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Old 02-22-2018, 06:07 AM
 
71,946 posts, read 71,971,035 times
Reputation: 49506

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Quote:
Originally Posted by reneeh63 View Post
That's great for you that you not only have money to "gamble" on an LTC policy but also extra for when it doesn't cover what you think it will.

Many will go broke trying to pay for the policy and end up abandoning it when they are at most risk. Most people DO pin their hopes on a policy because that's what it is FOR - shame on them for expecting a fair shake.
i pay for coverage now , just like term life insurance .do you think there is a big chance of dying young ? yet most have life insurance .

i pay each year for my ltc to be covered today not off in the future .

when i no longer want it i paid for what i got .
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Old 02-22-2018, 06:33 AM
 
Location: Philadelphia/South Jersey area
2,886 posts, read 1,413,664 times
Reputation: 10129
Quote:
Originally Posted by mathjak107 View Post
what gensworth catastrophe ? if you are talking about the industry wide big increases because early policies were way under priced compared to actual usage and wrong statatistics that was by mostly every insurer .

i have them for 4 years with no issues
Yes. Lol I feel so much better now knowing that millions of others got screwed also.

Glad you have no issues. Still not buying it .
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Old 02-22-2018, 06:34 AM
 
71,946 posts, read 71,971,035 times
Reputation: 49506
it was not getting screwed , you had coverage while you had it at a big discount from what it should have been priced at ..

you had a discount that should not have been , if a mistake in pricing did not happen.

usage was far greater than statistics alluded to. i have not had an increase from gensworth in 3 years now .actually i am surprised because costs have been rising as well as my coverage .
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Old 02-22-2018, 06:42 AM
 
Location: Philadelphia/South Jersey area
2,886 posts, read 1,413,664 times
Reputation: 10129
I beg to differ. I was sold a policy and told my premiums would be x dollars for a set number of years. The next year my premiums tripled. I don't give a rats you know what about the reasons. That's THEIR fault if they cannot conduct business without making huge mathematical errors.
Its that simple. I and 2000 other employees were sold a bunch of bull3#$.
Now that maybe fine with YOU but we got screwed.
Wrap it up in a neat explanation all your want but manure wrapped up in gold packaging is still manure.
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Old 02-22-2018, 06:50 AM
 
71,946 posts, read 71,971,035 times
Reputation: 49506
why you were told anything about increases not happening unless it says so in your policy ?

perhaps you need to blame the person who told you that and not gensworth if it is not a policy term.

like any insurance , you were covered for the year you took it and if you are unhappy with the terms , you got what you paid for and go elsewhere .

if my term life tripled and i did not like it , i would go elsewhere or just not renew , but i got what i paid for and i was covered for that year despite what my odds of dying are . . in fact if i shopped and found everyone else competitive i would be happy i got a discount that shouldn't have been ,.

if another company had a better deal i would do it with them . but all the companies based early policies on the same statistics so you would be hard pressed to find a company that was not under priced .

our 2nd year we got an increase of 10% because it takes insurers a long time to get increases approved so the increase was actually put in the year before we got our policy and they could not give us the higher rate until it was approved .so we knew it was coming . we just did not know what was approved

Last edited by mathjak107; 02-22-2018 at 07:01 AM..
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Old 02-22-2018, 06:50 AM
 
Location: RVA
2,174 posts, read 1,273,469 times
Reputation: 4497
Quote:
Originally Posted by TNSLPPTSO13 View Post
I apologize for not being as obviously perfect as you...I never made the right decisions or chose the right career or chose the right mate or didn't stop smoking soon enough(unlike you who probably never smoked)
I apologize for having life happen to me while ...
and congratulations for being superior and better than me
Sorry, but the original post comes off distinctly to me as just whining, and has nothing to do with someone being superior or better. Things cost what they cost, and life didnít just happen to most people, they make choices and they have consequences. This thread is full of platitudes; there are obvious answers, but people donít like them. You save so that you have money to live better and funds to pay for better care if you need it. If you donít like the costs, move to Mexico. If you donít/canít save, or have inadequate income for life in retirement, for WHAT EVER REASON, to afford care in the USA, your fault or not, then you suffer the consequences and survive based on the social programs that may exist when you need them. That is the truth and the point. In no place on earth is everyone guaranteed a happy wonderful retirement until death. The ones with more have a better life than the ones with less. Try to be one of the ones with more.
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Old 02-22-2018, 06:55 AM
 
71,946 posts, read 71,971,035 times
Reputation: 49506
money buys choices .
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Old 02-22-2018, 07:04 AM
 
Location: Central Massachusetts
4,800 posts, read 4,860,228 times
Reputation: 6379
Quote:
Originally Posted by Winter Sucks View Post
I'd rather leave my money to my family than a nursing home...wouldn't you?!
sure start now. I will be your adopted son.

Quote:
Originally Posted by BucFan View Post
Consider gifting it to them every year once you turn 70 and maybe you'll be eligible for medicaid.
Totally a good idea but people can start anytime. DW and I have begun with funding Roth IRA for our daughter.

Quote:
Originally Posted by jean_ji View Post
The money my Dad saved for my Mom’s future care in a memory care unit did change my life as a daughter. I don’t have to worry about where the money is coming from for her care and I was not put in the position to be a caregiver for a loved one with dementia. Thank you Dad, you saw it coming and did something.

Money can’t be given suddenly to a family member before going in a home if Medicaid is footing the bill. They do a lookback at finances to see if assets have been diverted. There is no free ride if money is anywhere in the picture.
I so love that. I hope my daughter will feel the same should she find herself in that same situation in the years to come. I have no plans of dying anytime soon but I have made sure that my wife is set should she need LTC after I have passed. So nice of you to remember dad in this.


To the OP the only thing anyone can do is what they can do. I didn't read all the responses. I am sure you got so sympathetic responses and some not so sympathetic. All of us struggle with the choice of getting LTCi or not. We made the decision not. Some here think we are crazy for not while others applaud that we have our plan that puts the onus on our mortgage free house.
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Old 02-22-2018, 07:31 AM
 
2,565 posts, read 1,032,243 times
Reputation: 2005
Quote:
Originally Posted by mathjak107 View Post
i pay for coverage now , just like term life insurance .do you think there is a big chance of dying young ? yet most have life insurance .

i pay each year for my ltc to be covered today not off in the future .

when i no longer want it i paid for what i got .
Since you are paying premiums and are to some extent, depending on this policy, I would expect you to feel the way you do. Not many thought AIG would have almost gone under. I still say you're better off creating your own LTC policy through savings and annuitizing this $ between several companies when you grow older. Annuities are protected against default by state guaranty associations up to a certain amount usually 300k.
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Old 02-22-2018, 07:34 AM
 
Location: Tampa, FL
27,798 posts, read 26,261,280 times
Reputation: 14611
Quote:
Originally Posted by mathjak107 View Post
i pay for coverage now , just like term life insurance .do you think there is a big chance of dying young ? yet most have life insurance .

i pay each year for my ltc to be covered today not off in the future .

when i no longer want it i paid for what i got .
Best way to view LTC insurance.
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