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Old 08-24-2017, 12:51 PM
 
Location: LTCShop.com
236 posts, read 113,100 times
Reputation: 151

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Quote:
Originally Posted by mathjak107 View Post
i don't think they offer total asset or income protection . i think it is more like if medicaid spends 300k then 300k is protected .
Only two states offer "Total Asset Protection": New York and Indiana.

Every other state that has Partnership Programs have "Dollar for Dollar" Asset Protection.
For every dollar that your policy pays in benefits, one dollar is protected from Medicaid spend down and Medicaid asset recovery.

There are several companies that sell Partnership policies in North Dakota. Depending upon your health, the best value will probably be with Massachusetts Mutual or with Mutual of Omaha.

There are some companies that charge A LOT for inflation protection. A company that charges a lot for inflation protection would not want to show you a Partnership policy, because the Partnership policy must have inflation protection.
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Old 08-24-2017, 01:03 PM
 
Location: Ohio
194 posts, read 116,099 times
Reputation: 282
Is there any reason to consider LTCI for the more immediate term such as in the case of a car accident or something that leads to a need for long term care at a younger (retired) age? I think something like that would be more financially devastating than anything that could happen 30 years from now, when, theoretically, at least our savings would have had the chance to grow significantly.

Just trying to look at all sides of this. We're on the fence about LTCI at this time.
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Old 08-24-2017, 01:10 PM
 
Location: SoCal
13,191 posts, read 6,308,074 times
Reputation: 9815
I think that's disability insurance.
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Old 08-24-2017, 01:41 PM
 
Location: Tampa, FL
27,798 posts, read 26,196,040 times
Reputation: 14611
Quote:
Originally Posted by dwnmo View Post
Is there any reason to consider LTCI for the more immediate term such as in the case of a car accident
that's why I opted in....
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Old 08-24-2017, 01:47 PM
 
6,875 posts, read 7,270,643 times
Reputation: 9785
Quote:
I think that's disability insurance.
It would be educational to learn more about when disability insurance and LTCI pay, and:
-- which one is best to have at what point in one's life.
-- how different the "care" or medical need qualifiers are

When I looked at disability insurance decades ago.....I could buy a certain benefit amount that was based on my salary or earnings, and it would pay based on whether I couldn't work in my field -- or couldn't work AT ALL. I think the best benefit you could get would replace 100% of your salary. I don't think, for example, that you could make 40K, and get disability coverage that would pay you 90K...I don't think so.

In my mind off the top of my head I think of disability insurance as being INCOME replacement, and LTCI as being CARE coverage.
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Old 08-24-2017, 02:15 PM
 
Location: Ohio
194 posts, read 116,099 times
Reputation: 282
Is it disability insurance if you're retired?
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Old 08-24-2017, 02:48 PM
 
216 posts, read 114,130 times
Reputation: 168
Disability only covers one's actual earnings, typically about 60% maximum.
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Old 08-24-2017, 03:04 PM
 
71,477 posts, read 71,652,652 times
Reputation: 49068
i had one that paid 80% of wages tax free
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Old 08-24-2017, 03:54 PM
 
Location: LTCShop.com
236 posts, read 113,100 times
Reputation: 151
Quote:
Originally Posted by selhars View Post
It would be educational to learn more about when disability insurance and LTCI pay, and:
-- which one is best to have at what point in one's life.
-- how different the "care" or medical need qualifiers are

When I looked at disability insurance decades ago.....I could buy a certain benefit amount that was based on my salary or earnings, and it would pay based on whether I couldn't work in my field -- or couldn't work AT ALL. I think the best benefit you could get would replace 100% of your salary. I don't think, for example, that you could make 40K, and get disability coverage that would pay you 90K...I don't think so.

In my mind off the top of my head I think of disability insurance as being INCOME replacement, and LTCI as being CARE coverage.


If you are retired now or if you could retire now if you wanted to, then long-term care insurance is more important than disability insurance.

If you are not yet able to retire and your retirement is 5 or more years away, then you should have disability insurance. Disability insurance is more important than long-term care insurance in your case.

If you are still working and can afford both, you should have both. They don't overlap. One replaces a portion of your income. The other pays for someone to care for you everyday.
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Old 08-24-2017, 04:43 PM
 
216 posts, read 114,130 times
Reputation: 168
Quote:
Originally Posted by mathjak107 View Post
i had one that paid 80% of wages tax free

You must have stacked a personal plan onto a group plan. Today's carriers mostly adhere to 60% of income and bonus and pension contributions.
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