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Old 03-02-2015, 12:09 PM
 
11,936 posts, read 20,396,567 times
Reputation: 19328

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Quote:
Originally Posted by Linda_d View Post
I agree. There are an awful lot of posters who refuse to recognize that the only reason they're comfortable in their retirement is because the Fickle Finger of Fate didn't push them into the financial toilet at some point in their lives despite all their "hard work" and "planning".

There's a thread open right now in this forum that's exactly like this right now... "Means Testing". The gist of most of the posts there is that retirees who are struggling economically have only themselves to blame because they didn't "plan" well enough for their retirement.
There's a lot of mean out there. I always think that people who are mean are suffering from having no control over their own lives, and this is how they get it. Although I also think it's getting meaner.

I can remember years ago, reading the Tightwad Gazettes and feeling like I'd found the Holy Grail. Online my comments were met with derision -- and I felt like I was treated like "Oh look -- it's the crazy Zip-lock washer again."
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Old 03-02-2015, 12:11 PM
 
Location: State of Being
35,885 posts, read 67,179,255 times
Reputation: 22373
Quote:
Originally Posted by Curmudgeon View Post
I don't know a bout now but 20+ years ago some did offer lifetime policies and benefits.
The policies I have seen -- both personally researched for myself and also those used by residents in nursing home facilities -- the coverage amounted to 3 years of nursing home coverage. Now, all those policies were different . . . some have other benefits coverage, for in-home care, for example. But all had specific caps on the amounts. Some had caps on lifetime use of in-home care. Some had caps on per diem reimbursement to a nursing home facility (and some did not).

Also, I never saw a policy that would cover any costs related to Assisted Living, which is statistically a much more likely scenario than nursing home admission.

But as you said, there are many differences in what these policies may cover -- and it could be as Boomers have come along, the "standard" policy may include different coverage than the "standard" policy 20 years ago.

We could have bought LTC insurance 20 years ago for under $300 a month (with a premium that increased with age), but knowing we wouldn't most likely need it for 20 + years, that seemed like an awful amount to put into a policy.

My parents have been paying on a policy for over 25 years and have never used it. They are 85 y/o and I sometimes wonder if they regret spending all that money for LTCI, but would never ask them. It could be something they regret doing and no use bringing it up.
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Old 03-02-2015, 12:17 PM
 
1,780 posts, read 2,167,698 times
Reputation: 5877
Quote:
Originally Posted by jean_ji View Post
Those who saved and are comfortable are being labeled as braggarts, having rich relatives giving them money etc. by those who cannot afford to retire for whatever reason. Those who cannot afford to retire are being criticized for not being financially prudent or not having the foresight to plan for a different outcome.

With all the animosity on both sides, the retirement board is looking like a stereotypical old person.
I don't see this as "animosity" on both sides. I've been lurking at this site and it seems like the braggarts have had the upper hand for a long time, making harsh (and uninformed) commentaries on other people's financial status.

Meanwhile, those of lesser means have sat quietly on the sidelines, hesitant to say too much, lest they get slapped down.

That's not really "animosity on both sides."
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Old 03-02-2015, 12:22 PM
 
71,630 posts, read 71,777,271 times
Reputation: 49225
Quote:
Originally Posted by Curmudgeon View Post
Then it would be safe to say that responses that assume otherwise and lambast those who do not follow such sage advice (in the eyes of the advisor) are, in fact, belittling, right?

Opinions coupled with suggestions are great but should not be presented as absolutes, ever. One size never fits all, nor should it.

As Tom, Waits sang,
"T ain't no sin to take off your skin
And dance around in your bones..."
YOU ASSUME WRONG. everything I said makes it quite clear it can't possibly apply to everyone.
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Old 03-02-2015, 12:23 PM
 
71,630 posts, read 71,777,271 times
Reputation: 49225
Quote:
Originally Posted by brokensky View Post
The policies I have seen -- both personally researched for myself and also those used by residents in nursing home facilities -- the coverage amounted to 3 years of nursing home coverage. Now, all those policies were different . . . some have other benefits coverage, for in-home care, for example. But all had specific caps on the amounts. Some had caps on lifetime use of in-home care. Some had caps on per diem reimbursement to a nursing home facility (and some did not).

Also, I never saw a policy that would cover any costs related to Assisted Living, which is statistically a much more likely scenario than nursing home admission.

But as you said, there are many differences in what these policies may cover -- and it could be as Boomers have come along, the "standard" policy may include different coverage than the "standard" policy 20 years ago.

We could have bought LTC insurance 20 years ago for under $300 a month (with a premium that increased with age), but knowing we wouldn't most likely need it for 20 + years, that seemed like an awful amount to put into a policy.

My parents have been paying on a policy for over 25 years and have never used it. They are 85 y/o and I sometimes wonder if they regret spending all that money for LTCI, but would never ask them. It could be something they regret doing and no use bringing it up.
I know ours covers assisted living and in home care.

I don't regret having fire insurance either and I never used that.
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Old 03-02-2015, 12:30 PM
 
Location: middle tennessee
1,925 posts, read 989,645 times
Reputation: 6936
this thread makes me wonder if tarajane ever got to florida
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Old 03-02-2015, 12:30 PM
 
Location: Over yonder a piece
3,910 posts, read 4,651,824 times
Reputation: 6247
Quote:
Originally Posted by Linda_d View Post
This is typical of what most twenty-somethings do, though, even when they're hard-working, conscientious kids who manage their money well. They have to pay the rent, pay the car, pay the student loans. They want to save for a wedding or a house or to take off six months rather than 6 weeks for maternity leave. Retirement seems a long, long way off when you're 25, so they put a minimal amount into retirement.
Yep, and it's why I'm now jamming into my kids' head the notion that SAVING is one of the most important things they can do when they get money. When they get their first real job (read: with benefits) I'm going to DEMAND they immediately have the max taken out for the 401K and to NEVER DEVIATE from that no matter what.
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Old 03-02-2015, 12:35 PM
 
71,630 posts, read 71,777,271 times
Reputation: 49225
Quote:
Originally Posted by brokensky View Post
Excuse me, but to my understanding . . . and I am sure someone will correct me if I am wrong . . . but LTC insurance only pays for a specific time period. It doesn't pay for 20 years of nursing home care!

At some point, every policy is going to run out and to qualify for Medicaid coverage, there is still going to be a spend down.

So for folks that are going to need less than 36 month's nursing home care, yes, that would be helpful but for people who will be in a skilled nursing home setting til they die - and that could be decades! - there still has to be a spend down of assets.

LTCI is not the answer in every situation. People who are assuming all the money they have put into an LTCI policy is a "sure thing" to indemnify them might have a very rude awakening, indeed.

NOTE: all LTCI policies are not created the same . . . to start with, taxable or non-taxable . . .

PS. TO MATHJACK: do you realize how arrogant your post is? You are saying your insurance would cost you $7800 a year in premiums. How many people can afford that? Or even afford $500 more a month? I sure can't.
it is not arrogant at all if you read what I posted . I said not everything applies to all and what I post applies to whomever it applies to.

I live in nyc I need 400-500 a day coverage. other areas are a fraction of that cost and so are the premiums..

there are also linked benefit plans available that you can get at very little cost.

basically you can take the money out of your left pocket that you are holding for emergencies and buy a linked benefit policy.

the policy pays 2-3 times what you put up for long term care and 2x as a death benefit if you do not use it.

however after the 2nd year you can get all your principal back at any time with no charges.

it is a good way of having way more coverage and your money back if you don't need it.

basically they are using your interest and dividends to support a special policy.


we have A FEW folks here who only interpret things they way they want and they are right there to remind you how a post doesn't apply to this one or that one.

sorry but forums are for everyone and information is not hand tailored so it fits all.

if it applies to you great ,if not move on.

if anyone does not like the info , don't read the post is all I can say.
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Old 03-02-2015, 12:43 PM
 
1,980 posts, read 1,308,093 times
Reputation: 3398
I'm just guesing that most of them aren't on this Forum.....
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Old 03-02-2015, 12:45 PM
 
1,780 posts, read 2,167,698 times
Reputation: 5877
Quote:
Originally Posted by dbsteel View Post
I'm just guessing that most of them aren't on this Forum.....
LOL. Very good point. You're probably right.
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