Putting Financial House in Order?

[Audrey_M]

I recently read that before one gets a definitive diagnosis of MS, it is recommended that one obtain Disability Insurance. How many have done this and what was the process like? I know that coverage varies considerably, so one must really understand the terms of the policy and not just the rates.

I'm not sure where to start and worry that other health issues (DVT this past year, Factor V Leiden positive) might make me ineligible.

My employer does not offer disability insurance. Should I be looking at both short and long term coverage?

[Nancy T]

Apply for any kind of insurance you can get--privately if you can't do it through work--but of course you need to answer the health questions very honestly. All you can do is try and hope for the best.

I was fortunately able to get long-term-care insurance through my employer, no medical questions required. But I looked at the medical questionnaire (which family members would have had to fill out if they wanted to join the policy), and I would not have got past the first box, where it asks whether you have EVER had, or seen a doctor for, symptoms of MS, ALS, and a bunch of other awful diseases.

So if you've had any kind of workup for MS, or had symptoms that were suspected to be MS, you might not be able to get insurance, regardless of whether you have a diagnosis. Even just chronic unexplained dizziness (which I have too) might disqualify you.

They are getting stricter. I remember that health-insurance applications used to say "In the past five years, have you seen a doctor for..." and now it's "have EVER seen a doctor for..."

[essdipity]

Thanks, Lu. I just wish I qualified, but I'm already retired and Medicare is my primary insurer.

About 10 years ago, and long before MS was even mentioned to me, I was denied long-term care insurance because--- irony of ironies-- I'd had an abnormal brain MRI. No diagnosis, nothing more than that.

Long-term care pretty much means nursing home care, which is extremely expensive, to say the least. The premiums for insurance are high, and get incredibly higher the older you are when you enroll. I think most of the facilities around here charge 6 or 8 thousand a month, so I wonder who in the world can afford this for any length of time without insurance. Certainly not me.

It's possible to spend down all your assets till you qualify for Medicaid, then hope you will be able to be in a decent place. Not that I can stand any nursing homes whatsoever. I've seen too much. So I'm hoping that if and when I get to that point, I'll be pretty much mentally bonkers and won't know the difference.

Since this is all beyond my control, I deal with the possibilities by not dealing with them. Don't really have a choice.

ess

[Lulu54]

I just found this article in the NY Times about LTC in the health reform bill that has recently passed.  

http://newoldage.blogs.nytimes.com/2010/03/24/a-new-long-term-care-insurance-program/

[Lulu54]

Hi Audrey,
That is an excellent question - I am fortunate that my employer offers both short and long term disability insurance (I pay for it at a very subsidized cost!).

The other insurance you might look at is Long Term Care insurance - which would help with the cost of skilled nursing care in your home or in a nursing home.

But please remember that the large majority of us will remain ambulatory through the course of our disease.  And we will need only limited care.  With the changes in treatments for MS, the person in a wheelchair from this MiSerable disease is now the minority of how patients live.  

Do you have an HR department at work who could discuss these questions in a general format with you?  They might have suggestions and you don't have to tell them that MS is a possibility.

HOWEVER if the insurance company believes you bought these policies, knowing full well that you probably have an existing condition, that might negate whatever you buy.  Just my thought.

Be well,
Lulu