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OK, I know some of you won't like it. But it's what I want at this point. And no one will miss me for more than a day, if that. Remember, I know what my life is like.
Life isn't always that simple. My FIL swore he would kill himself before ending up in a nursing home, too. But then one day out of the blue he had a stroke that left him completely incapacitated. Guess where he ended up?
You (and that's the generic you) are not always going to have an opportunity to decide how your remaining days are going to be spent. People who claim that they can simply just commit suicide rather than end up in a long-term facility are being naïve. You won't necessarily have an opportunity to make such a decision.
Does anyone really know what the future holds? A lot of people die so unexpectedly there was no time to think about it. I've read a few obits in my area that were like this...... unexpectedly.
as far as my assets go? I've never understood the mentality of saving money for retirement and then not wanting to take care of oneself when you need to. Evidently if I need LTC, living la vida loca for the rest of my life is off the table.
I can afford a premium increase of $250 to $400. I'm more worried about having to pay $5k a month or more for a decent nursing home. My retirement plan doesn't involve Medicaid. For my circumstances, I'd rather have the LTC even if it only covers a portion of what I'll need. It will slow down the depletion of my assets.
I suspect that there are a lot of senior suicides.... it's just not something that is talked about. My FIL was one. My friend's uncle was another.
My plan is that I purchased LTCi at a young age. I also am making sure that I have enough money to afford a CCRC when I need it. I'm figuring entering the CCRC around age 80, but the average age is, I think, 85. I have come up with an estimate -- revised annually -- of what I will be spending each year I am retired. So, I basically have a "floor" amount that I will need to generate through Social Security, Annuities, Pensions, Dividend Income, and savings. Despite the 4% rule, I choose to be very conservative and use a 1 to 2% SWR in my planning.
Technology is changing, so I am figuring that I will be able to use some sort of technology in the future to help me stay in my home... whether that is robots, self-driving cars, delivery services, something that is on the cusp of being invented, until I am at least age 80. To help me pay bills I will use an automatic bill pay system that uses the account where the Social Security and Annuity are being deposited. That way that account will automatically be replenished with funds monthly.
I also plan to move into a 55+ community of one type or another in hopes that there will be people around who are willing to help each other until I need to move into the CCRC.
But the problem is, unless the industry has changed, the premiums are insane and the coverage pretty lousy.
I started with Genworth financial, which use to be a major player in the LTC insurance industry. Last year the raised everyone's rate 60% so a 250 a month premium suddenly sky rocked to 400 bucks a month. the next issues I have is quite a number of companies have dropped out to the point where today there are only a dozen or so. and if the insurer decides to drop out, usually the only recourse to get some compensation for claims is a law suit.
almost all policies with guaranteed premiums are gone.
Next, many times chronic conditions that are very manageable will kick you out or have a claim denied.
so after weighing all the pros and cons I'm still in the "no" category. I don't see any change to the industry to make me want to purchase.
as far as my assets go? I've never understood the mentality of saving money for retirement and then not wanting to take care of oneself when you need to. Evidently if I need LTC, living la vida loca for the rest of my life is off the table.
early policies were priced way to low because the statistics for usage was way off . usage was far higher and as aca healthcare found out when you have insurance you use it .
i have gensworth and this is our 4th year . after 1 small increase after year 1 it has not changed in 3 years .
but i look at it as i do my auto insurance . i pay a premium and i am covered for that year . if they go out or raise me to much , well i am done .
you are paying for coverage now not in 30 years .
i really wanted our plan not for the 3 years insurance . we bought it for the total asset and income protection after the insurance runs out .
then a special form of medicaid pays all the bills .
I suspect that there are a lot of senior suicides.... it's just not something that is talked about. My FIL was one. My friend's uncle was another.
My plan is that I purchased LTCi at a young age. I also am making sure that I have enough money to afford a CCRC when I need it. I'm figuring entering the CCRC around age 80, but the average age is, I think, 85. I have come up with an estimate -- revised annually -- of what I will be spending each year I am retired. So, I basically have a "floor" amount that I will need to generate through Social Security, Annuities, Pensions, Dividend Income, and savings. Despite the 4% rule, I choose to be very conservative and use a 1 to 2% SWR in my planning.
Technology is changing, so I am figuring that I will be able to use some sort of technology in the future to help me stay in my home... whether that is robots, self-driving cars, delivery services, something that is on the cusp of being invented, until I am at least age 80. To help me pay bills I will use an automatic bill pay system that uses the account where the Social Security and Annuity are being deposited. That way that account will automatically be replenished with funds monthly.
I also plan to move into a 55+ community of one type or another in hopes that there will be people around who are willing to help each other until I need to move into the CCRC.
The potential problem that I see with your plan is that the CCRCs require you to be able to live independently when you move in. At least that's the way it is with the ones I've looked into.
My parents have been putting into LTC insurance for 20+ yrs and haven't needed it. But recently decided to get themselves into CCRC. They're relatively healthy (minor arthritis) but wanted to make sure they got in before anything, particularly dementia, crept in. They were required to pass memory screening before being accepted. They're told that their LTC payout, if needed would be sent to their estate or applied to nursing home upgrades (private room, perhaps) so that their LTC payments weren't a total loss for them.
I can afford a premium increase of $250 to $400. I'm more worried about having to pay $5k a month or more for a decent nursing home. My retirement plan doesn't involve Medicaid. For my circumstances, I'd rather have the LTC even if it only covers a portion of what I'll need. It will slow down the depletion of my assets.
That would be a deal, if you could find a place that cheap. Here in small town TX, in 2015 it was $6500 per month where we had my dad.
That would be a deal, if you could find a place that cheap. Here in small town TX, in 2015 it was $6500 per month where we had my dad.
Exactly. I'd rather pay $1500 out of pocket than the full $6500.
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