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Old 06-01-2017, 03:48 PM
 
71,520 posts, read 71,694,121 times
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Quote:
Originally Posted by LTCShop View Post
The LTC Partnership Program protects the assets of both spouses, not just the assets of the "non-LTC" spouse.

Keep in mind that the "long term care" inflation rate is much lower than the "medical care" inflation rate. Medical care inflation is driven by the high costs of prescription drugs, new medical technologies, and highly skilled labor. The "long term care" inflation rate is primarily driven by the cost of "non-skilled" labor. The labor inflation rate has been pretty low for the past decade.

The best LTC Partnership policies in PA right now are offered by Mutual of Omaha and Transamerica. There are some ways to design both of those policies that can give you excellent coverage but lower your premium by 30% or more. Unfortunately most insurance agents, even those who sell a lot of LTCi, use a "cookie cutter" approach and quote the exact same benefits for every person they talk to.
fidelity has just reduced the inflation figure they had been using for long term care from 7.50% to 5.50% as it seemed to come down a bit from what it was running . it is still many times the general inflation level .
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Old 06-01-2017, 03:48 PM
 
Location: LTCShop.com
236 posts, read 113,172 times
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Quote:
Originally Posted by Willistonite View Post
In my efforts to get quotes for LTCI rates is that they want both the husband and wife to get insurance. Premiums for just the wife are so much higher. They do that because they know the odds of the husband being in a home or staying very long are small. I been in quite of few LTC facilities and you find very few men. We are looking at the self funding option ourselves as I cannot see paying high premiums for myself when I know statically the chances of me spending much time in a home is small vs. my wife. Perhaps if in partnership state like NY it might make sense but we don't have that. It is very hard decision on what to do...we are still trying figure it out..

Michigan recently passed legislation creating a Long Term Care Partnership Program. These states do not currently have a Long Term Care Partnership Program: Alaska, Hawaii, Mississippi, New Mexico, and Utah.

Illinois, Massachusetts, and Vermont have made initial steps for a Long Term Care Partnership Program but no policies are available for sale at this time.

fyi...There are some companies that charge females the same rates as men.
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Old 06-01-2017, 03:52 PM
 
708 posts, read 502,095 times
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Quote:
Originally Posted by LTCShop View Post
Michigan recently passed legislation creating a Long Term Care Partnership Program. These states do not currently have a Long Term Care Partnership Program: Alaska, Hawaii, Mississippi, New Mexico, and Utah.

Illinois, Massachusetts, and Vermont have made initial steps for a Long Term Care Partnership Program but no policies are available for sale at this time.

fyi...There are some companies that charge females the same rates as men.
Could you name a few companies to check out on same rates for females as men?
I would be very interested. Thanks
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Old 06-01-2017, 04:21 PM
 
Location: LTCShop.com
236 posts, read 113,172 times
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Quote:
Originally Posted by Willistonite View Post
Could you name a few companies to check out on same rates for females as men?
I would be very interested. Thanks

Genworth
Mass Mutual
and Mutual of Omaha (nearly identical rates for males and females if the policy is designed properly)
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Old 06-01-2017, 04:50 PM
 
Location: LTCShop.com
236 posts, read 113,172 times
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Quote:
Originally Posted by oldsoldier1976 View Post
Your last line is disturbing. Why is someone's life going to end? Are you saying that if I am put in a nursing facility that my wife or someone else is going to die to keep me alive? I seriously doubt it.


Lifestyle.


Because when push comes to shove and the healthy spouse is faced with the choice between withdrawing $8,000 (or more) from that 401(k) every month OR trying to provide the care herself at home, she'll try her best to provide the care herself at home. That's why I said, "Someone else’s life—or lifestyle—is going to end."


I know a woman who had just retired (in her early 60's). She loved to spend time with her dog and her horse and take them on long rides on nature trails. She and her husband settled down to enjoy a long, well-deserved retirement. Then he was diagnosed with Alzheimer's. He wasn't even 65.


Should she deplete their retirement accounts paying for his care, each month?
Should she give up all the things she loved to do and care for him 24/7 (at the expense of her own health)?

Fortunately, she didn't have to choose either. A few years before he was diagnosed they'd purchased LTCi. Over the past 8 years the policy has paid them over $600,000 towards the cost of his care. And she's spent the last 8 years overseeing his caregivers, not being his caregiver. And she enjoys her dog and her horse every day.


Mathjak is right on the money when he says: "everyone has a plan until they get punched in the mouth."

When a spouse has a sudden change in health and needs care, it's like getting punched in the mouth.
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Old 06-01-2017, 05:56 PM
 
Location: Central Massachusetts
4,800 posts, read 4,845,678 times
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yup got it. We will take our chances. I think we have what will work for us.
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Old 06-02-2017, 02:27 AM
 
71,520 posts, read 71,694,121 times
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Quote:
Originally Posted by LTCShop View Post
Lifestyle.


Because when push comes to shove and the healthy spouse is faced with the choice between withdrawing $8,000 (or more) from that 401(k) every month OR trying to provide the care herself at home, she'll try her best to provide the care herself at home. That's why I said, "Someone else’s life—or lifestyle—is going to end."


I know a woman who had just retired (in her early 60's). She loved to spend time with her dog and her horse and take them on long rides on nature trails. She and her husband settled down to enjoy a long, well-deserved retirement. Then he was diagnosed with Alzheimer's. He wasn't even 65.


Should she deplete their retirement accounts paying for his care, each month?
Should she give up all the things she loved to do and care for him 24/7 (at the expense of her own health)?

Fortunately, she didn't have to choose either. A few years before he was diagnosed they'd purchased LTCi. Over the past 8 years the policy has paid them over $600,000 towards the cost of his care. And she's spent the last 8 years overseeing his caregivers, not being his caregiver. And she enjoys her dog and her horse every day.


Mathjak is right on the money when he says: "everyone has a plan until they get punched in the mouth."

When a spouse has a sudden change in health and needs care, it's like getting punched in the mouth.
our attorney is one of new yorks most popular elder law /estate attorneys . his practice is dominated with the self insurer's who got punched in the face . they are now seeking help after the fact as the stay at home spouse realizes they can be impoverished all to easily between the two of them now trying to be provided for .

also most folks do not segregate those funds and count them in their total portfolio so they draw based on it ..

the additional spending increases sequence risk greatly and can devastate a portfolio in a down market much quicker.

drawing out 4% in poor sequences is one thing , drawing out 8% can be devastating in a extended down turn .
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Old 06-02-2017, 03:00 AM
 
Location: On the road
5,936 posts, read 2,888,852 times
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Quote:
Originally Posted by LTCShop View Post
If you ever need care over a period of years, your life is not going to end. Someone else’s life—or lifestyle—is going to end.
This is exactly the kind of stuff I hate to see, advocacy via hyperbolic scare tactics.
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Old 06-02-2017, 03:43 AM
 
Location: Central Massachusetts
4,800 posts, read 4,845,678 times
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lieqiang I completely agree. As devastating as a serious illness can become, if one or both of us become nursing home bound then all bets are off anyway. Neither of us would want to do stuff without the other.
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Old 06-02-2017, 09:13 AM
 
Location: LTCShop.com
236 posts, read 113,172 times
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Quote:
Originally Posted by lieqiang View Post
This is exactly the kind of stuff I hate to see, advocacy via hyperbolic scare tactics.
This is no hyperbole.
I've been a caregiver.
My life did end.
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