Everyone needs a plan for how they are going to handle long-term care (2014, relatives)
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So from what you've written, your LTC insurance comes from some California state job with the state backing the LTC policy. The vast majority of us never had that in our benefit package. I find your whole attitude about this reprehensible. You had some random state job where the taxpayers are now paying for you. I'm just glad I'm not one of the suckers paying California state income taxes to prop you up.
To be fair, a job benefit is not a freebie, no matter who pays it. If it's not a side benefit, then it would be salary. But they give a side benefit, instead of cash.
It's no more a sucker's game paying a govt salary than a private company paying your salary.
You seem very angry. You hate writing checks for things that benefit you. You hate my posts. You hate insurance companies.
Sigh, let's cover these one by one.
1. Wrong. I'm not angry, it just seems that way to you because you don't like being challenged
2. Wrong. I hate writing checks for things that likely won't benefit me, even if sometimes necessary
3. Wrong. I hate when people are so narrow minded they make insulting assumptions about others who don't share their world view
4. Wrong. Insurance companies provide a service that is often quite necessary, I've been with mine for 25 years and we have a great relationship
Since I've started interacting with you I've seen you make ridiculous assumptions about what how I spend money (with a hilariously shallow and condescending story about your friend buying too many t-shirts) and claim that I'll be looking to the government to provide for me. I just saw another post where you're now telling GeofID that he'll likely be living off the government teat. Seems to be a pattern.
Quote:
Originally Posted by honobob
I have posted my experience of having LTCi for almost 20 years and shared some specific details. All you have done is complain.
Sounds like "complain" is how you define any post that doesn't agree with you. I'm merely pointing out that unless you have received a financial payout from your LTC insurance program that is greater than the premiums you've paid in you have not come out ahead financially. Yes, you received a service but that in itself isn't coming out ahead. You might come out ahead someday if heaven forbid you must make a claim, but we both know the odds are against most people coming out ahead financially from insurance or else insurance companies wouldn't be profitable.
Quote:
Originally Posted by honobob
Otherwise all I see from you are attacks on me and bitchin in general. Have a nice life.
Sheesh who'd a thunk a LTC thread would bring such strong emotions? Let's all take a step back and go on topic instead of who said what and who was a meanie.
I'll restate my positions:
1. If you're paying LTC premiums but haven't received a payout greater than those premiums, you have not come out ahead financially
2. LTC isn't for everyone, there are many factors that come into play and everyone's situation is different.
To be fair, a job benefit is not a freebie, no matter who pays it. If it's not a side benefit, then it would be salary. But they give a side benefit, instead of cash.
It's no more a sucker's game paying a govt salary than a private company paying your salary.
The difference is that public sector jobs have a long list of juicy "side benefits" that were never funded properly. Since this is a LTC discussion and California was brought up, here's the California version of the mushroom cloud all the underfunded public sector LTC plans are experiencing.
CalPERS, which runs the nation's second-largest long-term care plan after one for federal government employees, has said the hefty rate increases are necessary to keep this insurance fund intact for future claims.
The CalPERS program, like other plans sold by private insurers, has been plagued by higher-than-expected claims, lower investment returns and poor pricing.
The taxpayers are stuck paying the tab. Current employees are facing massive rate hikes but the retirees are shielded from it. The same thing has happened with pensions and early retirement health benefits. Corporations largely had to fix this decades ago and the "fix" was to completely kill off those benefits since they're unaffordable.
Large employers can contract with insurance and investment companies to provide 401K and 403B benefits, insurance etc. Doesn't mean they pay anything but in exchange for giving them access to their employees the insurance/investment companies can have a deep pool to base rates on and offer a group acturial based benefit. In exchange the employer gets to offer it as a benefit election that doesn't cost them anything and helps them recruit and retain employees. A win/win situation for the employer, insurance company and employee all at no or minimal cost to the employer. There are federal regulations that will either require the company or the benefit providor to comply with. Large employers can get the providor to do the compliance work.
Also offering a plan through an employer brings the average age of enrollment down, which increases the percentage of policy holders who will never collect. My FA told me that the employer plans almost alway have little or no surrender value and the lapse rate is higher than on individual policies. I asked because I didn't like his quote (neither did he) but it was in line with others except for people who have large group plans. They can give you more favorable terms when data indicates others will volunteer to help pay for it. It seems like a really bad choice to let it lapse, but we are at an age where it is much easier to imagine needing it. If you get laid off and have to make some hard budget choices, it will likely be one of the first things to get cut. Insurance rates are not based solely on your likelihood of needing it; it's way more complicated than that.
I was having this LTCi discussion with my father's doctor one afternoon. My dad was in the rehab wing of a hospital and we (my mother and I) were looking at next steps after his 100 days medicaire coverage would be over. Neither of my parents carried any LTCi. I was lamenting that to the doctor and he told me it's better to take the money you would spend on premiums and invest, which is essentially what the insurance co is doing on your behalf. He has seen a lot of people have to walk away from the policy and you don't get all those years of premiums back so it's a sunk cost with no benefit at that point.
At the point my father was within 1 week of medicare in-patient ending and needing to be moved out of that rehab wing and directly into a SNC facility due to his level of Dementia, he got a massive systemic infection, was transferred to ICU, then hospice, and passed a few days later. I was so relieved for him; he never wanted to have to go to a nursing home after putting his own mother in one. I feel like his passing was a win for him and I knew he'd feel that way about it. So I sent up 'high fives' to him (in my mind) after realizing he was ready to go and was better off.
For me, given that I never know when I'll be laid off, and having that be a real risk, being stuck with big monthly premiums for a LTCi policy would not be wise. I'm good about socking away $$$ so that's the better path for me.
We are sending a reservation check off to a very nice CCRC today. Will put us on the list for whenever we eventually decide their independent living is for us. If we change our mind the deposit is refundable. It also gets us invited to some events which will help us get a better feel for. We toured again last week and felt this was where we wanted to land.
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