Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#16
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#17
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Long term care or any insurance is a bet
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Listen, learn AND SIGN NOTHING. Any presentation where you must act now. Don't walk now-RUN. I recall reading that the average stay in long term care is SIX MONTHS. What is SIX MONTH insurance worth? You may want to read the Oct 2017 Consumer Reports article. |
#18
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I don't subscribe to LTC premiums being a lot of money for something that may never be used.
Like home owners insurance? Car insurance? Rx insurance? To name a few almost all of us have. I personally do not accept the default of going broke and having medicaid is an acceptable alternative. Like the other insurances in our lives....all just in case...I prefer to add LTC to my list. To me I want some control over the type and quality of where I will be treated/housed. If I never have to use it it will be a plus. Like all the automobile premiums paid year in and year out for 60 years and happy to not have had to make a claim. I have LTC for the wife and I. We have been fortunate these many years to not have to use it!! Like so many things as we age, it is all about personal choices, finances, peace of mind (and affordability). |
#19
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#20
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OP, talk to your financial advisor, you may have options that you are not aware of. I am not interested in posting specific personal info on this site, but if you are interested, send me a PM.
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Pennsylvania, for 60+ years, most recently, Allentown, now TV. |
#21
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Something to consider...several years ago while looking for assisted living for a relative in another state, several of the nicer facilities that did not accept medicaid told us right up front that they did not accept LTC either! This was not an issue since that option was not on the table anyway so we didn't pursue their reasoning for it but it is something to consider before purchasing LTC. Perhaps talk to some of the facilities in the area and ask them if they accept it or not.
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#22
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#23
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I've posted before......................
There are a lot of studies out there................If you have less than $250k in assets, don't buy. And if you have over $1.5mil, don't buy. But if you are in the middle, should consider. Okay, Open Season............take shots. |
#24
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My alarm doesn't have a snooze button. It has a paw. Chloe & Lulu |
#25
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So yeah, to each, his own. |
#26
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Right, but I have never paid anywhere near $7500 per year for any insurance. I'd rather go on a cruise and take my chances with long term care.
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#27
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The $7500 per year would indicate you waited far too long to think about getting it.
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#28
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But like anything, it's what you want and the options you choose that determines the cost. We've got over $650K in shared pool benefits available, no elimination period for benefits, 3% annual compound inflation protection - so that current $650K pool keeps compounding each year. I've already mentioned we get a NYS 20% tax credit (not deduction), so now we're down to $6000 net for two people. My company throws in $1000 in my HSA every year - which can be used for LTC premiums - so now we're down to $5000 net for two people. Trust me - I've done my homework. And I'm not trying to convince anyone else to do it. Personally, I don't want to put my retirement nest egg at risk were something to happen to either me or my wife that would require some expensive LTC. But, that's just me. Everyone can - and should - decide what's best for them. There's no right or wrong. |
#29
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I read through all the replies. Some are accurate but some not. I'm new to the Villages and didn't expect to see the constant barrage of info about anything financial, but I guess I understand it. There are a ton of retirees down here and everyone wants to sell something. I do have some professional points that folks can take or leave;
Traditional LTC insurance is generally the use it or lose it variety. As people live longer and the costs get higher to care for someone, particularly if they have cognitive issues that can go on for years, the insurance companies pay out more and more in claims, so the premiums will only get higher. Premium pays for protection of assets. I've seen nest eggs and retirement accounts decimated because of the costs of not only facility care, but in-home care of a spouse. It's true that if you dont use it, you dont get anything back, and premiums will go up but, like it or not, how to pay for medical care like this is a huge financial risk for retirees, and most don't want to be a financial burden to their kids. People who buy LTC insurance are playing the odds, but statistics do show that chances are good one or both spouses will need some form of care when they get older. To those who say "oh, I'll just rely on Medicare or Medicaid to take care of things.": Have a better plan, because that one sucks. The more Medicare, Medicaid, and government is involved, the less choice you will have in what happens. Medicare stops paying after 90 days. Medicaid is the door to crappy facilities, restricted options for care, and spend-down scenarios with longer and longer lookback periods. These things are not what someone wants to deal with when they have to make hard decisions about the care of a loved one. Because of the down sides of LTC insurance, companies do offer other options for those who want some protection against having to come up with $6 or 8,000 a month to take care of their spouse. I've seen some hybrid products introduced that are sometimes a better option. Some are life-insurance based, others are annuity-based. If you have a decent financial planner, he or she should have let you know about these. I've seen annuity products that double or triple a one-time investment if the funds are used for LTC needs. That one requires good health but the person gets it back if they don't use it. For those who say that annuities are always bad; I disagree. They are very effective when used for the right purpose for the right person, and, like anything else, are just a piece of a good plan. The point is, investigate what is out there. There are actually some great solutions if huge long term care expenses might be in your future. |
#30
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