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Old 01-07-2012, 01:37 PM
 
Location: Berlin Germany
271 posts, read 460,873 times
Reputation: 123

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Dire Warnings Made For Hawaii's Aging Population - Honolulu News Story - KITV Honolulu

This was on here as a subject before, but many felt that the extended families may be a way to handle a lot of it. Partially true, but the abilities will diminish as the families age as well, and, their resources may/may not be sufficient. A practical subject that deserves attention by all of us. Any firsthand knowledge about current impact? Many of my friends have expressed a desire to move to Oahu, but the future (soon) for many is right around the corner. I have urged them to prepare for years, many procrastinate. Getting older is NOT a surprise. Life happens!
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Old 01-07-2012, 09:07 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
34,176 posts, read 62,191,877 times
Reputation: 38144
This is why we have long term care insurance, wherever you live, and people should start buying it by about age 40 when it's affordable rather than depend on their kids and the government.
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Old 01-07-2012, 10:38 PM
 
Location: Berlin Germany
271 posts, read 460,873 times
Reputation: 123
Quote:
Originally Posted by Hemlock140 View Post
This is why we have long term care insurance, wherever you live, and people should start buying it by about age 40 when it's affordable rather than depend on their kids and the government.


I definitely agree and did so several years ago while younger. Costly, but becomes almost prohibitive if people have waited until later and are older. Trying to urge people to prepare is futile. Instead of eating out every night, and living beyond their means or credit cards, the money should have been used to pay premiums for care. C'est la vie.
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Old 01-07-2012, 11:21 PM
 
181 posts, read 530,101 times
Reputation: 184
You pay the insurance company for years and years, thousands and thousands of dollars, and then they go bankrupt because they didn't invest the money wisely and you get nothing.

But that will never happen.
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Old 01-08-2012, 02:11 AM
 
1,872 posts, read 2,451,231 times
Reputation: 2153
Quote:
Originally Posted by cagary View Post
You pay the insurance company for years and years, thousands and thousands of dollars, and then they go bankrupt because they didn't invest the money wisely and you get nothing.

But that will never happen.
Or when you do finally get sick, they amazingly find some way to get out of covering you.
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Old 01-08-2012, 05:00 AM
 
18 posts, read 50,180 times
Reputation: 45
Quote:
Originally Posted by McFrostyJ View Post
Or when you do finally get sick, they amazingly find some way to get out of covering you.
And that'll never happen either...

Where do you feel most comfortable investing your energy and resources? A network of friends/family/others whose relationships are defined by mutual interests, trust and respect? Or, an organization whose existence is premised upon a legal construct of generating revenues above all else, and when that doesn't work out so well, following the appropriate legal processes for absolving themselves of any lingering obligations?

I've got a pretty good idea where my efforts will be getting directed.
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Old 01-08-2012, 01:24 PM
 
Location: Berlin Germany
271 posts, read 460,873 times
Reputation: 123
Quote:
Originally Posted by cagary View Post
You pay the insurance company for years and years, thousands and thousands of dollars, and then they go bankrupt because they didn't invest the money wisely and you get nothing.

But that will never happen.

Gee, that could be an analogy for social security. Or, choosing to not get immunized as something ELSE will likely kill us anyway. The great thing in America is freedom to choose your own destiny. Often, those left standing, bury those that excuse, lack of action, with fatalistic mindsets.
All 50 states have emergency funds set up for these types of situations. Called a state guaranty fund these state administered funds are designed to protect life insurance/long term care policyholders in the event that their insurance company goes bankrupt. Licensed insurance companies have to pay an annual fee into the pool so that if a company goes out of business the life insurance policies are honored. In many cases, it doesn’t even come to this because another company will buy the bankrupt company out before the customer even knows about it (which makes sense when you think about it – because every life/long term care insurance company would be hurt to some degree if there was a lot of publicity around even just one life insurance company going under). Each state has its own department of insurance and regulations within these departments vary from state to state. However, every state has a back up account to help the insured when a company goes bankrupt. It is called the State Guaranty Association. This includes car insurance, homeowners insurance, life insurance and other types of coverage. The main variable from state to state is the maximum amount the department of insurance will pay out for individual policies.

When a company goes under or gets taken up by another company, part of what they have to deal with is the outstanding policies that might be there. Most of the time, if your company is going under, there will be an option for all of the policy holders to be able to cash in their policies if they would like to do so, or transfer them to another company if that is the case. Therefore, if your insurance company is going under or is being purchased by another company, it will be the responsibility of your insurance company to make sure that you are getting the money that you would be able to get from your insurance company.
The one thing that you must be sure to do is to pay attention to the way that your insurance company is doing and whether or not they are being talked about in any news reports or magazines. When a company is having troubles you should be able to get information about it from somewhere. It is also important that you are able to pay attention to any company information that you are sent when you have your policy. If your company does go under, and you have to choice of whether you would like to cash out your policy or transfer it to another company, you need to look carefully at both options and see what types of things you will be able to benefit from with both options. It is very important that when you are ready to make your decision you have already researched both of them and you know which will be better for you financially. If you have already started to use your long term care when your company goes under, you will have to be sure that you get a different type of long term care insurance as soon as you can. You cannot afford to be without it for very long ,and you might find that it is difficult to buy long term care insurance when you already need it.

Last edited by Jeepers Creepers; 01-08-2012 at 01:34 PM..
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Old 01-08-2012, 02:10 PM
 
181 posts, read 530,101 times
Reputation: 184
Quote:
Originally Posted by Jeepers Creepers View Post
Gee, that could be an analogy for social security. Or, choosing to not get immunized as something ELSE will likely kill us anyway. The great thing in America is freedom to choose your own destiny. Often, those left standing, bury those that excuse, lack of action, with fatalistic mindsets.
All 50 states have emergency funds set up for these types of situations. Called a state guaranty fund these state administered funds are designed to protect life insurance/long term care policyholders in the event that their insurance company goes bankrupt. Licensed insurance companies have to pay an annual fee into the pool so that if a company goes out of business the life insurance policies are honored. In many cases, it doesn’t even come to this because another company will buy the bankrupt company out before the customer even knows about it (which makes sense when you think about it – because every life/long term care insurance company would be hurt to some degree if there was a lot of publicity around even just one life insurance company going under). Each state has its own department of insurance and regulations within these departments vary from state to state. However, every state has a back up account to help the insured when a company goes bankrupt. It is called the State Guaranty Association. This includes car insurance, homeowners insurance, life insurance and other types of coverage. The main variable from state to state is the maximum amount the department of insurance will pay out for individual policies.

When a company goes under or gets taken up by another company, part of what they have to deal with is the outstanding policies that might be there. Most of the time, if your company is going under, there will be an option for all of the policy holders to be able to cash in their policies if they would like to do so, or transfer them to another company if that is the case. Therefore, if your insurance company is going under or is being purchased by another company, it will be the responsibility of your insurance company to make sure that you are getting the money that you would be able to get from your insurance company.
The one thing that you must be sure to do is to pay attention to the way that your insurance company is doing and whether or not they are being talked about in any news reports or magazines. When a company is having troubles you should be able to get information about it from somewhere. It is also important that you are able to pay attention to any company information that you are sent when you have your policy. If your company does go under, and you have to choice of whether you would like to cash out your policy or transfer it to another company, you need to look carefully at both options and see what types of things you will be able to benefit from with both options. It is very important that when you are ready to make your decision you have already researched both of them and you know which will be better for you financially. If you have already started to use your long term care when your company goes under, you will have to be sure that you get a different type of long term care insurance as soon as you can. You cannot afford to be without it for very long ,and you might find that it is difficult to buy long term care insurance when you already need it.
The state government in Hawaii is in no condition to bail out anything, especially private insurance companies. The state of Hawaii is over 11 BILLION dollars in debt. It is currently spending over 3 BILLION dollars more than it takes in in revenue. With over 40,000 unemployed and over 170,000 individuals receiving food stamps, its tax receipts are way down. And if you think help is coming from 5,000 miles away in Washington, DC, forget it. They are TRILLIONS of dollars in debt and won't be sending Hawaii a dime any time soon.

State of Hawaii Debt Clock

As V-Mutt said, invest in your family, friends and local organizations (and I might add farmland and gold) and you'll be much better off in the long run.
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Old 01-08-2012, 02:37 PM
 
Location: Kailua
10,869 posts, read 14,159,471 times
Reputation: 5348
Quote:
Originally Posted by cagary View Post
The state government in Hawaii is in no condition to bail out anything, especially private insurance companies. The state of Hawaii is over 11 BILLION dollars in debt. It is currently spending over 3 BILLION dollars more than it takes in in revenue. With over 40,000 unemployed and over 170,000 individuals receiving food stamps, its tax receipts are way down. And if you think help is coming from 5,000 miles away in Washington, DC, forget it. They are TRILLIONS of dollars in debt and won't be sending Hawaii a dime any time soon.

State of Hawaii Debt Clock

As V-Mutt said, invest in your family, friends and local organizations (and I might add farmland and gold) and you'll be much better off in the long run.
I think you should check your math. The debt is 11 Billion offset by 10 Billion in Revenue. You can't have any situation where you spend nothing.

Unemployment on Oahu where most of the population is - is among the lowest in the US.
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Old 01-08-2012, 04:11 PM
 
181 posts, read 530,101 times
Reputation: 184
Quote:
Originally Posted by whtviper1 View Post
I think you should check your math. The debt is 11 Billion offset by 10 Billion in Revenue. You can't have any situation where you spend nothing.

Unemployment on Oahu where most of the population is - is among the lowest in the US.
I think you should check your math.

I said, " The state of Hawaii is over 11 BILLION dollars in debt. It is currently spending over 3 BILLION dollars more than it takes in in revenue.

Spending is $13.8 billion
Revenue is - $10.3 billion
Deficit $ 3.5 billion

This 3.5 billion will be added to 11 billion dollar hole (debt) the state government is already in.

You are confusing Total debt with the Yearly deficit.
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