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Old 08-21-2017, 10:04 AM
 
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What paths have you taken addressing long term care planning?
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Old 08-21-2017, 10:06 AM
 
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already lots of talk here on this

Time to start thinking about LTC insurance - Where to start

How Much Do you Pay for Long Term Care Insurance?
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Old 08-21-2017, 10:44 AM
 
Location: Sierra Nevada Land, CA
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I don't like to plan for something I may never need.
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Old 08-21-2017, 10:47 AM
 
Location: Philadelphia/South Jersey area
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I have no plans at this time to purchase specific ltc insurance (I'm 56). I do have a 500K life insurance policy that allows me to use it for ltc needs if necessary.
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Old 08-21-2017, 10:48 AM
 
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since statistic's mean nothing to humans as we can only have 2 outcomes , things happen to us or they don't.

so since it has to happen to someone and odds are pretty good we will need some form of long term care whether snf ,in home or assisted living we allow for it .

if it is us i don't want one of us impoverished .


so we have a new york partnership plan for long term care .

it made sense . since by taking just a tiny piece of the return we get on the assets it protects , we can protect all assets and income . one less worry .

at 120-140k a year here it can add up fast . my dad spent 5 years in a home after a stroke . by the time we are in that sweet spot for risk things will likely be 2x that .
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Old 08-21-2017, 11:09 AM
 
Location: Philadelphia/South Jersey area
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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.
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Old 08-21-2017, 11:10 AM
 
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I am researching and visiting life-plan facilities where you start out in an independent living situation but assisted living, skilled nursing and memory care is provided on the premises if needed. The buy-in amounts are daunting though.
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Old 08-21-2017, 11:21 AM
 
Location: Central NY
4,676 posts, read 3,248,729 times
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I don't think many people would "approve" of my thoughts about it. When I hinted around about it, one woman got upset and said how unfair that would be to the people who care about me.

I used to say that when health went south I would step in front of an 18 wheeler, but of course that would be very wrong for the poor driver. So I won't do that.

So I'm opting now to do what our smart animals do...... when they know time is approaching, they head out into the woods, lay down, and die. I think that is one of the reasons I would like to live in the mountains. Many places to hide so no one would come along and try to "save me."

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.
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Old 08-21-2017, 11:28 AM
 
11,137 posts, read 8,548,081 times
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Quote:
Originally Posted by NYgal1542 View Post
I don't think many people would "approve" of my thoughts about it. When I hinted around about it, one woman got upset and said how unfair that would be to the people who care about me.

I used to say that when health went south I would step in front of an 18 wheeler, but of course that would be very wrong for the poor driver. So I won't do that.

So I'm opting now to do what our smart animals do...... when they know time is approaching, they head out into the woods, lay down, and die. I think that is one of the reasons I would like to live in the mountains. Many places to hide so no one would come along and try to "save me."

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.
Honesty, I don't think most people care. Just make that decision when you're able to walk yourself out into the woods. Also know that it could take a while to expire that way.
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Old 08-21-2017, 12:19 PM
 
Location: Philadelphia/South Jersey area
2,879 posts, read 1,406,121 times
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Quote:
Originally Posted by NYgal1542 View Post
I don't think many people would "approve" of my thoughts about it. When I hinted around about it, one woman got upset and said how unfair that would be to the people who care about me.

I used to say that when health went south I would step in front of an 18 wheeler, but of course that would be very wrong for the poor driver. So I won't do that.

So I'm opting now to do what our smart animals do...... when they know time is approaching, they head out into the woods, lay down, and die. I think that is one of the reasons I would like to live in the mountains. Many places to hide so no one would come along and try to "save me."

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.
It really isn't whether or not we "like" your scenario it's just for most folks that's an unrealistic option.

for example MJ107's dad had a stroke. well there you go, you have a stroke & there's a good chance you're not able to high tail it to the woods.

Dementia/Alzheimer... will you remember how to get to the woods?

lastly and this is just from personal experience dealing with an 85 year old dad and now my 85 year old mother in law, they swear they are always feeling "fine" and from what I've been led to believe most seniors do not want to go into ltc. most want to simply stay home

so at 85 will you have the forethought to say "hey I'm dying, let me disappear".
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