to doing LTC Insurance and that is a “hybrid” policy that can be used for both as LTC Insurance & as Life Insurance (permanent life insurance not Term). If I’m not mistaken, it’s a buy-in, so to get the underwriting done it will be an in full upfront initial payment. Like $200,000 or more. Tends to be done by those getting a huge lump sum payment upon retirement or company downsizing, so they have six figures to do a hybrid without affecting their regular living expenses. New York Life underwrites these.