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Old 09-27-2017, 05:20 AM
 
71,798 posts, read 71,896,917 times
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statistics really only mean something to insurers since they care about how many people will be effected by something .

but since they can't tell us who we generally assume it us that is on the wrong side of the statistic or face the consequences about being wrong .

that is why despite the small chance's of our house burning down , dying at very young age , etc we tend to insure against it being us since someone has to be on that opposite side . so really we only have two outcomes , it is us or it isn't
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Old 09-27-2017, 05:29 AM
 
Location: Central Massachusetts
4,800 posts, read 4,856,396 times
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not everything is black and white. There are shades of grey in the in between space. so while you can argue the harsh line between the two outcomes there are many lines blurred if you just look close enough.
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Old 09-27-2017, 05:40 AM
 
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most of us plan or insure for those remote things that can happen to us , that can be financially devastating it it is us . there is nothing that has high odds of happening that we insure against , whether we self insure or use a 3rd party.

insurance is always insuring the small chances in life . or we pay dearly if it is the higher chance we insure against ala whole life as an example where we basically pay in enough to eventually self insure on our premiums , decades of reinvested interest and dividends .
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Old 09-27-2017, 05:44 AM
 
Location: Philadelphia/South Jersey area
2,885 posts, read 1,410,797 times
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Quote:
Originally Posted by mathjak107 View Post
the only problem with "chances " is we only have 2 outcomes . it happened to us or it didn't .
you can say that about every thing mathjak, so what do we do??? do we put our lives on hold, because we might be in a nursing home.

I might be in a category 5 hurricane
I might be a victim of a terror attack
I might step of my curb tomorrow and get waffled by a Septa bus (lol and if you've ever been to Philly I probably have a better chance of that then needing ltc)

I might be an infinitesimal number of things.

Now some things we insure against, some we do not. Yes I have home insurance. llol mainly because my mortgage company requires it. what I don't have is flood insurance. I looked at the probability and decided against it.
I have car insurance but I don't have theft on my car insurance, once again I looked at the probability and decided against it as my car is 10 years old and the cost of the insurance is not worth it.

Life insurance, same thing. my kids are adults now. why do I need life insurance. if after paying for their college tuition (neither has student debt), two houses so each will inherit one and some investments they can't survive on their own, than I failed as a parent not only financially. I need to now pay for life insurance.

so while yes someone is on the "opposite" side, right now I'm on "this" side and I've got one life. I'm done stressing about what the heck "might: happen at 85 at 55.

Interestingly enough, when I was in grief counseling after my late husband died. not one widow out of 20 wishes they had more insurance. NOT ONE. all of us wished we had more time with our husbands, all of us wished we had spent the money to go on vacation instead of stressing about the extended future.

AS always, I note that nothing is carved in stone. right now I sleep great with my decision. when I hit 60 I'll reevaluate like I do with my entire picture. I accept the fact that my premium could be higher if I do decide to purchase LTC insurance. right now I'm still working, I plan on retiring in 2019 again, I'll reevaluate.
As others have said, life is a lot more than just "it will happen" or "it won't"

edited to add: I am not a professional, lol this works for me and me alone
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Old 09-27-2017, 05:47 AM
 
71,798 posts, read 71,896,917 times
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easy answer " we insure or plan for , those events we each feel can be the most devastating to us and keep our fingers crossed on the stuff we don't insure or plan for . that list is not the same for each of us .
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Old 09-27-2017, 11:45 AM
 
Location: Ohio
195 posts, read 116,868 times
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My question is what happens, hypothetically, to long term care if we end up with some version of single payer healthcare in the future? Will long term care insurance become even more important or will long term care be taken over completely by medicaid? (Or are they completely unrelated?)
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Old 09-27-2017, 11:57 AM
 
Location: Central Massachusetts
4,800 posts, read 4,856,396 times
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Quote:
Originally Posted by dwnmo View Post
My question is what happens, hypothetically, to long term care if we end up with some version of single payer healthcare in the future? Will long term care insurance become even more important or will long term care be taken over completely by medicaid? (Or are they completely unrelated?)
They are unrelated as they stand right now. Medicaid is not related with either of them and related to both.
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Old 09-27-2017, 12:41 PM
 
Location: Ohio
195 posts, read 116,868 times
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Does anyone know how the UK and Canada handle long term care?
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Old 09-27-2017, 12:43 PM
 
Location: LTCShop.com
236 posts, read 113,426 times
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Quote:
Originally Posted by dwnmo View Post
My question is what happens, hypothetically, to long term care if we end up with some version of single payer healthcare in the future? Will long term care insurance become even more important or will long term care be taken over completely by medicaid? (Or are they completely unrelated?)


Most countries that have single-payer healthcare systems do NOT provide long term care as part of that system. They have either mandated long-term care insurance (e.g. Germany) OR they require savings and income to be spent just like our Medicaid system (e.g. United Kingdom, Canada, France).
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Old 09-27-2017, 12:47 PM
 
Location: LTCShop.com
236 posts, read 113,426 times
Reputation: 151
Quote:
Originally Posted by dwnmo View Post
Does anyone know how the UK and Canada handle long term care?
.... like our Medicaid.

The financial requirements in the U.K. for nursing home care are stricter than Medicaid's requirements in the US.
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