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^^ I know I would definitely expect a rate increase.
If you've had LTCI since you were 50, and the new company has to take you on at 65.
It knows you may have at least a couple of conditions you didn't have at 50.
Either way the company wins.
-- It can up the premium, and you pay more. It wins.
-- If you don't want to pay more, you can agree to less coverage. It wins.
That's just life and business, I guess.
That's why it's important to buy insurance from good insurance companies, not lousy insurance companies.
Gensworth.
Expensive, but I have a spine condition and have had cervical spine surgery.
I am hoping that I won't need the long-term care.
I have it, just in case.
So in light of this thread I did reach out to AARP and aaltci (American Association for ltci) and had some quotes prepared for me.
picked two insurance companies Mutual of Omaha and Transamerica. just as a benchmark. we picked a total "pool" of money of 200K (which according to the presentation will kick out 4500 bucks a month for 3.7 years) enough for in home "aide" and half of what is necessary for nursing home. 90 day wait. no inflation rider.
I got two quotes. 4200 and 5000 annually. they did say premiums would not go up. I pass as I still like my plan better. I did ask the agent at what age did most folks begin benefits. He's going to get back to me at that. My reasoning is if most women dont need care until they are 75, that's 20 years of kicking out 4200 bucks a year.
They also ran a simulation including a 2% and 3% inflation rider.
I've got one more meeting with New York life to see what they say.
So, I still think the plan I have is better for me but I'll check again when I hit 60 in a few years.
So in light of this thread I did reach out to AARP and aaltci (American Association for ltci) and had some quotes prepared for me.
picked two insurance companies Mutual of Omaha and Transamerica. just as a benchmark. we picked a total "pool" of money of 200K (which according to the presentation will kick out 4500 bucks a month for 3.7 years) enough for in home "aide" and half of what is necessary for nursing home. 90 day wait. no inflation rider.
I got two quotes. 4200 and 5000 annually. they did say premiums would not go up. I pass as I still like my plan better. I did ask the agent at what age did most folks begin benefits. He's going to get back to me at that. My reasoning is if most women dont need care until they are 75, that's 20 years of kicking out 4200 bucks a year.
They also ran a simulation including a 2% and 3% inflation rider.
I've got one more meeting with New York life to see what they say.
So, I still think the plan I have is better for me but I'll check again when I hit 60 in a few years.
Whoever gave you those quotes doesn't know what they are doing.
Those rates are more thandouble the actual rates.
So in light of this thread I did reach out to AARP and aaltci (American Association for ltci) and had some quotes prepared for me.
picked two insurance companies Mutual of Omaha and Transamerica. just as a benchmark. we picked a total "pool" of money of 200K (which according to the presentation will kick out 4500 bucks a month for 3.7 years) enough for in home "aide" and half of what is necessary for nursing home. 90 day wait. no inflation rider.
I got two quotes. 4200 and 5000 annually. they did say premiums would not go up. I pass as I still like my plan better. I did ask the agent at what age did most folks begin benefits. He's going to get back to me at that. My reasoning is if most women dont need care until they are 75, that's 20 years of kicking out 4200 bucks a year.
They also ran a simulation including a 2% and 3% inflation rider.
I've got one more meeting with New York life to see what they say.
So, I still think the plan I have is better for me but I'll check again when I hit 60 in a few years.
Here are the actual rates.
The rates are set by the insurance company, not the agent.
I wonder why the agent would quote you rates that are more than twice the actual rates.
Here are the actual rates.
The rates are set by the insurance company, not the agent.
I wonder why the agent would quote you rates that are more than twice the actual rates.
Lol I hate insurance agents. I have a meeting next week with AARP.
Ill continue to shop around. I'm also meeting with my fp, see what he comes up with.
**sighs***
I think ill spend all my money on whiskey and chocolates
Lol I hate insurance agents. I have a meeting next week with AARP.
Ill continue to shop around. I'm also meeting with my fp, see what he comes up with.
**sighs***
I think ill spend all my money on whiskey and chocolates
It's pretty weird that the agent you spoke with would give you rates that were almost 3x higher than the actual rates.
very strange.
It's hard to make a right decision if you have wrong information.
Lol I hate insurance agents. I have a meeting next week with AARP.
Ill continue to shop around. I'm also meeting with my fp, see what he comes up with.
**sighs***
I think ill spend all my money on whiskey and chocolates
I wouldn't waste my time on the AARP policy.
You can get comparable benefits from other leading insurance companies for about half the cost of the AARP policy.
We are big fans of LTCI. Even if we never use it, the cost vs peace of mind ratio is worthwhile.
We bought John Hancock, LIBOR-indexed LTC policies in 2008 (60/64). These seem to be pretty good policies with a shareable 6-year coverage period and a combined annual cost of about $4K for both policies.
Over 20-years, our combined total premiums of $80K is about equal today's cost of 1-year nursing home stay! Given today's increased life expectancy, plus the high probability we will never qualify for Medicaid, our LTC policies will likely prove to be an excellent investment. (We've also got a LTC rider on a lifetime annuity with SBL that will double the annuity income over 3-years if basic incapacity requirements are met.)
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