U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 10-02-2017, 05:30 PM
 
Location: Sierra Nevada Land, CA
8,407 posts, read 9,154,456 times
Reputation: 13052

Advertisements

Quote:
Originally Posted by LTCShop View Post
All I asked was if you had collision insurance and this is how you reply?
You're a salesperson trying to sell on this forum. What do you expect?
Reply With Quote Quick reply to this message

 
Old 10-02-2017, 06:13 PM
 
71,763 posts, read 71,875,234 times
Reputation: 49311
Well we pay 8k for 3 years of insurance but we get a 1600 dollar tax credit from ny plus the federal deduction. But we did not buy it for the 3 years insurance.

We bought it for the 100% asset protection and income protection for the community spouse
Reply With Quote Quick reply to this message
 
Old 10-02-2017, 06:41 PM
 
Location: LTCShop.com
236 posts, read 113,353 times
Reputation: 151
Quote:
Originally Posted by mathjak107 View Post
Well we pay 8k for 3 years of insurance but we get a 1600 dollar tax credit from ny plus the federal deduction. But we did not buy it for the 3 years insurance.

We bought it for the 100% asset protection and income protection for the community spouse

Plus you were over age 60 when you bought.
Plus you live in the one of the highest cost regions of the country.
Reply With Quote Quick reply to this message
 
Old 10-02-2017, 06:46 PM
 
3,100 posts, read 826,682 times
Reputation: 1765
Quote:
Originally Posted by LTCShop View Post
If someone has a loan on their car, the creditor requires collision insurance to pay off the loan if, for example, the owner drives the car into a telephone pole and totals the car.

Once the car loan is paid off (or if the car was paid with cash from the beginning), collision insurance is not required.

Is your car free of any loan? If so, do you have collision insurance?
No car loan. Still have some collision, but that's not the issue. It's liability. Our state only protects about $24,000 in a worst-case scenario (major judgment) plus, I suppose, shields assets in a 401K but I have substantial assets in taxable accounts.

The main purpose of the auto policy is to layer an umbrella policy on top of it. Sure, the probability of needing it is much lower than that of needing future health care. But it's cheap enough that anyone with assets would be an idiot not to maintain some sort of umbrella policy.

Plus once a judgment is filed, there are NO other options. As health declines, the individual maintains some ability (though admittedly reducing over time) to respond to their circumstances. It's not an either-or situation.
Reply With Quote Quick reply to this message
 
Old 10-02-2017, 06:48 PM
 
Location: LTCShop.com
236 posts, read 113,353 times
Reputation: 151
Quote:
Originally Posted by Mr5150 View Post
You're a salesperson trying to sell on this forum. What do you expect?
Instead of resorting to name-calling, why not offer a logical counterpoint?
Reply With Quote Quick reply to this message
 
Old 10-02-2017, 06:52 PM
 
Location: LTCShop.com
236 posts, read 113,353 times
Reputation: 151
Quote:
Originally Posted by EveryLady View Post
No car loan. Still have some collision, but that's not the issue. It's liability. Our state only protects about $24,000 in a worst-case scenario (major judgment) plus, I suppose, shields assets in a 401K but I have substantial assets in taxable accounts.

The main purpose of the auto policy is to layer an umbrella policy on top of it. Sure, the probability of needing it is much lower than that of needing future health care. But it's cheap enough that anyone with assets would be an idiot not to maintain some sort of umbrella policy.

Plus once a judgment is filed, there are NO other options. As health declines, the individual maintains some ability (though admittedly reducing over time) to respond to their circumstances. It's not an either-or situation.

If you don't have a car loan you don't have to have collision.
You can buy car insurance without collision.
If you have collision why do you have it?
Reply With Quote Quick reply to this message
 
Old 10-02-2017, 06:55 PM
 
3,100 posts, read 826,682 times
Reputation: 1765
Quote:
Originally Posted by LTCShop View Post
Plus you were over age 60 when you bought.
Plus you live in the one of the highest cost regions of the country.
I've never quite understood this?

The policies are written as maximums per day or perhaps maximum pay out over time. Seems to me, the cost per region is mainly relevant for the consumer in order to figure out how much coverage to purchase. Right?

Don't buy enough coverage in a high-cost area that means the *consumer* has to pay more out-of-pocket. Why does it impact the LTCi company?

What if a consumer is living in NY but (to lower overall costs) is willing to utilize a SNF in Missouri?

In researching CCRCs, I came across a statistic that there are only about 5 CCRCs in NY state due to how highly they are regulated but there are dozens right across the state line in PA. A bunch around Philadelphia.

What crosses my mind is that state regs may impact successful utilization?

Totally ignorant here, no doubt. But ...
Reply With Quote Quick reply to this message
 
Old 10-02-2017, 06:56 PM
 
3,100 posts, read 826,682 times
Reputation: 1765
Quote:
Originally Posted by LTCShop View Post
If you don't have a car loan you don't have to have collision.
You can buy car insurance without collision.
If you have collision why do you have it?
Gosh ... I've answered this three times. Liability.
Reply With Quote Quick reply to this message
 
Old 10-02-2017, 07:05 PM
 
Location: Massachusetts
207 posts, read 132,158 times
Reputation: 533
Quote:
Originally Posted by LTCShop View Post
sorry about that.
I don't visit this board very often.


https://www.nglic.com/simproducts



They are licensed in every state, except NY.
They were founded in 1910.
They are a mutual company, not a stock company.
Thanks for answering my question. The link to their website enabled me to understand why their LTCi quote was so much lower than the rest of the market.
Reply With Quote Quick reply to this message
 
Old 10-02-2017, 07:12 PM
 
Location: LTCShop.com
236 posts, read 113,353 times
Reputation: 151
Quote:
Originally Posted by HopHillers View Post
Thanks for answering my question. The link to their website enabled me to understand why their LTCi quote was so much lower than the rest of the market.
They're not that much lower than the rest of the market.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top