Long Term Care Insurance Question (vacation, accident, payment, opinion)

[HopHillers]

Originally Posted by honobob

I don't agree with this if it is part of the PLAN. If you cannot cover LTC now why not buy for the time until you can afford to SELF INSURE? You want to NOT make the 1000 mile trip because it's too far instead of making one step at a time.

Now if you are never able to self insure then it makes sense to plan for the rest of your life but that plan STILL may be just to have the LTCi for only a portion of the time. I have lifetime coverage. I still have the possibility of living 30 more years. Offers have been made for me to give that up for only 10 years of coverage. At this point the price is too cheap (about the cost of a pack of smokes a day) for me to give up possibly 20 years of coverage even though I have a cash flow today that could cover costs indefinitely. I will think about dropping or reducing coverage as I approach 10-15 years of life left.

As I've posted before I anticipated paying about $70,000 over 30 years to have coverage from DAY ONE and to have a benefit in year thirty of over $200,000 a year. If I don't use it I've still had the COVERAGE for 30 years. The care is IMPORTANT to me. I do not want to spend my last years with an ex street person roommate that has the exact same LTC plan (Medicaid).

It is a hard decision but just "what iffing" until you become uninsurable is the wrong way to go. Can you afford ten years of coverage? If not, decision made. If you think coverage for 30 years will cost you $140,000 do you have the skill to HELOC that amount out of your house and invest and cover the P&i and the premiums over 30 years with the earnings of $140,000 today?

Make a decision for today!

A remarkable piece of twisted logic.

[honobob]

Can you elaborate?

[oldsoldier1976]

Originally Posted by honobob

Can you elaborate?

I don't think your logic is skewed at all. Honestly unless as a married couple you have 1mil each you need at least some sort of plan. If you're healthy now then get the best coverage you can afford.

[honobob]

Originally Posted by golfingduo

I don't think your logic is skewed at all. Honestly unless as a married couple you have 1mil each you need at least some sort of plan. If you're healthy now then get the best coverage you can afford.

I think some people come here to get justification so they don't have to make the decision to spend money that they don't HAVE to spend.

Because of my Dad I've seen Medicaid and private pay in 4 different states. I'll take private pay any day.
I also saw how people cling to life. I've seen the haves and the have nots in the same facility. I wanna be a have.
I just try to point out things to consider. I've seen too many people plan for todays expenses for 30 years from now. I've seen people not realize how 10-15 years can take a big inflation bite out of SS and pensions that will decrease their purchase power over time.
If you can't afford you can't afford.
If you don't want to buy you don't buy.
If you think you're too healthy and your town doesn't have mass transit then why worry about the odds of getting hit by a bus.
If you have no problem with your family making spend down decisions for you then why worry. Will they put you in the crappiest place trying to make your money last? Thanks for putting them in that position!
If you'd rather have a paid off house that will be used for your care than the house with a 3% loan that has paid for your insurance then use your money to pay it off but quit being miserable because you don't have LTCi.
Geez. **** or get off the pot!

[HopHillers]

Originally Posted by honobob

Can you elaborate?

Nope, it speaks for itself.

[honobob]

Originally Posted by HopHillers

Nope, it speaks for itself.

Obviously not. See two posts above.

[honobob]

Originally Posted by HopHillers

That is, the advantages and disadvantages of LTCi as well as the advantages and disadvantages of self insurance. It is a quantitative and psychological decision.

First, you've failed to define "self insurance" much less provided a list of advantages or disadvantages.
Second, you have failed to do the same thing for LTCi.

Even your probability study is flawed. Must be nice to live in a fool's paradise!

[HopHillers]

Originally Posted by honobob

First, you've failed to define "self insurance" much less provided a list of advantages or disadvantages.
Second, you have failed to do the same thing for LTCi.

Even your probability study is flawed. Must be nice to live in a fool's paradise!

Aren't we touchy this fine evening. My my!

[honobob]

Originally Posted by HopHillers

Aren't we touchy this fine evening. My my!

Aren't we evasive this fine evening. My my!

Painted yourself into a corner I see.

[HopHillers]

Originally Posted by honobob

Aren't we evasive this fine evening. My my!

Painted yourself into a corner I see.

“Never attempt to teach a pig to sing; it wastes your time and annoys the pig.”
― Robert A. Heinlein