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Old 08-24-2017, 04:46 PM
 
72,259 posts, read 72,198,066 times
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It was a group plan through work
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Old 08-24-2017, 08:51 PM
 
Location: New York Area
16,096 posts, read 6,339,233 times
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Quote:
Originally Posted by RubyDee View Post
I was thinking about buying long term care insurance and I was wondering if anybody can recommend a good insurance company. I see many online and I read the reviews but I am not sure if I can trust all the reviews. I see plans for AARP, State farms and Genworth. Does anybody have experience with these companies?
I used Hancock for my mother and they were fine. I plan to use Hancock about 3-4 years from now. I am now 60.
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Old 08-24-2017, 10:52 PM
 
Location: Northeastern U.S.
1,469 posts, read 903,234 times
Reputation: 2914
Quote:
Originally Posted by mathjak107 View Post
there are problems with those hybrid life policies and they end up being very poor deals . besides the fact they are very very costly internally and become more so as rates rise the fact is you may have to double the size of the policy decades from now when the amount is 2x what you planned for .
like reverse mortgages , these hybrids really should be policies of last resort , where you can't qualify for a regular ltc policy . regular ltc insurers are very very strict as to who they take .

even our broker couldn't get one as he was to far over weight . i almost was rejected because i waited to long to finally apply and now i had some blood tests that showed i was diabetic even though with diet ,exercise and no meds i was down to prediabetic ,.

as michael kitces stated :


As traditional long-term care (LTC) insurance becomes more and more expensive, and interest rates remain at ultra-low levels, planners and their clients have become increasingly interested in so-called “Hybrid LTC” policies that match together a life insurance or annuity policy with LTC coverage, especially with a more favorable set of tax rules that took effect in 2010. For many, though, the primary appeal of hybrid policies is the simple fact that, unlike their traditional LTC insurance brethren, the premiums really are guaranteed and cannot be increased in the future. Given some of the extraordinarily large premium increases that traditional LTC coverage has experienced in recent years – especially for some of the early policies issued in the 1990s and early 2000s – a cost guarantee is remarkably reassuring.

Yet the reality is that the guarantee of LTC premiums in a hybrid policy may be entirely offset by the fact that the insurance company controls the cash value, and is under no obligation to pay a going rate of return, especially if interest rates rise. In other words, it doesn’t really matter that the insurance company can’t increase the premiums on the policy by $4,000/year, when the company can simply under-pay on the interest rate by $4,000/year to accomplish the same result! And while the cash value of a hybrid LTC policy generally does remain liquid, taking a withdrawal to reinvest to get better, higher rates would entail surrendering the policy and forfeiting the LTC coverage! In fact, for some types of hybrid LTC policies, the arrangement contractually provides no rate of return to the client at all, and is essentially the equivalent of the client selling a call option on interest rates to the insurance company, where the more rates rise the greater the company wins at the expense of the client!

Given the unique structure of hybrid LTC policies, though, there are still several circumstances where they may be appropriate, despite the concerns about how they may perform in a rising rate environment. In some cases, simplified underwriting provides a way to get coverage for those who otherwise couldn’t get any, and in other scenarios, the favorable tax treatment alone can make a hybrid policy compelling as a place to park an existing appreciated annuity. Nonetheless, the bottom line is that in today’s environment, consumers must be careful not to engage into hybrid policies that amount to little more than offering the insurance company the unilateral right to profit if/when interest rates rise, when the reality is that simply following a “buy LTC insurance and invest the rest” philosophy would lead to a far better outcome in the long run.

https://www.kitces.com/blog/is-the-l...just-a-mirage/


When is it too late to apply? I need to lose a few pounds, and am not sure I could afford LTCI even if I took off the weight. I'm in my early 60's.
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Old 08-25-2017, 01:35 AM
 
790 posts, read 802,956 times
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My husband has paid for John Hancock LTC since his 50's. He's now 85.
When he turned 80, we got a letter saying his policy would double. We contacted them and they said we could sign a waver for no inflation and keep the policy at the same rate.
We signed it. So now he has no inflation coverage.
We couldn't afford to pay double the amount and we didn't want to drop it because we paid into it for 30 yrs.
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Old 08-25-2017, 01:46 AM
 
72,259 posts, read 72,198,066 times
Reputation: 49802
Quote:
Originally Posted by Regina14 View Post
When is it too late to apply? I need to lose a few pounds, and am not sure I could afford LTCI even if I took off the weight. I'm in my early 60's.
there really is no best time . it is priced so generally by the time you are in that sweet spot for usage you paid in about 1 years costs .

the younger you are the cheaper and the easier to get . i waited and it cost me 1k a year more because now i had some blood tests show i was diabetic .

had i done it earlier it would not have been surcharged .
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Old 08-25-2017, 01:48 AM
 
72,259 posts, read 72,198,066 times
Reputation: 49802
Quote:
Originally Posted by macyny View Post
My husband has paid for John Hancock LTC since his 50's. He's now 85.
When he turned 80, we got a letter saying his policy would double. We contacted them and they said we could sign a waver for no inflation and keep the policy at the same rate.
We signed it. So now he has no inflation coverage.
We couldn't afford to pay double the amount and we didn't want to drop it because we paid into it for 30 yrs.
that is why it doubled . the older policies were sooooo under priced. the usage looked at skewed statistics and thought there was so little usage .

for those who self insure keep that in mind . the usage can be far more than we were led to believe.
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Old 08-25-2017, 11:28 AM
 
Location: LTCShop.com
236 posts, read 113,673 times
Reputation: 151
Quote:
Originally Posted by jbgusa View Post
I used Hancock for my mother and they were fine. I plan to use Hancock about 3-4 years from now. I am now 60.

John Hancock has over one million long-term care insurance policyholders. They have created some of the best LTCi products over the past 40 years.

A few years ago they created a new product that was not very good. Their sales plummeted. Because of that they stopped selling new policies.

https://www.ltcshop.com/2016/11/10/r...ance-policies/

In most states, there are still 13 different companies selling long-term care insurance:

https://www.ltcshop.com/2016/11/27/n...ve-sellers-13/



sao
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Old 08-25-2017, 11:30 AM
 
Location: LTCShop.com
236 posts, read 113,673 times
Reputation: 151
Quote:
Originally Posted by macyny View Post
My husband has paid for John Hancock LTC since his 50's. He's now 85.
When he turned 80, we got a letter saying his policy would double. We contacted them and they said we could sign a waver for no inflation and keep the policy at the same rate.
We signed it. So now he has no inflation coverage.
We couldn't afford to pay double the amount and we didn't want to drop it because we paid into it for 30 yrs.

To protect consumers purchasing LTC policies today, 41 states have passed strict pricing regulations.

Unfortunately, NY is not one of them.

https://www.ltcshop.com/long-term-ca...ate-increases/



sao
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Old 08-25-2017, 11:39 AM
 
Location: LTCShop.com
236 posts, read 113,673 times
Reputation: 151
Quote:
Originally Posted by Regina14 View Post
When is it too late to apply? I need to lose a few pounds, and am not sure I could afford LTCI even if I took off the weight. I'm in my early 60's.

Long-term care insurance companies are more concerned about you being underweight than overweight. Osteoporosis is one of the most common causes for long-term care insurance claims.
They are concerned about someone being obese. But they are not concerned about being overweight.

Just make sure you work with a long-term care insurance specialist who represents at least 7 or 8 of the top companies. If you're a woman you should especially make sure you work with an agent who represents Mass Mutual. Most independent agents don't represent Mass Mutual. But they are the best company for women right now.
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Old 08-25-2017, 11:45 AM
 
8,252 posts, read 11,965,358 times
Reputation: 18223
Quote:
Originally Posted by mathjak107 View Post
there really is no best time . it is priced so generally by the time you are in that sweet spot for usage you paid in about 1 years costs .

the younger you are the cheaper and the easier to get . i waited and it cost me 1k a year more because now i had some blood tests show i was diabetic .

had i done it earlier it would not have been surcharged .
I got mine through work when it was first offered because if you signed up immediately, there was no physical or other health criteria to be satisfied. Even though it was earlier than I would normally have considered buying LTCi, I knew that with my medical history (even back then) there was no way that I would have been able to qualify for a policy any other way.
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