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Old 09-29-2017, 06:49 PM
 
Location: LTCShop.com
236 posts, read 113,100 times
Reputation: 151

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Quote:
Originally Posted by oldsoldier1976 View Post
You could get a hybrid that will be a bit more to cover both but only one at a time or pay half per. So think on that.

That's incorrect. The hybrid that covers both spouses under one policy will pay the full monthly benefit, not half. And it will pay the full monthly benefit x 2 if both spouses need care at the same time.

In other words, if the monthly benefit is $8,000, and both spouses need care, then the policy will pay up to $16,000 per month.
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Old 09-29-2017, 06:56 PM
 
Location: LTCShop.com
236 posts, read 113,100 times
Reputation: 151
Quote:
Originally Posted by EveryLady View Post
Thanks, I appreciate you and others who post because each individual circumstance is so different and it helps work through various options.

I have one daughter who's still in college studying to become a gerontological social worker. She absolutely loves little old ladies!!! Given her targeted profession she may never be a big earner, hence my concern that I leave some assets. Trying to buy an affordable unlimited LTCi at my age (64) would be cost-prohibitive hence my concern to plan for the worst-case scenario, not just 3-5 years.

Over the years, I've looked at LTCi but each time rejected it for one reason or another. One general comment I have about the "cost" issue is how to manage costs to fit the need. So often I find those needing care for specific aid frustrated by the time minimums required (not infrequently 4 hours daily). I appreciate WHY that's the case for the provider but the-here-I'm-paying-all-this-money-for-some-stranger-to-sit-in-my-house IS an issue too.

Similarly, depending on your situation it may be possible to duplicate the best of an ALF in the community itself. Another need, of course, is not LTC but the short-term care that results from a temporary disability. Medicare helps here with rehab - but it's equally important to have a functional home setting with resources in place.

Anyhow, I have a number of personal circumstances (including our current home, location, community resources) that makes me think having one plan for less-intensive care with another for around-the-clock care (worst-case scenario) may make sense. LTCi would potentially not contribute much, even for the worst case scenario.

It's too soon to make the final financial decisions (property purchases etc.) - even though I'd love to get started on some lifestyle changes. But like I said the kid is still in college. One disadvantage of being an older parent.

Still, it's time to consult the financial planner and redo legal documents now 20 years old with this framework (Plan A - Plan B) in mind.


Unfortunately, with most companies, single females pay the highest rates for long-term care insurance. There is one company that still charges the same rates for men and women, but the longest benefit period that company offers is 6 years.

You could buy a $5,000 monthly benefit with a lifetime/unlimited benefit period, and a long elimination period, at age 64, for about $3,900 per year in premium, if you're very healthy.
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Old 09-29-2017, 07:45 PM
 
Location: LTCShop.com
236 posts, read 113,100 times
Reputation: 151
Quote:
Originally Posted by HopHillers View Post
What insurance company is offering this policy?

A well-diversified, mutual insurance company founded over 100 years ago in partnership with the most experienced long-term care insurance developer (with 22 straight years of profitability in long-term care insurance.)

Not every company has lost money on long-term care insurance. There are some companies that know what they are doing in the LTCi market.
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Old 09-29-2017, 07:59 PM
 
Location: Philadelphia/South Jersey area
2,870 posts, read 1,400,541 times
Reputation: 10071
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.
Ill pm you again because you saw the quotes I got and id be more than happy to fax you the paperwork they gave me. The cheapest quote i sent you was what 280.00 month?? The highest was what 1100 per month. Now the first person you mentioned I must have misunderstood. What about the quotesI pm you with? Why were they so high? Can you give me a person in Philly with these cheap policies?

I'll wait until I'm 68 for that 190/ month policy because I've been to 3 different companies and never once got near 200. AND I'm wasting time because no one will do it over the phone so every time I'm sitting through 90 minute sales speil.

Lol I think differently. Why shouldn't i spend my money keeping me comfortable?? I have no spouse currently. I've put all my kids through college WITHOUT loans. One is heading to law school almost loan free and a life time of vacations and now you're telling me I can't even make myself comfortable in old age because i got to leave my heirs a chunk of change

I'll revisit September 2018.

Last edited by eliza61nyc; 09-29-2017 at 08:09 PM..
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Old 09-29-2017, 08:50 PM
 
Location: LTCShop.com
236 posts, read 113,100 times
Reputation: 151
Quote:
Originally Posted by eliza61nyc View Post
Ill pm you again because you saw the quotes I got and id be more than happy to fax you the paperwork they gave me. The cheapest quote i sent you was what 280.00 month?? The highest was what 1100 per month. Now the first person you mentioned I must have misunderstood. What about the quotesI pm you with? Why were they so high? Can you give me a person in Philly with these cheap policies?

I'll wait until I'm 68 for that 190/ month policy because I've been to 3 different companies and never once got near 200. AND I'm wasting time because no one will do it over the phone so every time I'm sitting through 90 minute sales speil.

Lol I think differently. Why shouldn't i spend my money keeping me comfortable?? I have no spouse currently. I've put all my kids through college WITHOUT loans. One is heading to law school almost loan free and a life time of vacations and now you're telling me I can't even make myself comfortable in old age because i got to leave my heirs a chunk of change

I'll revisit September 2018.



When shopping for long-term care insurance it is not a good idea to work with an agent that only represents one insurance company. If all someone sells is vanilla then they'll tell everyone that comes into the store that vanilla is the best.

You could buy a policy right now for $150 per month that would pay you $5,000 in benefits each month for six years. That sounds like a good deal to me... doesn't that sound like a good deal to you?
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Old 09-30-2017, 03:10 AM
 
Location: Massachusetts
207 posts, read 131,916 times
Reputation: 533
Quote:
Originally Posted by LTCShop View Post
A well-diversified, mutual insurance company founded over 100 years ago in partnership with the most experienced long-term care insurance developer (with 22 straight years of profitability in long-term care insurance.)

Not every company has lost money on long-term care insurance. There are some companies that know what they are doing in the LTCi market.
Can you share the actual name of the insurance company?
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Old 09-30-2017, 04:08 AM
 
Location: Philadelphia/South Jersey area
2,870 posts, read 1,400,541 times
Reputation: 10071
Quote:
Originally Posted by LTCShop View Post
When shopping for long-term care insurance it is not a good idea to work with an agent that only represents one insurance company. If all someone sells is vanilla then they'll tell everyone that comes into the store that vanilla is the best.

You could buy a policy right now for $150 per month that would pay you $5,000 in benefits each month for six years. That sounds like a good deal to me... doesn't that sound like a good deal to you?
Once again where? If i find that policy I'll consider it. I went on line to the American Association of Long term care insurers. I would assume they were the industry's association and THEY are the people who are referring me to these agents.

Thanks for your help LT, I really appreciate it. I'll continue searching but outside of your post I've seen nothing to make me reconsider.

As I've said if I run across an agent that quotes me 150 I'll run the numbers. Also I do have a financial advisor so I'm not just "winging" it when i try too evaluate and I've reached out to other retiree. Nope, no one found it worthwhile (my social circle is small so that's not saying any thing)

Again thanks for the help. I'm sticking with my current plan. As i always say I always reevaluate, so never say never.
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Old 09-30-2017, 06:37 AM
 
Location: Central Massachusetts
4,800 posts, read 4,843,254 times
Reputation: 6377
Quote:
Originally Posted by LTCShop View Post
I'm not concerned about having a car wreck, but I have collision insurance because it's logical.
The difference is collision insurance covers other's in the event of an accident and makes sense since they can sue you if you don't. LTCi is covering you not your heirs, not someone that might mow your lawn. It is not mandated. In most states collision insurance is mandated. Homeowner's insurance is mandated by your mortgage company.
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Old 09-30-2017, 07:15 AM
 
71,482 posts, read 71,652,652 times
Reputation: 49068
our ltc insurance is protecting the community spouse . my co-worker who had a stroke during hip surgery at age 55 impoverished his wife now that he is paralyzed . cheapest home they could find is 120k a year .
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Old 09-30-2017, 08:35 AM
 
Location: LTCShop.com
236 posts, read 113,100 times
Reputation: 151
Quote:
Originally Posted by eliza61nyc View Post
Once again where? If i find that policy I'll consider it.

As I've said if I run across an agent that quotes me 150 I'll run the numbers.




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