UnThreaded | Threaded | Whole Thread (48) | Ignore Thread Prev | Next
Author: intercst Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76406  
Subject: Re: Big Problems wth LongTermCare Insurance Date: 7/12/2013 12:55 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 3
determinedmom writes,

What I really want is a policy that is cheaper in premiums but provides catastrophic care. That is - I'll pay the cost of LTC for 3 years - I want insurance to cover the cost beyond that.

Actually a product like that would be more like real insurance rather than a "pre-pay plan".

According to the CDC, there are 1.5 million people in nursing homes and only 25% (about 400,000 people) spend more than 3 years there, and 12% (less than 200,000 people) spend more than 5 years. See Table 12 in the report below.

http://www.cdc.gov/nchs/data/nnhsd/Estimates/nnhs/Estimates_...

There are about 50 million people on Medicare, so less than 1% (i.e., 0.80%) spend more than 3 years in a nursing home and only 0.40% spend more than 5 years.

intercst
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (48) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

The Story Behind the Story
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement