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Cost of memory care for an Alzheimer's patient
Caregivers: Dementia | Last Active: 2 days ago | Replies (56)Comment receiving replies
Hi @llthomson
Sure. We have John Hancock. However I would note that we bought the policy back in the 90's! It is great in that there is no limit on the benefits (they do other end after a certain Total dollars or time) but the payment is moderate because we did not buy the increases they offered over time. Starting now I would shop around and make sure I understood the details. For example, our policy is one that reimburses for caregiving. There is a LOT of administration needed. Another friend has a policy (don't know with what company) that pays a daily amount regardless of what is spent and they are making money on that policy so far.
BTW. I held off on claiming the LTC coverage benefits because I thought he needed to need help with many ADLs to start receiving payments., but when I called, they said that if I had to cue him to get through those Activities, he qualified to start . I give this just as an example. read the policy, yes, but talk to them also to understand things like that.
Replies to "Hi @llthomson Sure. We have John Hancock. However I would note that we bought the policy..."
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@memoriestomoments Hi- we have John Hancock too, they are paying for my husband’s AL stay. I wanted to write to you- I found out, purely by chance, when on the phone with their overseas processors about a different issue, something that made me want to dance in the street!
The way I read the policy was that they would stop paying at the 5 year mark OR when the policy dollar amount is reached. But that’s not so!
I don’t know about Home Care, but should your husband need AL or SNF in the future, if you look on the policy page they mail every year, it will say what the daily inpatient rate they pay is. If his facility charges a daily rate less than the policy’s, they “dump” the difference for each day back into his account. With my husband, we will sail past the 5 year mark and have close to 3-4 more years to go.
I completely agree that John Hancock requires close attention to the claim process details. The overseas processors can be difficult to understand. I write messages to create a paper trail, document all calls with time/date/person’s name. I find calling can get more done and I keep good notes.
We took the JH policies when my husband’s work added it as a benefit approx 20 years ago. They had a two-week window to sign up without having to provide medical records. I jumped on that, he would NEVER have been accepted (DM, COPD, etc). I amped up his coverage, moderated mine. The premiums were over $4600/yr, but we passed what he paid in after less than two years in AL.