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Can we move beyond this topic? The bottom line is those that want and can afford LTCi will get it. Those that don't want it, won't get it. It's that simple. No need to take sides or go back & forth. No need to justify anything.
Make a personal choice and move on.
Sometimes others like to read varying opinions to help them decide what is best for them. Especially when posters are familiar to them. For others it may just be a familiar topic they enjoy reading about and if wanting to joining the discussion.
Thus they make a personal choice and hang around the topic to discuss just like thousands of topics get repeatedly discussed in a wide range of forums.
when to take social security and how to deal with long term care issues are likely the two hottest and most frequent discussions in any senior forums that focus on the financial end .
there is only one forum for seniors i know of that is very popular yet financial discussions of any sort are rare .
the most frequent postings are all sorts of on line puzzles to figure out for fun . i don't spend much time there . i really have little interest in their puzzles , what they eat and their pet stories . but the forum is quite popular so it is just my interests are not there .
when to take social security and how to deal with long term care issues are likely the two hottest and most frequent discussions in any senior forums that focus on the financial end .
there is only one forum for seniors i know of that is very popular yet financial discussions of any sort are rare .
the most frequent postings are all sorts of on line puzzles to figure out for fun . i don't spend much time there . i really have little interest in their puzzles , what they eat and their pet stories . but the forum is quite popular so it is just my interests are not there .
Yuk, sounds like assisted living life style. However that's why there a variety of forums.
when to take social security and how to deal with long term care issues are likely the two hottest and most frequent discussions in any senior forums that focus on the financial end .
Long term care is an important topic. LTCi seems to be universally panned in popular discourse. I guess people need to figure out how they are going to pay for long term care on their own since most speak against getting the insurance.
we all hate paying for insurance because statistically what we pay for shows a small chance of happening .
just look at the odds of us dying young .
yet we have life insurance at young ages if we have families .
insurers can tell us how many people a year die and that statistic is important to them .
but they can't tell us who , so we can only assume it could be us and we act accordingly .
i don't self-insure because to self insure properly we have to pull a huge chunk of money out of our portfolio.
that portfolio creates our income and it is assumed that balance can go to zero by the 30th year and still have a very high success rate .
so that large chunk has to be isolated , invested very conservatively and not used to create income for us because i can't risk it is half gone and takes 15 years to come back in dollar terms because long term care costs keep rising greater than inflation and don't know from down market years . .
i can keep that money invested , keep it part of the income creation money and just take a piece of the gain and pay a premium for proper coverage . it covers 3 years in a snf or 6 years home care or assisted living . then after the insurance runs out our partnership plan has very nice asset and income protection perks .
it really was a no brainier once we thought about the mechanics of self insuring and not just calling it self insuring in words only . .
Last edited by mathjak107; 03-10-2018 at 04:51 AM..
A big problem with LTC insurance is that the insurance market for it has been unstable for years, with skyrocketing premiums for folks who bought in "cheap". There's also the issue of financial stability of the insurers behind the policies.
I priced LTCi, but there are a few factors that made it too pricey. I waited until late 50s, I have sleep apnea, my LDL was over 100 and my BMI was low 30s. As of today, my BMI is 24.8. I need to get in for a lab test soon and have good reason to believe I have pulled LDL under 100. I may spend another night at the sleep lab and see if it helped with apnea, but I feat it hasn't. But my wife is still an overweight heart patient who smokes. And even more time has passed and I turn 60 late this year. Most policies don't have premium locks and some people bought them when they were affordable only to have the payments double or triple and have to drop them. Stats seem to be all over the place; fake news isn't just a political thing. I have seen some stats that say it is extremely unlikely that you will ever exceed what you paid in as a payout, so if it went in to retirement savings instead of buying the insurance, it's the same money at risk. Many policies have caps, so the worst case scenarios can still break you. If there were a policy out there that is reasonably priced, has a premium lock and no payout cap, I think LTCi would be more popular. But the insurance company would probably go under.
Many policies have caps, so the worst case scenarios can still break you. If there were a policy out there that is reasonably priced, has a premium lock and no payout cap, I think LTCi would be more popular. But the insurance company would probably go under.
If you required those same criteria in other insurance areas, you'd never purchase auto insurance either.
I priced LTCi, but there are a few factors that made it too pricey. I waited until late 50s, I have sleep apnea, my LDL was over 100 and my BMI was low 30s. As of today, my BMI is 24.8. I need to get in for a lab test soon and have good reason to believe I have pulled LDL under 100. I may spend another night at the sleep lab and see if it helped with apnea, but I feat it hasn't. But my wife is still an overweight heart patient who smokes. And even more time has passed and I turn 60 late this year. Most policies don't have premium locks and some people bought them when they were affordable only to have the payments double or triple and have to drop them. Stats seem to be all over the place; fake news isn't just a political thing. I have seen some stats that say it is extremely unlikely that you will ever exceed what you paid in as a payout, so if it went in to retirement savings instead of buying the insurance, it's the same money at risk. Many policies have caps, so the worst case scenarios can still break you. If there were a policy out there that is reasonably priced, has a premium lock and no payout cap, I think LTCi would be more popular. But the insurance company would probably go under.
if you have ltc insurance it is usually because you have assets worth protecting . that plan should include what happens once the insurance runs out or you don't don't have a comprehensive plan , all you are doing is buying time until you are broke and impoverish the stay at home spouse from it if it goes on long enough . .
A big problem with LTC insurance is that the insurance market for it has been unstable for years, with skyrocketing premiums for folks who bought in "cheap". There's also the issue of financial stability of the insurers behind the policies.
they pretty much have it under control at this stage and priced right . most states now have protections in place against excessive increases . new york does not and this is our 4th year with gensworth and no increase since year 1 . that increase was because they applied the year before and it took a year to get approved .
the early policies worked off those outdated and incomplete statistics cited and found them way way off base from reality . it was a generation ago , it failed to count all those who needed snf care but found other sources of care like my dad , families learned the hard way it is not a good idea to try your own care . it ended up blowing up families ,divorces and careers , people who have insurance coverage tend to use that coverage , more of us are living longer with more issues .
so there is far far far more usage than those old numbers showed and the early policies were way under priced
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