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Old 08-22-2017, 05:45 AM
 
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i think i told you , years ago money magazine did a story on us . they wanted to pit me and my planning against their team of pro's .

the one area we butted heads was i wanted to self insure .

they are against it for so many reasons . they were right and we changed our plan down the road
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Old 08-22-2017, 06:11 AM
 
Location: Central NY
4,653 posts, read 3,237,575 times
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Quote:
Originally Posted by fluffythewondercat View Post
"Unexpectedly" is often an obit euphemism for "committed suicide."

In the hospital?
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Old 08-22-2017, 08:39 AM
 
Location: Philadelphia/South Jersey area
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stupid question, what does CCRC's stand for?
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Old 08-22-2017, 08:41 AM
 
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continuing care retirement community



What is a Continuing Care Retirement Community? | Pacific Retirement Services
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Old 08-22-2017, 09:22 AM
 
Location: Philadelphia/South Jersey area
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Quote:
Originally Posted by mathjak107 View Post
for way to many, self insuring is just words they use . there is no actual action plan or segregation of money for that purpose .

it is just business as usual -until they get punched in the face. then they realize removing so much from the assets cuts the community spouse's draw down to levels that will not sustain them .
Oh I don't think so. first let me say, my circle of friends that I have knowledge of their financial plan is 5. so it's very small. So don't use me as an example for any thing. lol

Anyhoo, I do have ltc money segregated and invested. I actually have 3 streams of income targeted. now for most here it's probably invested a little more riskier than some would but I've always been on the "risk" side
1) I have a combo life insurance with a long term care rider.
2) I have a hybrid annuity. the pro to this is that if I don't need ltc (and while 70% of elders will need it, 30% will not) and so far none of the elders in my family are in ltc. I do have a 99 year old aunt that has in home care but she's in her own home.


My 4 friends and my siblings all have similar set ups. I have not researched the cost of CCRC's, lol actually this is the first I heard of them.

So I'm sticking with that plan. I simply am not purchasing LTC insurance until the product gets better. This is just me, I am not in anyway an expert on anything. I do have a FP and we've gone over various scenario's now of course we can't envision every single situation but I'm ok so far with my plan.

I do reevaluate every other year.
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Old 08-22-2017, 11:22 AM
 
Location: LTCShop.com
236 posts, read 113,100 times
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Quote:
Originally Posted by eliza61nyc View Post
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.

https://www.forbes.com/sites/nextave.../#3319604811a8

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.

Nearly everything you've stated in this post is false.
The article in Forbes which you refer to is filled with misinformation.
The writer of that article, Richard Eisenberg, asked me to write a rebuttal which he published in NextAvenue.org

Here's the link:

The Case for Buying Long-Term Care Insurance



sao
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Old 08-22-2017, 12:31 PM
 
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i agree , i have gensworth and all they did is a few years ago bring under priced policies up to a normal level . no increase since
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Old 08-22-2017, 12:35 PM
 
Location: SoCal
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Mine went up, almost double the premium in 5 years. I think by the time I need LTC, it might go up 4 folds, at least.
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Old 08-22-2017, 12:50 PM
 
Location: Philadelphia/South Jersey area
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Quote:
Originally Posted by NewbieHere View Post
Mine went up, almost double the premium in 5 years. I think by the time I need LTC, it might go up 4 folds, at least.
mine doubled too. not sure how that was false. I got rid of mine 3 years ago.

As I said, I reevaluate about every 2 years. last one I did was last April, I got a wild swing of quotes between 400-800 bucks a month for a standard plan with a payout of 2 years Nope.

The article says, not everyone should have LTC insurance but every one should have a plan. I can live with that. I have a plan.

Last edited by eliza61nyc; 08-22-2017 at 12:58 PM..
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Old 08-22-2017, 12:55 PM
 
71,469 posts, read 71,652,652 times
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Quote:
Originally Posted by NewbieHere View Post
Mine went up, almost double the premium in 5 years. I think by the time I need LTC, it might go up 4 folds, at least.
initially all the plans were way under priced as insurers went by statistics . the statistics showed usage was a fraction of what it turned out to be .

folks just burdened family and in many cases hurt them financially ,socially or just broke families up over the care . one sibling stepped up , the others stepped back and all hell would break loose between them .

once people had insurance they used it . no different than the health insurers found out . when people have insurance they use it .
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