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Old 10-21-2016, 02:14 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,711 posts, read 40,113,239 times
Reputation: 23866

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Quote:
Originally Posted by biscuitmom View Post
...
The beat goes on. And on and on and on. ....
and we EACH pay the price for our choices... AND the choices of others... (Drivers and heirs)

Been hit 4x by cell phone talking UNINSURED drivers (after 43 yrs accident free CDL career)

Got to pay a LOT of my parents care costs from age 18 on (no LTC on their part, who needs it when you have a kid (or parent / sibling...)who can (will) pay?)

Biggest risk... uninsured adult kids / grandkids... many have them
Few of us can 'cast-off' family.

I have 4 siblings / inlaws who cannot afford Insurance (HC or LTC). That is a risk for us. (me)...

YP(or L) MV
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Old 10-21-2016, 02:16 AM
 
72,136 posts, read 72,094,203 times
Reputation: 49654
the important thing is that you get enough knowledge from the other side so you can make a valid decision . we only know what we know and we usually have a very weak myopic view of the things we don't know .

i was always in the self insure camp . after all i spent my life as a successful investor , why wouldn't i self insure .

well that view was only until we did the article for money magazine and their team of pro's who knew a lot more than me and our elder law attorney gave us a dose of all the points we were missing in our view.

well it turns out tysons famous words were so true. everyone has a plan -until they get punched in the face .

it is only then they realize they really did nothing special other than just use the words i am self insuring and plan on using whatever money they have saved .

they just hoped it never came to that . now that it did , it is crisis mode with no real plan .

as long as all the angles are looked at and some SPECIFIC plan is in place ,great , it does not have to be insurance . but 90% of those who say they are self insuring do nothing to segregate money , do nothing to insure it is all there even in down markets nor have a plan for what happens if tomorrow i have a stroke and i don't even have the funds ready in place yet .

if they have assets worth preserving then what is the plan for not impoverishing the stay at home spouse if things go on longer then expected and how is the stay at home spouse's income going to keep from going to poverty levels if medicaid is needed .

give some thought to the fact if medicaid is needed how would you or your spouse feel if the only beds open were 100 miles away ?

i know we have 6 years of in home care in our policy just for that reason. medicaid can't dictate where we go .

a plan is more than just saying , i will roll the dice and self insure with our savings .

Last edited by mathjak107; 10-21-2016 at 02:45 AM..
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Old 10-21-2016, 02:20 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,711 posts, read 40,113,239 times
Reputation: 23866
Quote:
Originally Posted by mathjak107 View Post
...or have a plan for what happens if tomorrow i have a stroke and i don't even have the funds ready in place yet .
hey, you woke up this AM w/o a STROKE

I will never forget the morning my dad woke up with his stroke. age 49, he never recovered and lived past age 80. No need for a plan, he was very healthy and successful. It was grace that he was still in the hospital when the sheriff came and forced us out of our home / ranch of 20 yrs. It was the only time my mom ever cried in her entire life. I had to find her a home (and pay the damage deposit and rent). I was 17.
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Old 10-21-2016, 02:41 AM
 
72,136 posts, read 72,094,203 times
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oooh man , 2 years ago my wife woke up with what turned out to be not a stroke but bells palsy .

it was one of the most frightening moments in our lives .
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Old 10-21-2016, 07:22 AM
 
Location: Tampa, FL
27,798 posts, read 26,287,508 times
Reputation: 14611
My initial reason for ltc was catastrophic injury, illness that my healthcare plan doesn't cover including the need for skilled nursing (ie stroke, car accident). At current age, premium is affordable and I don't miss it. I did just get an increase this month unfortunately. But I expect the industry will do this as it adjusts to longer life spans/expectancies and increased health care costs.
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Old 10-21-2016, 08:21 AM
 
29,903 posts, read 34,951,892 times
Reputation: 11807
Quote:
Originally Posted by biscuitmom View Post
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).
From your previous post, I understand why you didn't. We gotvoursvyearscago without the certainty of our current financial situation. We keep it because by current standards and costs it is such a great deal and we are our old enough guys to be closer to possibly needing it. However if we go into a CCRC with their own insurance built in it will look be redundant
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Old 10-21-2016, 08:26 AM
 
29,903 posts, read 34,951,892 times
Reputation: 11807
What is often missing from these discussions is what percentage of retirement income do LTCi premiums represent. Especially the percentage of fixed income. Much of what we discuss in this forum is seen through income glasses and they are like prescription eye glasses. Similar or different based on the individual. How many see things through MathJaks financial glasses? How about FreeMkt etc etc etc,
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Old 10-21-2016, 09:00 AM
 
Location: SF Bay & Diamond Head
1,779 posts, read 1,425,585 times
Reputation: 1971
Quote:
Originally Posted by TuborgP View Post
From your previous post, I understand why you didn't. We gotvoursvyearscago without the certainty of our current financial situation. We keep it because by current standards and costs it is such a great deal and we are our old enough guys to be closer to possibly needing it. However if we go into a CCRC with their own insurance built in it will look be redundant
I haven't found a CCRC that meets my desires. I know back in the 90's when I was looking for my Dad the buy in was close to $300,000 starting at assisted level plus about $1,000 a month for a hotel room sized space.
I believe on this forum someone was talking about a CCRC renting their extra space on a pay as you go basis without the large buy in.
I would think a CCRC would be interested in your LTCi policy and make you a deal based on how good they thought it was.
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Old 10-21-2016, 12:38 PM
 
Location: Saint John, IN
11,043 posts, read 4,022,334 times
Reputation: 13561
Quote:
Originally Posted by lenora View Post
The difference between your friend and my son is that your friend SELLS insurance policies, my son does not. My son's job is to analyze the data and recommend ways his employer can increase its profits.There is no red herring here. Insurance is insurance. What are the odds (the cards ARE stacked in favor of the dealer) and what's your tolerance for risk? If you have little to no tolerance for risk, you are going to pay up.


The odds are ALWAYS in favor of the insurance company no matter what type of insurance it is. They are in it to make money. However, you as the consumer need to weigh the odds on what you may or may not need when it comes to insurance. People pay many years and never use it. They see it as throwing money away; however others have a catastrophic event and are so grateful they have the insurance for what they need. Others have catastrophic events and it puts them into bankruptcy because they have no insurance. It's a gamble. I'd rather be safe than sorry.
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Old 10-21-2016, 03:48 PM
 
28 posts, read 13,000 times
Reputation: 62
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.
Makes way more sense than giving everything to the insurance crooks for a less than ideal time of life.
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