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Old 12-03-2010, 06:18 PM
 
361 posts, read 621,035 times
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A while back there was a thread on long-term care insurance.
Here is a new article:
http://www.nytimes.com/2010/11/13/yo...y/13money.html
There are some interesting comments also.
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Old 12-03-2010, 07:35 PM
 
Location: California
4,552 posts, read 5,467,791 times
Reputation: 9608
Hi, and thanks for the link. We wrestled with this issue and finally had to dismiss it because of the costs associated with the policies. End of life issues are tough to deal with and I have no words of wisdom to offer. I would vote for anyone who could really rein in the high insurance company profits.
When I was just out of high school I worked as a nanny for a year for a man who was an insurance broker. At that time he had completed building the first structure of his family's private compound in an exclusive area of Hunting Valley, Ohio. I didn't totally "get" how someone so young could have so much money but I do now and it turns my stomach. Currently, the man who handles our car insurance just moved to the town of Aptos, CA which isn't cheap either - of course my rates continue to go up even with no accidents and a good driver record. It is a predatory world.
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Old 12-04-2010, 09:52 PM
 
Location: Florida Gulf Coast
4,404 posts, read 5,920,828 times
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As I mentioned on the other thread on this issue, I've yet to see any proof that LTC is a good value for the money. My cousin keeps telling me to get it (I'm 60, she's in her 70's) and she claims it will pay for not only nursing-home care but assisted-living if/when she needs it. I find that hard to believe. I also am skeptical about the insurance company finding some reason to deny a claim, such as they do with extended warranties and home warranties. I would really need to see a bottom-line financial analysis. So far, I haven't seen it or heard any anecdotal evidence from folks who really benefitted from having that LTC policy. Even this article is wishy-washy about whether it's worth it.
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Old 12-05-2010, 03:26 AM
 
Location: Los Angeles area
14,018 posts, read 17,729,443 times
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I've also posted on this before: I do not consider life in a nursing home acceptable and would find some way to end my life rather than be in one. That is the main reason I do not have a LTC policy.
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Old 12-05-2010, 10:01 AM
 
Location: California
4,552 posts, read 5,467,791 times
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Isn't that what the polititians want? Wouldn't it be more beneficial to work to improve the nursing home / insurance industry for all rather than just play into their greed? There are enough Boomers around that we could continue to make a difference in our country if we would only work together. This is still our country! Do not go quietly...
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Old 12-05-2010, 10:28 AM
 
Location: Los Angeles area
14,018 posts, read 17,729,443 times
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Default To clear up a misunderstanding:

Quote:
Originally Posted by Heidi60 View Post
Isn't that what the polititians want? Wouldn't it be more beneficial to work to improve the nursing home / insurance industry for all rather than just play into their greed? There are enough Boomers around that we could continue to make a difference in our country if we would only work together. This is still our country! Do not go quietly...
If you are responding to my post, then you misunderstood it. There is no conceivable "improvement" which can be made to nursing homes which would make them acceptable to me. If I cannot take care of myself I do not consider that "life" and I do not want any part of it. That is "death in life".

I am not arguing that nursing homes do not have problems and deficiencies. Rather, my statement had nothing to do with those problems and deficiencies. If you wish to campaign for better nursing homes, more power to you, but that was not my point.
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Old 12-05-2010, 05:57 PM
 
Location: North Carolina
531 posts, read 1,805,086 times
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Quote:
Originally Posted by Escort Rider View Post
I've also posted on this before: I do not consider life in a nursing home acceptable and would find some way to end my life rather than be in one. That is the main reason I do not have a LTC policy.
I agree with you. However, in practice, once you get so senile that you need a nursing home, you no longer have the wits about you to realize that you are senile and need to off yourself. My father went through exactly this. When he was still a functioning person and he saw a senile person, he would say "If I ever get like that, I'm gonna shoot myself." By the time he got that way, he didn't know it! And of course, it's not like I was gonna do it for him!

Nice plan if you can make it work. Not likely that you can.
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Old 12-05-2010, 06:08 PM
 
Location: North Carolina
531 posts, read 1,805,086 times
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Quote:
Originally Posted by Avalon08 View Post
So far, I haven't seen it or heard any anecdotal evidence from folks who really benefitted from having that LTC policy. Even this article is wishy-washy about whether it's worth it.
And I don't think we're likely to get any evidence, statistical or anecdotal, because these for-profit insurance companies are known to be criminally coy about what their plans actually cover. Plus, those who are actually receiving benefits from their plans most likely are too senile/infirm/computer-illiterate to post on the internet about their experiences with their LTC insurance!

As always, we're left to read the fine print on policies that are probably not fully disclosed in the first place. Not something I'm interested in purchasing, under those circumstances. Would you buy an investment when you don't fully understand it? Same applies to insurance.

I guess I'll take my chances with spend-down and Medicaid. Not a great option, but I don't have any financial responsibilities to others.
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Old 12-05-2010, 06:11 PM
 
Location: Los Angeles area
14,018 posts, read 17,729,443 times
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Quote:
Originally Posted by goat1of2 View Post
I agree with you. However, in practice, once you get so senile that you need a nursing home, you no longer have the wits about you to realize that you are senile and need to off yourself. My father went through exactly this. When he was still a functioning person and he saw a senile person, he would say "If I ever get like that, I'm gonna shoot myself." By the time he got that way, he didn't know it! And of course, it's not like I was gonna do it for him!

Nice plan if you can make it work. Not likely that you can.
Good point. I was aware of it. Of course we can hope, first, that we will just die peacefully in our sleep before any too significant disabilities set in, either physical or mental. That was fortunately the case with both my parents. Second, we can hope that we will retain enough marbles to be aware of what is going on (perhaps the disability will be mostly physical). But, as you say, it's the rare plan which is foolproof. I was just stating my basic attitude.
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Old 12-05-2010, 06:18 PM
 
Location: North Carolina
531 posts, read 1,805,086 times
Reputation: 302
Quote:
Originally Posted by Escort Rider View Post
Good point. I was aware of it. Of course we can hope, first, that we will just die peacefully in our sleep before any too significant disabilities set in, either physical or mental. That was fortunately the case with both my parents. Second, we can hope that we will retain enough marbles to be aware of what is going on (perhaps the disability will be mostly physical). But, as you say, it's the rare plan which is foolproof. I was just stating my basic attitude.
And I agree with your attitude. I think the real key here is to not collect a bunch of relatives who are waiting for you to die so that they can get at your savings. If you don't mind dying penniless, who needs LTC insurance? Of course, that all flies out the window when you leave behind a spouse who might need your savings. That is a difficult situation and one I don't have any pat answer for.
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