U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 07-20-2016, 10:32 PM
 
31,028 posts, read 37,114,091 times
Reputation: 13325

Advertisements

Folks considering LTCi don't forget you need the money to pay the elimination period and the medical cost prior to the home could break you if your nest egg isn't big enough
Rate this post positively Reply With Quote Quick reply to this message

 
Old 07-21-2016, 02:32 AM
 
Location: Guadalajara, MX
8,489 posts, read 4,127,556 times
Reputation: 15689
Quote:
Originally Posted by honobob View Post
AT THE COST OF NOT HAVING THE COVERAGE! Geez, you people that are counting on the government to provide you a lush lifestyle NEED a reality check.
The cost to me for not having LTC coverage has been exactly $0. I understand there might be an event someday that LTC would cover, but until we know how much the payoff is after elimination period and the investment return on what I would have paid in premiums we can't say what the cost is. However I don't agree with your bizarre rationalization that it has been a payoff financially, unless you mean in terms of emotional factors.

Furthermore I'm not counting on the government to provide me a lush lifestyle, we're retired and count on exactly one thing: passive income from our investment portfolio. You have no idea what our financial situation is in terms of expenses or portfolio so you're again making asinine assumptions about others that you know little about. Seems to be a pattern with you.

Quote:
Originally Posted by honobob View Post
So please show me the Lie giang plan to invest $1,000 per period AND cover current LTC needs to be wealthier. Penny wise, foolish.
How is this possible unless you can tell me what my LTC needs will be?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-21-2016, 06:21 AM
 
Location: RVA
2,459 posts, read 1,538,983 times
Reputation: 5644
$1000 or even $3000 a year would be fine. But $6k a month coverage quotes Ive seen with 90day elimination are like $2500 a month! (Age 60). Makes little sense to me at those rates.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-21-2016, 06:23 AM
 
31,028 posts, read 37,114,091 times
Reputation: 13325
Food for thought. As a result of another discussion I thought I might add the following thought. LTCi can for many be a tool that enables you to take more risk with your assets which can yield higher long term return on investments.
That can in fact make the real cost of the insurance less expensive. If you are buying LTCi without a certain level of assets at work it doesn't apply. Each reader knows if it is or could be helpful to their portfolio.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-21-2016, 06:24 AM
 
Location: Central Massachusetts
5,148 posts, read 5,464,362 times
Reputation: 7312
Quote:
Originally Posted by Perryinva View Post
$1000 or even $3000 a year would be fine. But $6k a month coverage quotes Ive seen with 90day elimination are like $2500 a month! (Age 60). Makes little sense to me at those rates.
Yes if you are trying to cover the entire cost via insurance. If you have a steady income you might be able to have insurance cover 3k a month and you pay the rest. There are many ways to skin the cat. Now I am not saying you have to. I am just giving you one alternative.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-21-2016, 06:25 AM
 
31,028 posts, read 37,114,091 times
Reputation: 13325
Quote:
Originally Posted by golfingduo View Post
Yes if you are trying to cover the entire cost via insurance. If you have a steady income you might be able to have insurance cover 3k a month and you pay the rest. There are many ways to skin the cat. Now I am not saying you have to. I am just giving you one alternative.
Very true and that is why policies are so very different with so many variables you can elect to add to your policy at cost.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-21-2016, 07:06 AM
 
31,028 posts, read 37,114,091 times
Reputation: 13325
Quote:
Originally Posted by reneeh63 View Post
If I could get the coverage NOW that you got THEN for a price of a couple hundred a month I'd likely bite...but the point is that the deal you got THEN is no longer available, as far as I can see. So that's why I'm irritated when you rub our noses in it.

It's not that we're stupid - it's that you got something, based on the time you were in the market that isn't available now. So you were wise...but also LUCKY! Get it? BTW, you don't make your own luck, you're just smart enough to take advantage when the opp comes along. If I don't have the opportunity then all the luck in the world doesn't matter...or all the smarts either. So yes, tell us how you were so smart but acknowledge the other factors and show a crumb of empathy for why LTCi isn't quite the deal it was for you. After all, 20 years ago when YOU bought in, I was THIRTY...so yeah, I didn't waste my opp.
Food for thought for those who are younger as you make a great point. For those of us in our 60's buying it now v 15 years ago is a unfair comparison. However if you are in your late 40's early 50's consider that in 20 years this conversation will possibly still be ongoing. Do you want to be one of those who bought early?

Has anyone investigated the cost LTCi today for a 52 year old compared to the same age 16 years ago factoring in inflation.

Last edited by TuborgP; 07-21-2016 at 07:15 AM..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-21-2016, 07:56 AM
 
Location: Guadalajara, MX
8,489 posts, read 4,127,556 times
Reputation: 15689
Quote:
Originally Posted by TuborgP View Post
Very true and that is why policies are so very different with so many variables you can elect to add to your policy at cost.
This. Far too many variables for anyone to make a blanket statement about what is always best, and definitely not enough to make sweeping assumptions about others based on what they believe is best for them.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-21-2016, 11:35 AM
 
Location: Central Massachusetts
5,148 posts, read 5,464,362 times
Reputation: 7312
Quote:
Originally Posted by lieqiang View Post
This. Far too many variables for anyone to make a blanket statement about what is always best, and definitely not enough to make sweeping assumptions about others based on what they believe is best for them.
You are right Lieqiang. There are a lot of variables and I for one as the OP like the discussion this brings. There are good ideas that people have that will be useful for others. The troubling thing I have is sometimes we take things a little too personal. Discussion is good. Even some back and forth is good. What isn't good is to slide down the slippery slop and post something that can be taken wrong whether it is meant or not.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-21-2016, 02:58 PM
 
8,531 posts, read 5,047,550 times
Reputation: 18191
Quote:
Originally Posted by stevek64 View Post
Yes, we get it, we all die of course. But genes need to be expressed, don't have to define your health as the final conclusion.

Example....wife was on high level of statin drug for years, 300+ total without it, 200 with 40mg of statin. Still high. Her parents have 400+ total cholesterol without pills. Most would say it's all hereditary, genes, no other options like her Dr.'s told her. Wife ate a fairly healthy diet the Dr. recommended and still no change in her total. The fix? She had to give up any food with cholesterol, including the small amount of boneless chicken and fish she ate. She adopted a whole foods plant based diet. In a few months, her total was down to the 150's, no statins.

Yes, she has a genetic disposition to high cholesterol. No question. But lifestyle changes were able to overshoot the expression of that genetic disposition for high cholesterol she no doubt has. The few people we know who wanted to give up their statins, blood pressure meds, etc we know had similar results with the same diet change my wife made.

Again, a choice is available for many of these common "diseases" that many think is all hereditary like cholesterol. Though I know most people don't want to adopt a lifestyle/diet change as my wife did. I get it. But for my wife it was well worth the change and it saves us a pile of money on statins and she's much healthier for it and goes back to this thread......at least offer this lifestyle advice as an option instead of the pills/procedure game in these top 5/10/20 lists to save money on healthcare costs.
That's amazing.

I agree. A genetic disposition just means you have to attack that issue head-on. Some would say diabetes 2 runs in my family, but I tell people, if they ask, that I will probably never have it. That's because you have to do certain things, and not do certain things, to get it; since I have a genetic disposition to it, I take reasonable care to prevent it (which is more care than another person w/o the disposition would have to take).

Still, cancer is rampant, now. It strikes anyone and everyone. It could be our environment, the water, whatever. So we can't prevent everything.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top