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What will keep you from getting LTC insurance is dementia, Parkinson's or other related diseases. It all comes down to money and risk for the insurance company. These are very expensive long term diseases that can bleed even the largest nest eggs. $170/mo. is peanuts to the 2K to 8K that you could fork out in a nursing home. If you can afford it and you have a family history of any disease that could require a long stay in a nursing home, it can really make a difference. Just remember that most policies have all kinds of restrictions. Make sure you read and understand all aspects of the policy, so you know what you are buying. The average yearly cost for a dementia patient in a skilled nursing facility is $83K a year and increasing by the second, but there are an assortment of other costs involved here. Many of these patients need to be transported to doctors and hospitals and these costs are not covered by medicare. Very few people are going to be able to self insure their way to cover a long stay in a nursing home, though it could work for the short 1-2 yrs at a skilled facility. The fact is that the LTC insurance premiums are going up and this will continue and the benefits will continue to decline. In the end you need to measure the risks and rewards before making your decision. The last 6-9 mo. of a persons life is usually the most expensive.
According to the LIMRA study in the link in the prior post the average Alzheimer's stay was about 750 days and the cost per day was about 100$ or 36K per year. Not 88K
The frequency of Alzheimer's out of all nursing home cases was about 25%, the average hospital stay overall was about 360 days. The cost out of pocket would be about 36K again not 88K
Your link doesn't refer to a June 2013 newsletter. In fact, there doesn't appear to have been a newsletter in June of any recent year. The inter-company report meanwhile consists of thousands of pages and exhibits comprised of five-year old data. Classic case of desperate back-up-the-dumptruck tactics in a vain attempt to create cover where none actually exists.
The (five-year old) Alzheimers data you report above are for claims paid by insurers, not for costs incurred by the insured. The data are also biased in that older Alzheimers patients have smaller coverages and hence lower claims costs. Average claims payments for the youngest cadre of Alzheimers patients come to $144 per day or about $53K per year. And by the way, 50% of Alzheimers claims were reported unclosed after 800 days.
Last edited by oaktonite; 07-14-2013 at 09:39 AM..
Your link doesn't refer to a June 2013 newsletter. In fact, there doesn't appear to have been a newsletter in June of any recent year. The inter-company report meanwhile consists of thousands of pages and exhibits comprised of five-year old data. Classic case of desperate back-up-the-dumptruck tactics in a vain attempt to create cover where none actually exists.
Location: Prescott Valley,az summer/east valley Az winter
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After looking into a lot of options my LTCI has riders that does not include inflation adjustment but DOES include NO increase in premiums. So what has been stated a few times here Hartford is trying to get people like me to drop coverage because he guessed wrong on how many people would pay in the drop before using his coverage. And he is not allowed to raise my rates. The actuaries are betting I'll die before I become disabled. And yes, I insure quite highly. I'd rather gambe on insurance that the slots and poker tables. Think I'm actually ahead in the long run and at least have the possibility of being taken care of if something untoward happens to me, without having to resort to living on others.
Oh, I see, January not June. So easily confused, those two months are. But the January 2013 newsletter actually talks about FIVE key contributors to high LTCI costs, not just one as you had let on. The five are low interest rates, high morbidity, high margins due to rate stability regulations, high inflation rates for LTC services, and low lapses. The actual part that discusses morbidity (the rate at which people come need LTCI services) focuses on the importance to insurance companies of keeping consistent records. What conclusions were we supposed to draw from that?
Oh, I see, January not June. So easily confused, those two months are. But the January 2013 newsletter actually talks about FIVE key contributors to high LTCI costs, not just one as you had let on. The five are low interest rates, high morbidity, high margins due to rate stability regulations, high inflation rates for LTC services, and low lapses. The actual part that discusses morbidity (the rate at which people come need LTCI services) focuses on the importance to insurance companies of keeping consistent records. What conclusions were we supposed to draw from that?
If you look at the December issue it also mentions fraud
Look you asked for evidence of fraud and I provided a report by the actuaries who price LTC insurance. This backed up my case for fraud playing a key role in the high cost of LTC insurance
The LIMRA study has industry experience data, this is what actuaries use to price the policies
How long have you been paying premiums, how much are they, are the premiums guaranteed not to go up, how old are you and what is the benefit on the policy.
If you give me those numbers I will show you the fair price of the insurance
Your link doesn't refer to a June 2013 newsletter. In fact, there doesn't appear to have been a newsletter in June of any recent year. The inter-company report meanwhile consists of thousands of pages and exhibits comprised of five-year old data. Classic case of desperate back-up-the-dumptruck tactics in a vain attempt to create cover where none actually exists.
The (five-year old) Alzheimers data you report above are for claims paid by insurers, not for costs incurred by the insured. The data are also biased in that older Alzheimers patients have smaller coverages and hence lower claims costs. Average claims payments for the youngest cadre of Alzheimers patients come to $144 per day or about $53K per year. And by the way, 50% of Alzheimers claims were reported unclosed after 800 days.
as much as i hate to give you credit you are right on all counts
If you look at the December issue it also mentions fraud
The fraud here is that there is no December issue either. The issue prior to January 2013 was September 2012. Maybe you got September and Decembe confused as well? Or maybe you are just a worthless internet hoax who types a lot but never says anything.
Quote:
Originally Posted by hartford_renter
Look you asked for evidence of fraud and I provided a report by the actuaries who price LTC insurance. This backed up my case for fraud playing a key role in the high cost of LTC insurance. The LIMRA study has industry experience data, this is what actuaries use to price the policies
I asked you to back up your claims and you have failed at that in every instance.
Quote:
Originally Posted by hartford_renter
How long have you been paying premiums, how much are they, are the premiums guaranteed not to go up, how old are you and what is the benefit on the policy. If you give me those numbers I will show you the fair price of the insurance
Why would anyone do that? You are plainly not qualified to such a task.
i am waiting months for claims hartford made saying i was wrong about things and have yet to see a single fact presented so don't hold your breath on seeing his supporting facts.
he even told us he was an expert on annuities and pulled withdrawal rates out of the seat of his pants that didn't exist.
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