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Old 05-30-2017, 11:03 AM
 
Location: LTCShop.com
236 posts, read 113,601 times
Reputation: 151

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Quote:
Originally Posted by charlygal View Post
i don't get it. We pay for auto insurance every year and may never use it. We have homeowners insurance and may never use it. We have medical coverage and may hardly ever get sick. Why all the hard feelings about ltc coverage. It's the same situation as any other type of insurance. You pay for it and hope to never need it.
exactly!!!!!!!!!!!
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Old 05-30-2017, 11:03 AM
 
Location: Central IL
15,249 posts, read 8,597,478 times
Reputation: 35712
Quote:
Originally Posted by charlygal View Post
I don't get it. We pay for auto insurance every year and may never use it. We have homeowners insurance and may never use it. We have medical coverage and may hardly ever get sick. Why all the hard feelings about LTC coverage. It's the same situation as any other type of insurance. You pay for it and hope to never need it.
It is the VALUE of the policy that is in question. It costs a heckuva lot more than auto insurance because you're more likely to use it....but there are more unknowns about exactly what will be covered and how much the premiums might rise compared to auto insurance because the industry STILL doesn't seem to know how to price it.
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Old 05-30-2017, 11:05 AM
 
Location: LTCShop.com
236 posts, read 113,601 times
Reputation: 151
Quote:
Originally Posted by Mr5150 View Post
Excellent point!

Truth be told (from my experience as a former Social Worker) only 15% of people over 65 spend any time in a LTC facility. And most of the time it's for rehab after a hospital stay. Paid for by Medicare. 50% of people 90 die at home.

But if you believe the insurance company lie that 70% of people over 65 will be in a nurseing home...

So why is it that none of my over 65 year old friends or myself reside in a nursing home? Must be the CA lifestyle



That's why most long-term care insurance claims are paying for care received at home.
"Long-term care insurance" is really "nursing home avoidance insurance".
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Old 05-30-2017, 11:11 AM
 
Location: LTCShop.com
236 posts, read 113,601 times
Reputation: 151
Quote:
Originally Posted by dothetwist View Post
We simply refuse to consider ever going into a nursing home. My MIL lived in a top-rated one in DC-Metro for over 2 years after her stroke and my FIL for a few months before he died. As nice as it was, it was awful. Not a chance either of us will follow that path.

We have instead purchased a home in Central Mexico with a separate casita (overlooking the pool) if and when we need live-in help. This is an affordable option in MX, not in the US.

It's not for everyone, but it's the road we're taking.

Very few people end up in long-term care facilities. Most care is received at home. For every 7 people in a nursing home there are about 50 people receiving care at home.
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Old 05-30-2017, 11:16 AM
 
Location: LTCShop.com
236 posts, read 113,601 times
Reputation: 151
Quote:
Originally Posted by oldsoldier1976 View Post
as MJ has asked the state matters. Lots of options in some not so many in others. Many questions to be asked and answered and you gave us nothing that can help us help you. The most important thing though is you are asking and hopefully you will come up with a plan.

Questions we need answered so that we can help are;

1) What are your assets?
a) Own home?
b) Mortgage?
c) Retirement income?
1) Pension?
2) Annuity?
d) What state do you live in?
e) Are the premiums something you will keep up with?

The assets are the biggest question. Is it worth getting LTCi to protect your assets? Is it possible to self insure? As some one here said use the search feature on the forum and look for LTCi or Long Term Care. There are a number of threads including at least one started by me.

For us we decided that we would self insure. How we will accomplish that is with the sale of our primary home. We do not need income from the home and that puts us in a unique position to swing that. We just park the money in a brokerage account and let it sit there until needed. Our income allows us to do more things than most but we are not rich either. The important thing to have is a plan even if it is to do nothing. That is a plan. Discuss it privately with your spouse. Discuss it with friends you can rely on for honesty. Discuss it anonymously here with us. Take the information and work it through your circumstances and you can come up with a reasonable plan.

Assets is not the most important issue when deciding about LTCi.
Income is the most important issue.
Very few couples can "self insure" without a significant lifestyle change for the healthy spouse.
Relying on the sale of the "primary residence" to fund long-term care is a plan fraught with pot holes.
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Old 05-30-2017, 11:20 AM
 
Location: LTCShop.com
236 posts, read 113,601 times
Reputation: 151
Quote:
Originally Posted by matisse12 View Post
These two articles are helpful for someone looking to buy LTC insurance and give good tips, especially the last parts of the first article.

Long-Term Care Insurance Cost, Nursing Home Insurance - AARP

Long-Term Care Insurance Misconceptions - AARP


most "hybrids" do NOT have guaranteed benefits nor guaranteed premiums.
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Old 05-30-2017, 11:24 AM
 
Location: LTCShop.com
236 posts, read 113,601 times
Reputation: 151
Quote:
Originally Posted by TuborgP View Post
Professional associations and group plans can be great choices.
Group plans that are "self funded" (e.g. CalPERS, FLTCIP) are not necessarily a great choice. Those "self funded group plans" do not have the same consumer protections that individual policies have.
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Old 05-30-2017, 11:31 AM
 
Location: LTCShop.com
236 posts, read 113,601 times
Reputation: 151
Quote:
Originally Posted by biscuitmom View Post

That said, IMO everyone should get some quotes, do a risk/benefit analysis.
Great advice but here's one caveat:
Only get quotes from an agent who specializes in long-term care insurance.

Recently I was working with someone who got a "quote" from her auto insurance agent and the premium was over $1,000 per month. I was able to show her excellent coverage from an A+ rated company for about $250 per month.

One of the most expensive LTCi policies today is "endorsed" by a leading "association of retirees". That policy is priced about 200% higher than other policies.

Just because a policy is "endorsed" by an association, doesn't mean it's a good deal.
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Old 05-30-2017, 11:44 AM
 
Location: LTCShop.com
236 posts, read 113,601 times
Reputation: 151
Quote:
Originally Posted by reneeh63 View Post
It is the VALUE of the policy that is in question. It costs a heckuva lot more than auto insurance because you're more likely to use it....but there are more unknowns about exactly what will be covered and how much the premiums might rise compared to auto insurance because the industry STILL doesn't seem to know how to price it.

1) If you're concerned about rate increases you can buy a policy with guaranteed level premiums.

OR

2) You can buy a policy that is paid up in 10 years and after the 10th year you don't have to pay any more premiums and you're protected from any future rate increases.

OR

3) You can buy a policy from a good mutual insurance company. The mutual insurance companies have had a much better track record for keeping premiums stable. In your state most people who have purchased LTC insurance from a mutual insurance company have not had any premium increases for policies purchased after January 1st, 2003 (when Illinois passed a rate stability regulation). The biggest rate increase from any mutual insurance company in Illinois for policies purchased since 1/1/2003 has been a single rate increase of 20% or less.
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Old 05-30-2017, 02:34 PM
 
Location: Central Massachusetts
4,800 posts, read 4,868,022 times
Reputation: 6380
Quote:
Originally Posted by LTCShop View Post
Assets is not the most important issue when deciding about LTCi.
Income is the most important issue.
Very few couples can "self insure" without a significant lifestyle change for the healthy spouse.
Relying on the sale of the "primary residence" to fund long-term care is a plan fraught with pot holes.
While I agree that assets are not the most important issue. They can be the deciding factor when making that decision. Most people do self insure by not buying into the LTCi. Don't get this post wrong. I think it is very important that people consider and have a plan. A plan does not necessarily mean buying a policy but it does mean that they are aware of the issues and know of the consequences. A lot of people can self insure but they need to adjust as you said. Relying on the sale of the primary residence is one plan. It happens that it is our plan. However it is not as some think that I am going to buy a policy with that sale. My plan is to put the money in a conservative set of funds high in low risk with some equities mixed in so that it has some growth. But the point of the money is to be there to be withdrawn in case of need. If not needed then we can use it in the future for other things like a new home/condo.
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