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Old 10-24-2016, 02:43 AM
 
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you can check your states partnership plan's here by clicking on the map

Long Term Care Costs by State - Find the Cost for Care Where You Live
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Old 10-24-2016, 06:29 AM
 
Location: Hampstead NC
5,594 posts, read 5,115,364 times
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OP, thanks for your assessment.

My employer just started offering LTCi.

My dad just died of Alzheimer's He was 82. His LTCi paid for a large portion of his care, even though he had other assets. In his case, it was a good value, i think.

However, when I looked at my employer's plan I saw: Premiums that CAN increase (and I assume WILL increase)

No payout or benefit if you die before using any of your LTC benefits.

I believe my dad's policy (he was a federal govt employee and bought the policy maybe 20 years ago, before they started tightening up) had consistent premiums and a payout if it was unused.

I decided just to bump my retirement contributions in the same amount instead.

If I get Alzheimer's. I'm going to OD on sleeping pills.
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Old 10-24-2016, 06:44 AM
 
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the problem is by the time you wanted to do it you wouldn't know where those pills were .
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Old 10-24-2016, 10:17 AM
 
Location: Central IL
15,253 posts, read 8,556,682 times
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Quote:
Originally Posted by mathjak107 View Post
the problem is by the time you wanted to do it you wouldn't know where those pills were .
Put monthly reminders on Google Calendar so you can re-assess....and include all details around location, dosage, timing, etc. including your own rationale at the time you originally made the decision....or move to Washington state for doctor assisted - with hopefully broadened guidelines in 20 years or so.

If I'm not "with it" enough to carry out a plan I made years earlier then I don't know that I'd then be satisfied to exist, whether or not LTCi was paying.
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Old 10-24-2016, 01:55 PM
 
29,809 posts, read 34,894,042 times
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The reaction by some to another thread I started suggests we should remind folks that even with LTCi you still need liquidity for overages and elimination period costs. As noted by others the cost of just getting to the need for a nursing home can drain you of your resources.
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Old 10-24-2016, 07:59 PM
 
12,825 posts, read 20,160,725 times
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And then there is the following complication. The subset of state partnership plans has some reciprocity with certain other states, but it's not completely portable throughout the US.

Then there is a superset of the above subset. Plans that are good throughout the US.

But .... very few plans are good outside the US.
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Old 10-25-2016, 03:13 AM
 
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outside the us odds are you would not need a plan as care is so much less and the laws different
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Old 10-25-2016, 03:15 AM
 
71,778 posts, read 71,875,234 times
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Quote:
Originally Posted by TuborgP View Post
The reaction by some to another thread I started suggests we should remind folks that even with LTCi you still need liquidity for overages and elimination period costs. As noted by others the cost of just getting to the need for a nursing home can drain you of your resources.
true . many times big bucks will be spent first trying to modify the home to remain there . but if things get worse it was big bucks spent that now you need
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Old 10-25-2016, 04:47 AM
 
Location: Massachusetts
207 posts, read 132,183 times
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Genworth update for those of you thinking of buying a policy from them.


China Oceanwide to Buy Genworth Financial for $2.7 Billion - WSJ


Genworth Saved From Fresh Carnage by Timely Deal - MoneyBeat - WSJ


Clearly the sale was a positive, because Genworth, by their own admission, was headed for problems.

"Genworth executives on Monday acknowledged the pickle they would have faced had China Oceanwide not stepped in. In a presentation to investors, they said that the charge it needed to take in its long-term care business would likely have thrown a wrench in its ongoing restructuring plan, put pressure on its credit ratings and could have resulted in some forced sales of assets.

The Genworth team also stressed in the presentation and in an interview with the Journal that China Oceanwide has been working hard to secure the approval of regulators for the deal. The two companies have talked to insurance regulators in key U.S. states, as well as in Canada and Australia, where Genworth has mortgage-insurance operations, and in China.

Still, investors appear skeptical about whether the transaction will go through. The stock, recently trading at $4.91, fell as low as $4.64 earlier in the session. That’s a decline of as much as 11% on the day–but still better than the 20% drop predicted by the Wells Fargo team absent a deal."

Wonder if China Oceanwide plans to increase premiums to solve the Company's financial problems?

Last edited by HopHillers; 10-25-2016 at 05:03 AM..
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Old 10-25-2016, 04:50 AM
 
71,778 posts, read 71,875,234 times
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lots of insurers are owned by foreign company's . i would go with gensworth now more than ever . the company that bought them is very strong financially.

stock price carnage has nothing to do with claim paying ability .

you could have bought aig for a song in 2008 but their claim paying ability was never in trouble .

gensworth had issues getting their pricing correct just because all those statistics about usage were so off but obviously they did it . we got our renewal last week and not 1 penny in increase after a 10% increase 2 years ago .

Last edited by mathjak107; 10-25-2016 at 05:19 AM..
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