Health vs. Long term care

[jeffery_scott76]

Hi All,

Suppose I have both Health insurance & Longterm care in the long run when I grow older..Which one would be better? Or is it that I can't really have the two together?

Regards,
Jeff

 

[Mr. Bill]

You can't be serious.

But you CAN obtain both health care and long-term care in jail/prison.

Just a thought.

 

[Winter_123]

Hi All,

Suppose I have both Health insurance & Longterm care in the long run when I grow older..Which one would be better? Or is it that I can't really have the two together?

Regards,
Jeff

I think you can have Pre-Paid Legal with Health but not with Long Term Care. Not sure which one.

Winter

 

[Dave020]

I think you can have Pre-Paid Legal with Health but not with Long Term Care. Not sure which one.

Winter

Careful, I just heard that John Hancock is going to add a new product line this summer....writing scarry letters

 

[djs]

This is actually just 'spamming' for the 'other' board. More consumers there..., though I think this is a deliberate crosspost.

 

[Dave020]

Well, the simple answer is...you need both. They do completely different things. Health insurance (Medicare or private) pays for your medical bills relating to preventative care, inpatient/outpatient hospital, Rx and such. Long-Term Care insurance covers none of these things and provides coverage for what health insurance does not cover, nursing home/home healthcare/extended care/adult daycare.

Medicare only pays for the first 20 days of this, then a small percentage to day 100, then nothing. That is where LTCi comes in for those needing further convalescent care.

 

[Dave020]

In fairness, there seems to be a lot of confusion amongst the public about this exact topic. I did an interview with the local paper some years ago pertaining to the Terry Schiavo case.

It took a couple of minutes into the interview before I realized that the reporter had no idea the difference between a Blue Cross health plans and the kind of coverage needed for long-term nursing care. She thought it was all done under one's health insurance.

 

[djs]

Life insurance = Income protection for the family.
Disability insurance = Income protection for you.
LTC = asset protecion for you and the family
Health insurance = asset protection for you and the family

Okay, I can see how people would think that health insurance covers long term care. It doesn't, but if you haven't dealt with it, you probably never thought this through.

And yes, I know life insurance can be more than income protection for the family, but that is the most common and compelling reason to buy it. It's funny how once people get the difference between protecting income and protecting assets, the lightbulb really goes on.

Dan

 

[Mr. Bill]

Dave, in context - when you look at his other posts, he's just kidding with you. Don't take the bait.

 

[Winter_123]

Life insurance = Income protection for the family.
Disability insurance = Income protection for you.
LTC = asset protecion for you and the family
Health insurance = asset protection for you and the family

Okay, I can see how people would think that health insurance covers long term care. It doesn't, but if you haven't dealt with it, you probably never thought this through.

And yes, I know life insurance can be more than income protection for the family, but that is the most common and compelling reason to buy it. It's funny how once people get the difference between protecting income and protecting assets, the lightbulb really goes on.

Dan

The problem with your analysis is that you forget that LTC and Health Insurance is also about actually getting long term care and health care. Not just asset protection. Unless of course you buy into the idea that if you dont have either that the state pays for it and then your estate is billed. Trust me, the kind of care you get on medicaid versus the options available through private coverage/pay are vastly different.

Winter- taking the bait