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Old 09-29-2017, 11:53 AM
 
Location: Central Massachusetts
4,800 posts, read 4,864,124 times
Reputation: 6379

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Quote:
Originally Posted by LTCShop View Post
I'm not sure where you got those quotes from oldsoldier. A healthy 60 year old couple could share $1,000,000 of long-term care insurance benefits, paying $5,000 per month per person, for a combined premium of $3,843 per year. ($1,400 for the husband and $2,400 for the wife.) The benefits would last at least sixteen years!

You're correct that the policy would not cover every penny of the cost of care. But an extra $60,000 per person per year would be a big help, wouldn't it?
You are trying to convince me where I do not need convincing. I have made my choice and we are sticking to our plan. You might as well join all the other callers to my home phone in the do not answer category. We are good with our plan thank you very much.
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Old 09-29-2017, 12:01 PM
 
Location: LTCShop.com
236 posts, read 113,529 times
Reputation: 151
Quote:
Originally Posted by EveryLady View Post

The research I did back then suggested the best time to buy on the individual market was about 61 or 62. THAT information turned out to be wrong.

Excluding any change in health, just looking at the way the policies are priced, the best age to buy traditional long-term care insurance is between age 55 and age 69. I know the experts says otherwise, but they don't spend all day running quotes like I do.

One of my newer clients, with a modest net worth, just recently bought a Long-Term Care Partnership policy that will protect all of his countable assets from Medicaid. He's age 69 and his premium is less than $190 per month.
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Old 09-29-2017, 12:21 PM
 
Location: LTCShop.com
236 posts, read 113,529 times
Reputation: 151
Quote:
Originally Posted by oldsoldier1976 View Post
You are trying to convince me where I do not need convincing. I have made my choice and we are sticking to our plan. You might as well join all the other callers to my home phone in the do not answer category. We are good with our plan thank you very much.
I'm not trying to convince you.
I just don't want someone reading this forum and thinking that your inflated costs for long-term care insurance are accurate.

If you think that long-term care insurance would cost you and your wife $8,000 per year for only 3 years of coverage each, well, at that price, I wouldn't buy long-term care insurance either.

If we're going to base our decisions on logic, then we should at least use accurate premiums and not made-up premiums.

It's true that people who live in NY and CT and Alaska and Northern California pay a lot more for long-term care insurance than everybody else. That's because they have to buy a much higher daily benefit to cover the extreme costs of long-term care care in those areas.

But, most couples, around your age, can get excellent coverage (even as much as a million dollars in benefits) for about $150 per month per spouse.
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Old 09-29-2017, 12:36 PM
 
Location: Massachusetts
207 posts, read 132,474 times
Reputation: 533
Quote:
Originally Posted by LTCShop View Post
I'm not trying to convince you.
I just don't want someone reading this forum and thinking that your inflated costs for long-term care insurance are accurate.

If you think that long-term care insurance would cost you and your wife $8,000 per year for only 3 years of coverage each, well, at that price, I wouldn't buy long-term care insurance either.

If we're going to base our decisions on logic, then we should at least use accurate premiums and not made-up premiums.

It's true that people who live in NY and CT and Alaska and Northern California pay a lot more for long-term care insurance than everybody else. That's because they have to buy a much higher daily benefit to cover the extreme costs of long-term care care in those areas.

But, most couples, around your age, can get excellent coverage (even as much as a million dollars in benefits) for about $150 per month per spouse.
Ok, I'll bite. Please send me a detailed quote where I can get $1 million of coverage for $150 per month per spouse. I'm 62 and my wife is 60. I live in MA.
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Old 09-29-2017, 01:37 PM
 
72,033 posts, read 72,043,164 times
Reputation: 49601
Quote:
Originally Posted by LTCShop View Post
Excluding any change in health, just looking at the way the policies are priced, the best age to buy traditional long-term care insurance is between age 55 and age 69. I know the experts says otherwise, but they don't spend all day running quotes like I do.

One of my newer clients, with a modest net worth, just recently bought a Long-Term Care Partnership policy that will protect all of his countable assets from Medicaid. He's age 69 and his premium is less than $190 per month.
we pay about 325.00 a month for one of us for 350 a day 5% inflation adjusted in nyc . 3 year in snf / 6 years assisted living /in home care .... total asset and income protection . that was started at age 64.
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Old 09-29-2017, 03:43 PM
 
Location: Central Massachusetts
4,800 posts, read 4,864,124 times
Reputation: 6379
Quote:
Originally Posted by LTCShop View Post
I'm not trying to convince you.
I just don't want someone reading this forum and thinking that your inflated costs for long-term care insurance are accurate.

If you think that long-term care insurance would cost you and your wife $8,000 per year for only 3 years of coverage each, well, at that price, I wouldn't buy long-term care insurance either.

If we're going to base our decisions on logic, then we should at least use accurate premiums and not made-up premiums.

It's true that people who live in NY and CT and Alaska and Northern California pay a lot more for long-term care insurance than everybody else. That's because they have to buy a much higher daily benefit to cover the extreme costs of long-term care care in those areas.

But, most couples, around your age, can get excellent coverage (even as much as a million dollars in benefits) for about $150 per month per spouse.


I didn't give a 3 year coverage I actually used a number for a 5 year coverage at 100k per year. That turns out to be 4k per year per person. I also live in a higher cost area in MA so I fall into that higher premium as well.

As for the inflated cost they speak for themselves.
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Old 09-29-2017, 06:11 PM
 
Location: LTCShop.com
236 posts, read 113,529 times
Reputation: 151
Quote:
Originally Posted by HopHillers View Post
Ok, I'll bite. Please send me a detailed quote where I can get $1 million of coverage for $150 per month per spouse. I'm 62 and my wife is 60. I live in MA.

It's actually 1.5 million in benefits. $511,000 for each spouse plus an extra $511,000 that can be used by either spouse. Joint annual premium of $4,247 (works out to about $177 per month per spouse).


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Old 09-29-2017, 06:24 PM
 
Location: LTCShop.com
236 posts, read 113,529 times
Reputation: 151
Quote:
Originally Posted by oldsoldier1976 View Post
yes if you are that concerned about needing it. If not then no. I fall into the latter camp.
I'm not concerned about having a car wreck, but I have collision insurance because it's logical.
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Old 09-29-2017, 06:24 PM
 
Location: Massachusetts
207 posts, read 132,474 times
Reputation: 533
Quote:
Originally Posted by LTCShop View Post
It's actually 1.5 million in benefits. $511,000 for each spouse plus an extra $511,000 that can be used by either spouse. Joint annual premium of $4,247 (works out to about $177 per month per spouse).

What insurance company is offering this policy?
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Old 09-29-2017, 06:45 PM
 
Location: LTCShop.com
236 posts, read 113,529 times
Reputation: 151
Quote:
Originally Posted by oldsoldier1976 View Post
I didn't give a 3 year coverage I actually used a number for a 5 year coverage at 100k per year. That turns out to be 4k per year per person. I also live in a higher cost area in MA so I fall into that higher premium as well.

As for the inflated cost they speak for themselves.
Living in Massachusetts, you and your wife could own one million dollars of LTC insurance paying $100,000 per year per person for about $2,500 per year person, not $4,000 per year per person.

But, that's why it's important to work with an LTCi specialist.
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