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Old 08-05-2016, 09:05 PM
 
31,027 posts, read 37,075,630 times
Reputation: 13325

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Quote:
Originally Posted by honobob View Post
I have not heard that there was a problem getting new buyers of LTCi. CalPers stopped enrollment for several years to adjust to the changing economy. They don't seem to have an enrollment problem. Although what strikes me as odd is that everyone claims very few people ever use their benefit or if they do that it is very limited AND the premiums are too high yet companies are going out of business! That doesn't add up. I do agree if everyone were required to buy this insurance at a minimum level at least then it should be less cost for all.
I think my pool of insured are probably a higher educated level of participants and realize the goal is to never make a claim and gladly hope their money goes to someone else's care. I'm baffled by the people that post about not coming out ahead like this was an investment.
Yeah, I understand what you are saying and it is a higher educated and income product with a limited market that can afford and continue being able to afford it in retirement. Consider when Fidelity etc recommends a couple have a set amount of multiple hundreds of thousands of dollars set aside for health costs and insurance and others consider that ridiculous.
My comments in many ways are based on having a very broad based and diverse retirement income. I realize that some parts are functioning fine and others are stunted or facing challenges down the road for a variety of reasons. It makes me realize that most might not have the full range that I have and their income could really be seeing limited growth. Especially if they are single or have only one spouse supporting their retirement finances etc etc.
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Old 08-05-2016, 09:10 PM
 
24,886 posts, read 17,480,769 times
Reputation: 18093
Quote:
Originally Posted by honobob View Post
I have not heard that there was a problem getting new buyers of LTCi. CalPers stopped enrollment for several years to adjust to the changing economy. They don't seem to have an enrollment problem. Although what strikes me as odd is that everyone claims very few people ever use their benefit or if they do that it is very limited AND the premiums are too high yet companies are going out of business! That doesn't add up. I do agree if everyone were required to buy this insurance at a minimum level at least then it should be less cost for all.
I think my pool of insured are probably a higher educated level of participants and realize the goal is to never make a claim and gladly hope their money goes to someone else's care. I'm baffled by the people that post about not coming out ahead like this was an investment.
This might help explain things:


Why Long-term Care Insurance Is Becoming a Tougher Call


Long-term care insurance: What to do?


Medicaid Spending On Long-Term Care 'Not Sustainable' : Shots - Health News : NPR


And so it goes....


Long story short just as the need is vast and growing seems many in government and elsewhere failed to plan properly on what resources are required.
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Old 08-05-2016, 09:28 PM
 
Location: SF Bay & Diamond Head
1,776 posts, read 1,579,393 times
Reputation: 1973
Quote:
Originally Posted by BugsyPal View Post

Long story short just as the need is vast and growing seems many in government and elsewhere failed to plan properly on what resources are required.
Yep, it's the governmits fault.
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Old 08-05-2016, 09:44 PM
 
31,027 posts, read 37,075,630 times
Reputation: 13325
Quote:
Originally Posted by honobob View Post
I have not heard that there was a problem getting new buyers of LTCi. CalPers stopped enrollment for several years to adjust to the changing economy. They don't seem to have an enrollment problem. Although what strikes me as odd is that everyone claims very few people ever use their benefit or if they do that it is very limited AND the premiums are too high yet companies are going out of business! That doesn't add up. I do agree if everyone were required to buy this insurance at a minimum level at least then it should be less cost for all.
I think my pool of insured are probably a higher educated level of participants and realize the goal is to never make a claim and gladly hope their money goes to someone else's care. I'm baffled by the people that post about not coming out ahead like this was an investment.
I suspect you are like me and would gladly pay if our policies doubled or tripled and that guaranteed the solvency of them being there when we need them. Especially as we get up in age. Seems like the percentage of policy holders who pay up when faced with large rate increases is very high. Which supports your point.

I know others would strongly disagree and that is their right.
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Old 08-05-2016, 11:25 PM
 
8,311 posts, read 8,697,530 times
Reputation: 11899
Quote:
OMG, I don't think you do get "it". Exactly WHAT do you think is being said that is smart that, in your opinion, is NOT. Your post just seems to be a rant of you can't get the same deal someone got 20 years ago! That doesn't seem to be working out well for you. So are you saying you DO want LTCi but can't afford the equivalent of a pack of smokes a day? Don't worry what others have. You have to work with the market you are in.
1) You have peace of mind about what you’re paying for. I have peace of mind about my decision.
As of now -- that’s all either of us is getting out of our decision – peace of mind. So, so much for “what’s working out.”
2) Until we’re both 90 and know whether we will have needed LCT and didn’t have the money for our needs – NEITHER of us know what has – ULTIMATELY – ‘worked out well’ for either of us.
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Old 08-06-2016, 12:10 AM
 
Location: SF Bay & Diamond Head
1,776 posts, read 1,579,393 times
Reputation: 1973
Quote:
Originally Posted by selhars View Post
1) You have peace of mind about what you’re paying for. I have peace of mind about my decision.
As of now -- that’s all either of us is getting out of our decision – peace of mind. So, so much for “what’s working out.”
2) Until we’re both 90 and know whether we will have needed LCT and didn’t have the money for our needs – NEITHER of us know what has – ULTIMATELY – ‘worked out well’ for either of us.
See you are completely wrong thinking we are equal. You seem to forget that I have a policy that will pay today $104,000 a year if the need comes today. You in the same situation will have your assets frozen and if you are incapable of making your decisions the burden will be shifted to your family and loved ones. There s NO comparison in our situations.

Also to foolishly think neither of us could have the need until the age of 90 is just delusional.

Please, be happy with your choice but do not think for one moment that we are on equal footing in our LTC plan.
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Old 08-06-2016, 12:19 AM
 
8,311 posts, read 8,697,530 times
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^^ OK …until the end of our lives and it's known whether we ever needed care…..is that better?

God forbid a person should not be on "equal footing" with your plan.
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Old 08-06-2016, 12:23 AM
 
Location: SF Bay & Diamond Head
1,776 posts, read 1,579,393 times
Reputation: 1973
Quote:
Originally Posted by selhars View Post
^^ OK …until the end of our lives and it's known whether we ever needed care…..is that better?

God forbid a person should not be on "equal footing" with your plan.
Gamble with your future all you want. I prefer the sure thing of having better when I'm older and sick. when I most need it.

And you are the one trying to make foolish comparisons of our plan. I merely pointed out that they were NOT equal. Be happy being not equal. Remember, that is the choice you made.
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Old 08-06-2016, 06:15 AM
 
31,027 posts, read 37,075,630 times
Reputation: 13325
Quote:
Originally Posted by honobob View Post
Gamble with your future all you want. I prefer the sure thing of having better when I'm older and sick. when I most need it.

And you are the one trying to make foolish comparisons of our plan. I merely pointed out that they were NOT equal. Be happy being not equal. Remember, that is the choice you made.
Not to jump in but ok, let them be happy in their choice and let life go on with all of us happy with our decisions. My thinking about the topic is similar to yours but if others ELECT a different path may that work out for them. Isn't our goal in life/retirement for all to share the fruits that we do? I don't think it is to better others but to cheer them on to the best outcomes also. Best of outcomes to both of you.

I am confused by what I just said about wishing things work out for each of you and what that really means.
Am I saying I hope your plan works out and you get to use your LTCi and get maximum ROI on it?
Am I saying I hope that Selhar lives a long and healthy life and lives pass 95 w/o ever needing LTC?
Am I saying that I hope all of us live healthy beyond 95 and never need LTC whether we have insurance or not?

Oh well let me exit this dog fight now and wish you each the best of aging!
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Old 08-06-2016, 07:43 AM
 
10,745 posts, read 10,512,567 times
Reputation: 14934
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