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Old 10-14-2017, 04:56 PM
 
216 posts, read 114,764 times
Reputation: 168

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Their disease is one that comes for a few weeks and is dormant a few weeks. My business model allows me to work from home as well as from my close by office. She feels much netter after a couple of glasses of wine and I do as well.
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Old 10-15-2017, 08:55 AM
 
2,952 posts, read 1,646,333 times
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Go for a whole life policy, that has a long term rider. That way if you don't use the LTC, your heirs get paid out of the whole life policy. And do this before you are 60. I had to answer some questions, do some blood work but nothing like a full exam etc. Oh my doctor did have to provide my records.
They can not cancel me nor does my policy go up every year. I do pay almost $9,000 per year and my daily care started at $500.00 and goes up 5% per year. It also has coverage where I can have someone in the house and they will pay for it.

My husband doesn't qualify, too many issues, so if he goes into a home for 11 years like my BIL MIL, me having this policy will not leave me broke. He swears he won't go into a home, not happy with the thought of him offing himself.

Frankly what you posted, aren't that good - JMO.
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Old 10-15-2017, 09:11 AM
 
71,938 posts, read 71,971,035 times
Reputation: 49502
see our discussion on the other thread about these hybrids . they can be an awful value . they are like telling someone to go see a very expensive money manager because it will get them a positive return without regards for what you are giving up vs what you are getting . . these hybrids only make sense if you can't get a full blown ltc policy .

if you can get a regular policy do not go hybrid . in the end they will likely cost you way more .

basically they give you a fixed cost but then they control what they pay you on that lump sum of money . great they don't raise you 4k over time . they will just take it back out of the interest they do not have to pay you as rates rise .

odds are you could invest that lump sum on your own and with just a piece of your return buy a full blown ltc policy with inflation protection and better coverage and have a whole lot more left than that policy provides .

in the end this can be one of the most costliest ways to get coverage because you have to tie up so much dough that is no longer earning for you and get so little back in exchange . .

why else do you think the insurer is doing this ?

Last edited by mathjak107; 10-15-2017 at 09:27 AM..
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Old 10-15-2017, 10:09 AM
 
216 posts, read 114,764 times
Reputation: 168
Do your research. The above poster doesn't understand hybrid plans.
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Old 10-15-2017, 10:38 AM
 
71,938 posts, read 71,971,035 times
Reputation: 49502
i understand them obviously better than you do if you are still pushing them as a good deal for ltc planning. you will see no accredited review or study other than those who sell these that thinks they are even a decent deal , i won't even go in to good.

like i said you like it , you buy it . but talking others in to the fact these are anything but last resort alternatives is disingenuous at the least

Last edited by mathjak107; 10-15-2017 at 11:20 AM..
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Old 10-15-2017, 01:06 PM
 
216 posts, read 114,764 times
Reputation: 168
Lets compare atraditional policy like you bought to an asset based one:

Are premiums guaranteed to never change?
Yours, no they can and do change. What if you faced a 100% rate increase as some have?
Asset based, can never change

Do the plans cover a long tail claim that may go on for 10-15 years?
Yours, sorry no
Asset based plans, yes lifetime coverage

If you never make a claim what happens to the premiums paid in?
Yours, lost.
Asset based, all returned

Is it partnership qualified?
yours, yes
Asset based, no.

You keep espousing how bad they are and much more expensive they are but never explain.

Obviously this is a product that is not suited for you.
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Old 10-15-2017, 01:12 PM
 
71,938 posts, read 71,971,035 times
Reputation: 49502
you missed the most important questions


how much will the insurer keep in the return they don't give you , on a huge lump sum of money you have to tie up ?

the answer is it is far more over time than any conventional policy will cost you for equivalent benefits .

as long as you qualify you will spend way less just investing that big lump sum as you always do and taking a traditional policy . what you can give up in a hybrid over time can be tens of thousands of dollars more that should have been in your pocket not theirs

is that policy inflation adjusted ? likely not or it has even worse terms .

those negatives make it a an option that ends up being far to expensive over time compared to a traditional policy and not tying up a lump sum like that practically for free .

in my opinion it should never be a first choice , only as an alternative if you have to and an expensive alternative at that .

sound to me like you peddle this stuff .

i bet everyone here understands my explanation just fine , i don't know why you have such a hard time understanding the negatives , unless you sell them and don't want anyone to know . this stuff ain't hard to follow !

they can give you all the guarantees they want about your buy in being fixed . they can give you decades of low to near zero return on your money instead since they control the rate and terms of your policy making this the most expensive insurance you can likely buy in ltc.

as kitces said not raising your premium 4k but giving you 4k less in interest is the same thing . it is all out of your pocket at the end of the day because if you did not buy the hybrid you would likely not be spending that much for your coverage when you can invest that money on your own and just pay the premium out of the returns on that money . .

Last edited by mathjak107; 10-15-2017 at 01:33 PM..
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Old 10-15-2017, 01:36 PM
 
216 posts, read 114,764 times
Reputation: 168
You seem to be only honed in to the non guaranteed cash value. Do you not understand what I have commented on repeatedly, that non guaranteed value is never part of the equation when buying this policy. Rate guarantees and return of premium and lifetime coverage don't seem to matter. But hey, you get to preserve some of your assets if you qualify for medicaid. By the way, have you ever visited facilities that accept medicaid and the ones that don't? HUGE difference. Sorry you can't follow.
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Old 10-15-2017, 01:43 PM
 
71,938 posts, read 71,971,035 times
Reputation: 49502
have i ? i sure have . i went to see the scoop before we took our insurance . we went to a few of the nicest private ones in our area who said if we were admitted as private paying patients for 2 years they have no issue with medicaid assignment .

so tell us do you sell those hybrids because it certainly appears that way . you keep arguing about all the points except the fact it is a better deal just to invest that big pile of dough you are turning over to that insurer and just pay the premium out of it for an actual policy . you have a cheaper deal and better coverage .

you just avoid the real deal , costs , that leads me to believe you peddle this stuff .
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Old 10-15-2017, 01:50 PM
 
216 posts, read 114,764 times
Reputation: 168
What part of rate guarantees, lifetime coverage and return of premium don't you understand. Regarding private pay, I have never seen a private pay facility that does not take medicaid patients agree to this. They never take medicaid paTIENTS, PERIOD. You are correct that facilities that do accept a limited amount of medicaid patients will move you over after a couple years of private pay.. But that is a big difference compared to private pay only. I do sell asset based plans, but most folks buy traditional.
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