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Old 01-06-2017, 06:25 PM
 
71,670 posts, read 71,801,099 times
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Quote:
Originally Posted by NewbieHere View Post
Because we don't really know if it will be used, it's best to base on some statistics.
the reason insurers were having such a hard time setting premium prices is just because the statistics showed far less usage than real life actually has , and at a far greater cost .
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Old 01-06-2017, 06:35 PM
 
Location: SoCal
13,247 posts, read 6,345,210 times
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Quote:
Originally Posted by mathjak107 View Post
the reason insurers were having such a hard time setting premium prices is just because the statistics showed far less usage than real life actually has , and at a far greater cost .
Where do they get the statistics from? I know with my dad, since the day he had a stroke to the day he died was 7 years, but the first 2 years he was still walking with a cane. Maybe he moved to the intensive nursing care section the last 3 years at most. By then he as on wheel chair and had to be lifted in/ out of wheel chair.

Last edited by NewbieHere; 01-06-2017 at 06:51 PM..
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Old 01-06-2017, 06:36 PM
 
71,670 posts, read 71,801,099 times
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they only counted snf's . they did not count the other facility's or methods and places used as there is no way to count when family is doing the care taking, something they would not do when there is insurance .

it is what the insurer's in healthcare are going through . people who never seeked care are now being treated because they have insurance .
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Old 01-06-2017, 06:36 PM
 
Location: SoCal
13,247 posts, read 6,345,210 times
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Quote:
Originally Posted by mathjak107 View Post
if that was the case shouldn't we not have fire insurance or life insurance at young ages ?

both those issues have far less of a chance being used than any long term care does .

someone always has to be on the wrong side of a statistic so odds really don't count when the only two choice's are is it you or isn't it . if it is you what is the impact ? will your spouse be impoverished ?

not something i would roll the dice on . we saw how easy it is to be the one when my dad had a stroke . statistic's don't mean much when it's you .
Nobody will be impoverished, but decisions will not be made to be optimum.
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Old 01-06-2017, 06:36 PM
 
Location: SF Bay & Diamond Head
1,779 posts, read 1,420,368 times
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Quote:
Originally Posted by mathjak107 View Post
the reason insurers were having such a hard time setting premium prices is just because the statistics showed far less usage than real life actually has , and at a far greater cost .
Which in turn resulted in a lower lapse rate than forecast. They expected more money coming in that they would have no liability for.
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Old 01-06-2017, 06:44 PM
 
71,670 posts, read 71,801,099 times
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Quote:
Originally Posted by NewbieHere View Post
Nobody will be impoverished, but decisions will not be made to be optimum.
really , try living in nyc on 2990 a month . that is all you are allowed under medicaid . if you are living a middle class lifestyle in nyc you ain't doing it on 36k before taxes ..so yes , to us that certainly would be being impoverished .
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Old 01-06-2017, 06:50 PM
 
Location: SoCal
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Quote:
Originally Posted by mathjak107 View Post
really , try living in nyc on 2990 a month . that is all you are allowed under medicaid . if you are living a middle class lifestyle in nyc you ain't doing it on 36k before taxes ..so yes , to us that certainly would be being impoverished .
I was referring to my family in response to your post about remaining spouse. I'm the one that made all decisions regarding finance in my household. If I go first, it will be disaster.

Last edited by NewbieHere; 01-06-2017 at 08:06 PM..
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Old 01-06-2017, 07:27 PM
 
29,782 posts, read 34,880,403 times
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Quote:
Originally Posted by honobob View Post
OK what cant you afford? When I bought back almost 20 years ago I got a Rolls Royce lifetime product for less than $1,000 a year. I assumed it would double every ten years. $10,000 first ten years, $20,000 next ten years and $40,000 the next 10 years for a total of $70,000 for 30 years of prime coverage!!

What a genius I'd be if I needed the care in year 9. What a genius I'll be if I have the need in years 10-20! I'll be Einstein if after shelling out $70,000 over 30 years I get 3 years of care at $875,000 or $2,750,000 over 10 years. My investment plan (mostly real estate) can pay his amount indefinitely but why not DOUBLE my resources for the cost of about a pack or two of cigarettes a day?

People need to be realistic about the premium cost over time and the expense of the care TODAY & TOMORROW. Post that and then tell us what your decision is instead of fretting about how it is TOO much for too little.
Duhhhhh some of us can make commentaries about people in general with out personalizing. Truth be told as I have mentioned many times in here I got my policy 16 years ago with unbelievable benefits and a locked in premium via a professional association purchase. Oh yeah and the premium for each of us is barely over $1,400 (guaranteed not to increase) per year each with what now is a $298 per day benefit with no lifetime maximum and a 60 day elimination period. our home benefit is capped at 187K lifetime and oh yeah my inflation benefit is 5% annually.

My good fortune doesn't prevent me from understanding and expressing that not everyone is as blessed and faces choices I don't. So crow but please don't put down others you obviously know nothing about as it makes you seem like something you probably, hopefully aren't. Oh yeah the wife and I can also self pay if we needed. Again not everyone had the life choices to be able to. So yes in terms of LTCi we are similar. In other aspects of life I think not.
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Old 01-06-2017, 07:33 PM
 
29,782 posts, read 34,880,403 times
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EMPATHY

https://www.merriam-webster.com/dictionary/empathy

2
Quote:
:* the action of understanding, being aware of, being sensitive to, and vicariously experiencing the feelings, thoughts, and experience of another of either the past or present without having the feelings, thoughts, and experience fully communicated in an objectively explicit manner; also :* the capacity for this
The bad is I need to work on more often
The good is not as much as some others.
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Old 01-06-2017, 07:54 PM
 
Location: Central IL
15,251 posts, read 8,543,297 times
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Quote:
Originally Posted by mathjak107 View Post
if that was the case shouldn't we not have fire insurance or life insurance at young ages ?

both those issues have far less of a chance being used than any long term care does .

someone always has to be on the wrong side of a statistic so odds really don't count when the only two choice's are is it you or isn't it . if it is you what is the impact ? will your spouse be impoverished ?

not something i would roll the dice on . we saw how easy it is to be the one when my dad had a stroke . statistic's don't mean much when it's you .
Well, we can say that it is a common thing...and then turn right around and say that even if you need it, it's likely only for a few years.

I don't doubt that it's likely to need it. But - am I willing to pay $3,000/yr in premium? How about $5k? How about $10k? Oh, does it matter what coverage that buys me? Is it worth $3k if it'll cover $500k over a period of 5 years?

Yes, it gets a bit more complicated than "yes, it's more common than a house fire" so I should get it! But at what cost and at what coverage level and for over how many years?

I KNOW you've got a helluva deal MathJak - so good that you have no realistic concerns whatsoever at this point - that's why I can't give your arguments much weight - you have a great policy that I don't have access to and will be unlikely to get anything similar EVER. To me it's almost like reading a glowing review of a product you got for free...or maybe half price and it's twice as good as anything I'll be able to get. It just has no relevance for me - sorry.
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