After satisfying the 100 day elimination period to meet the requirements for my Long Term Care Policy the company deposited $$$$ into my checking account. This will happen monthly and almost cut in half the amount that I pay out of pocket.
As a way to eliminate hurt feeling about who got more for their kids we set up the same system of equality in what they get. Once were gone our wills are specific in distribution of assets. Our kids have copies and know what to expect which makes life a lot easier on all of us.
ha!.....so many good things happening for you....100 days!...you got it...made it...they must pay...yea! yea!
Having lived now in Assisted Living for two years I have been able to meet and learn about fellow residents and how they pay for the services of this facility.Some have children contribute financially on a monthly basis along with using their own income and assets. Some have or will soon exhaust their own assets and will be moving into their children's home. Some of us use a combination of personal resources and Long Term Care Insurance. Yes----Long Term Care is expensive, but so is getting old with health problems. SO HERE IS MY ADVICE.Look into long term care insurance with a level premium that will not increase.
In order to continue receiving benefits to pay the monthly charges of living in this place I must have a health assessment by a medical person representing the insurance company. She was at my apartment for 90 minutes and asked many questions, tested my memory, physical mobility.
My MIL has home health care (Visiting Angels) that is paid for by LTC insurance. She has to have those assessments, too.
Buy a good Long Term Care Insurance Policy with no time limit or dollar amount expiry. I am witnessing the results of some of my neighbors running out of money from their Reverse Mortgages or personal assets and having to move from this very good Assisted Living Facility. I have paid more than $30,000.00 in premiums since buying my policy 28 years ago but have already collected $115,000 in benefits. Now that's good math folks.
Maybe it works in the US but it certainly doesn't elsewhere. So you are lucky. If I spend money on an insurance I want to be 100% sure that it's not down the drain. Insurance is for covering risks not for taking risks. If I want to take risks, I spend my money elsewhere. Way too often, insurance companies don't pay. You end up litigating for years and they always have the better lawyers. Much as I'd have liked to spend the end of my life in such a privileged way, I'd have had to finance it differently, not by taking out an insurance. No chance for people like me who were deprived of the best part of their life.
Your criticism of the insurance industry is not justified Thomas, at least here in the U.S. In my lifetime I have had many claims for many things and was always compensated to my satisfaction.