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Old 08-15-2016, 10:58 PM
 
2,132 posts, read 1,322,913 times
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A friend and I have discussed this. Our preferred option is a one-way scuba trip to the Caribbean.

We're half kidding. But only half.
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Old 08-18-2016, 04:39 PM
 
14 posts, read 9,093 times
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The key unknown for folks who are only in their 50s is how LTCi and CCRC providers will weather the coming upheavals triggered by regulations (politics of envy), market collapses (3 decades is a long time) etc. The profit motive will ensure that premiums will always rise or quality will decline accordingly as time passes and demand increases relentlessly.

I am not advocating that my approach is better as different strokes for different folks. It is just the most practicable if
you are blessed with relatively good health and your parents exhibit longevity. The primary focus on my LTC plan is to maintain my health and social connections as vigorously as I can by ballroom dancing a couple of times a week.

CCRCs cost so much because of huge facility, management and nursing overheads, regulations etc. Seniors in relatively good health should not rush to buy in unless they wish to subsidize current operations and trust that they will receive what they had been promised when the time comes ( sounds like Social Security eh? )

Luckily I live a in split-plan 3-bedroom single family home in a very nice covenant-restricted neighborhood close to endless amenities. I intend to set up my own individual "CCRC" when the time comes ... Simply contract house-keeping, grocery shopping, transportation etc to outside vendors. Compile a list of vendors and even try their services on an ad-hoc basis if desired.

I will also set up a "Golden Girls" arrangement when I feel that I should no longer live alone. I don't anticipate a problem attracting housemates as I live in a subdivision which is well sought after. Instead of checking out CCRCs, I will instead focus on socializing with folks who, like me, would like to age in place for as long as viable. I will only accept as housemates folks at least a decade younger than me. BTW, I don't need to find anyone for at least another decade.

I pray to God that I will have my mind till the day I die, hopefully, peacefully in my sleep. I will have no problem checking myself into an assisted living or nursing home when the time comes.
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Old 08-18-2016, 08:03 PM
 
Location: Central Massachusetts
5,141 posts, read 5,456,691 times
Reputation: 7297
Quote:
Originally Posted by RINKS888 View Post
The key unknown for folks who are only in their 50s is how LTCi and CCRC providers will weather the coming upheavals triggered by regulations (politics of envy), market collapses (3 decades is a long time) etc. The profit motive will ensure that premiums will always rise or quality will decline accordingly as time passes and demand increases relentlessly.

I am not advocating that my approach is better as different strokes for different folks. It is just the most practicable if
you are blessed with relatively good health and your parents exhibit longevity. The primary focus on my LTC plan is to maintain my health and social connections as vigorously as I can by ballroom dancing a couple of times a week.

CCRCs cost so much because of huge facility, management and nursing overheads, regulations etc. Seniors in relatively good health should not rush to buy in unless they wish to subsidize current operations and trust that they will receive what they had been promised when the time comes ( sounds like Social Security eh? )

Luckily I live a in split-plan 3-bedroom single family home in a very nice covenant-restricted neighborhood close to endless amenities. I intend to set up my own individual "CCRC" when the time comes ... Simply contract house-keeping, grocery shopping, transportation etc to outside vendors. Compile a list of vendors and even try their services on an ad-hoc basis if desired.

I will also set up a "Golden Girls" arrangement when I feel that I should no longer live alone. I don't anticipate a problem attracting housemates as I live in a subdivision which is well sought after. Instead of checking out CCRCs, I will instead focus on socializing with folks who, like me, would like to age in place for as long as viable. I will only accept as housemates folks at least a decade younger than me. BTW, I don't need to find anyone for at least another decade.

I pray to God that I will have my mind till the day I die, hopefully, peacefully in my sleep. I will have no problem checking myself into an assisted living or nursing home when the time comes.
That is a good plan. It may have some flaws but so do many others. It probably is only good if you are single. As a married couple if I brought in girls or guys to live in our house that would go over like a wet noodle in an oven. It at least is reasoned and well thought out. Unlike the Smith and Wesson plan that has no plan B because plan A has huge holes in it.

Thanks for the contribution.
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Old 08-18-2016, 08:04 PM
 
Location: San Antonio
7,629 posts, read 15,034,279 times
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The cost of LTCI for Federal Employees and retires is about to take a HUGE cost increase....

Federal long-term care premiums rising by triple digits
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Old 08-18-2016, 08:11 PM
 
Location: Virginia
6,975 posts, read 3,408,965 times
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Quote:
Originally Posted by Paka View Post
The cost of LTCI for Federal Employees and retires is about to take a HUGE cost increase....

Federal long-term care premiums rising by triple digits
Yeah; I read that. It almost makes me feel not so bad about getting rejected for coverage.
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Old 08-18-2016, 08:27 PM
 
Location: Central Massachusetts
5,141 posts, read 5,456,691 times
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Yes it is tough to take. The increase is going to hurt a lot of people. John Hancock will lose some but others will weather out the increase. I haven't applied yet but will soon. I don't know if I will be accepted but I need to do that to at least defray some of the costs of that care. If I get rejected I will figure something out.
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Old 08-18-2016, 08:41 PM
 
8,316 posts, read 8,710,537 times
Reputation: 11923
Quote:
The key unknown for folks who are only in their 50s is how LTCi and CCRC providers will weather the coming upheavals triggered by regulations (politics of envy), market collapses (3 decades is a long time) etc. The profit motive will ensure that premiums will always rise or quality will decline accordingly as time passes and demand increases relentlessly.
As a young boomer -- only 56 now -- I wonder how the sheer number of older boomers -- who are by far the larger percentage of the "boom" -- will stress the system before we younger boomers get to their age. Will their needs break or bankrupt the system, before we even get that old. They get theirs and WE are SOL. (Perhaps how some millennials might feel now….sadly.)
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Old 08-18-2016, 10:26 PM
 
Location: SF Bay & Diamond Head
1,776 posts, read 1,580,582 times
Reputation: 1973
Quote:
Originally Posted by selhars View Post
As a young boomer -- only 56 now -- I wonder how the sheer number of older boomers -- who are by far the larger percentage of the "boom" -- will stress the system before we younger boomers get to their age. Will their needs break or bankrupt the system, before we even get that old. They get theirs and WE are SOL. (Perhaps how some millennials might feel now….sadly.)
System? If you fail to plan or plan poorly the only "system" is taking all your assets so that you are eligible for whatever "system" is available for the poor.
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Old 08-19-2016, 10:46 AM
 
10,755 posts, read 10,527,191 times
Reputation: 14954
A friend of mine says she's had her LTCi plan since her mid 40's. She's 62 now. She claims she has never had a rate increase. I think she said her insurance company is Genworth (or something with a 'Gen' at the beginning of it). If true that's amazing, considering all the other rate hikes people are experiencing in their LTCi plans. And she moved cross country and says her policy is good for anywhere. Anyway, something to investigate...
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Old 08-19-2016, 12:43 PM
 
Location: SW US
2,545 posts, read 2,390,790 times
Reputation: 4565
Quote:
Originally Posted by selhars View Post
As a young boomer -- only 56 now -- I wonder how the sheer number of older boomers -- who are by far the larger percentage of the "boom" -- will stress the system before we younger boomers get to their age. Will their needs break or bankrupt the system, before we even get that old. They get theirs and WE are SOL. (Perhaps how some millennials might feel now….sadly.)
Or maybe new ideas for old age care will be developed as need increases
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