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Old 10-20-2016, 08:13 AM
 
Location: Central IL
15,250 posts, read 8,572,788 times
Reputation: 35698

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Quote:
Originally Posted by djplourd View Post
My wife and I have been talking about LTCi lately but I aven't decided if we really need it. I'm fortunate that I'm eligible for the Federal LTCi Program. I'm 52 and the closest plan to HopHillers' I could get would only cost me $2,800/yr. I could even get a maximum benefit plan ($450 daily benefit, unlimited benefit period and lifetime benefits, and 5% inflation protection for about $12,000/yr. Hers should be less since she's 4 years younger than I am.

However, I think we'd both have to take physicals and each of us have enough issues that the exact cost would probably be higher.

The web site https://www.ltcfeds.com/ has a lot of good information about LTCi in general, not just the federal program including a cost of care tool and a self funding tool.
Hers might be equal or even higher as her life expectancy is probably longer...women pay more for THIS kind of insurance.
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Old 10-20-2016, 08:24 AM
 
71,920 posts, read 71,971,035 times
Reputation: 49486
Quote:
Originally Posted by reneeh63 View Post
Hers might be equal or even higher as her life expectancy is probably longer...women pay more for THIS kind of insurance.
actually my wife is 2 years older and we were the same rate initially but i got a 1k adder for having some blood tests in the past showing i can be diabetic if i am not careful .
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Old 10-20-2016, 09:33 AM
 
2,635 posts, read 3,383,309 times
Reputation: 6976
I'm starting to wonder if a deferred annuity might be a safer idea. Long term care insurance doesn't look like it will be around forever.... and I hate the idea of not having a fixed premium.

I think I might be more comfortable with a compromise of buying a deferred annuity that would kick in at 80, for example. I'm still at risk, for sure, if I become disabled younger. But pretty healthy currently.

I'm single, no kids.
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Old 10-20-2016, 11:28 AM
 
71,920 posts, read 71,971,035 times
Reputation: 49486
and what if you need care way before ? trying to guess the time frame may not be the best idea . that annuity may not keep up either . ny requires a minimum of 5% inflation adjusting per year for their partnership plans . you will not see that in an annuity .

you are trying to use a product designed for one application for a totally different use and that never goes well
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Old 10-20-2016, 12:10 PM
 
Location: SF Bay & Diamond Head
1,779 posts, read 1,423,145 times
Reputation: 1971
The two things that people seem to fail to address in their LTC planning is;

1. The possible need today. I bought mine in my late forties and if anything had happened in the first 10 years I would have had possibly a million dollars+ in benefits at a cost of $10,000! Accidents happen all the time, it is not just old age that determines the need.

2. The possible cost tomorrow. I've read that medical inflation runs about 7%. That $100,000 a year price today will be pushing $400,000 a year just 20 years from now.
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Old 10-20-2016, 12:12 PM
 
71,920 posts, read 71,971,035 times
Reputation: 49486
we are at 140k in our area today for the nicer places . my co-worker was the poster child for crap happening . had a paralyzing stroke during hip surgery after he fell off a ladder. age 55 and his wife is now impoverished .
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Old 10-20-2016, 12:29 PM
 
Location: SF Bay & Diamond Head
1,779 posts, read 1,423,145 times
Reputation: 1971
Quote:
Originally Posted by mathjak107 View Post
we are at 140k in our area today for the nicer places . my co-worker was the poster child for crap happening . had a paralyzing stroke during hip surgery after he fell off a ladder. age 55 and his wife is now impoverished .
Most people are not going to see the nicer places. With the Boomers aging it will be scrambling to get into a tolerable place. When my Dad needed LTC I shopped in Indiana, Las Vegas, California and Honolulu. This was almost 20 years ago and the difference between facilities was mind blowing. I can only imagine it will get worse on the bottom end.

In the 80's I was Santa Claus for several years at a SNF that my company raised money for. There were quite a few 30-60 aged people that had been there a long time due to illnesses, brain injuries, etc.

Last edited by honobob; 10-20-2016 at 12:59 PM..
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Old 10-20-2016, 04:49 PM
 
7,964 posts, read 5,065,845 times
Reputation: 13630
Quote:
Originally Posted by StealthRabbit View Post
OP post sounds a lot like 'insurance', ANY insurance, and why 40% of drivers in my state have NONE.

Why buy it? I probably will never need it. What a waste.....
Automotive insurance is a special case, because other drivers (and pedestrians, etc.) are also potential beneficiaries, when the person in question gets insured. Insurance of a strictly personal nature, is markedly different.

Quote:
Originally Posted by slyfox2 View Post
My long term care policy includes a very long walk on a very cold day with a sweater and shorts. I doubt it will cost much.
Indeed, for people with no spouse, no children, no siblings and no parents, insurance-needs and investment-needs are going to be different, than for those who have such connections. We often hear on these forums, "What's going to happen to your spouse, to your kids, to your..." These are all legitimate concerns. But they don't apply to everyone.

My own principal personal insurance-policy is seven and a half grams of lead (well, mostly lead; the jacket looks like a copper alloy). There is no deductible. There are no premiums. And I'm guaranteed to be pre-approved.
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Old 10-20-2016, 08:55 PM
 
29,830 posts, read 34,918,975 times
Reputation: 11752
Quote:
Originally Posted by honobob View Post
Most people are not going to see the nicer places. With the Boomers aging it will be scrambling to get into a tolerable place. When my Dad needed LTC I shopped in Indiana, Las Vegas, California and Honolulu. This was almost 20 years ago and the difference between facilities was mind blowing. I can only imagine it will get worse on the bottom end.

In the 80's I was Santa Claus for several years at a SNF that my company raised money for. There were quite a few 30-60 aged people that had been there a long time due to illnesses, brain injuries, etc.
It is that scramble to get into the nicer places that makes having LTCi along with the ability to pay full boat for three or more years important to be able to get in. The number of quality beds in many areas can exceed or be in equilibrium with the number of people who can pay full boat. One of the attractions of quality CCRC's is the guarantee of a bed in a quality LTC facility if you can afford the CCRC. It is all about ability to pay and interest in doing the things to be able to pay. Up to the individual who has the potential. Unfortunately most don't.
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Old 10-20-2016, 10:26 PM
 
10,824 posts, read 8,084,160 times
Reputation: 17038
Every C-D poster who has bought LTCi will continue to defend their decision to do so, every C-D poster who has opted nope will continue to defend their decision.

The beat goes on. And on and on and on.

(full disclosure: DH & I opted nope, but don't pat ourselves on the back for doing so).
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