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Re: Long Term Care Policy Poll

I bought a policy for me and my wife three years ago when I was 51 and my wife was 37. I am glad I did when I did as in those three years, the prices have gone up substantially for the exact some policies we have. Also, the amount of coverage of our policies have increased as well since we have the ...
by Needtoknow
Sat Oct 26, 2013 3:50 am
 
Forum: Personal Finance (Not Investing)
Topic: Long Term Care Policy Poll
Replies: 42
Views: 2699

Re: LTC Insurance Revisited

So is there an internet site where I can price LTC policies without having to deal with an agent...at least initially? No, because there are so many variables involved in determining the cost of LTC. That is why you need to see an agent. I would suggest an independent one that can show you various ...
by Needtoknow
Mon Oct 14, 2013 2:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: LTC Insurance Revisited
Replies: 20
Views: 1835

Re: LTC Insurance Revisited

With a single pay, you would be protected from price increases.
by Needtoknow
Sun Oct 13, 2013 3:29 am
 
Forum: Personal Finance (Not Investing)
Topic: LTC Insurance Revisited
Replies: 20
Views: 1835

Re: LTC Insurance Revisited

Yes. these do exist. Many companies that sold LTC insurance had them, but many of them do not offer them anymore. They are legitimate policies.
by Needtoknow
Sun Oct 06, 2013 12:23 am
 
Forum: Personal Finance (Not Investing)
Topic: LTC Insurance Revisited
Replies: 20
Views: 1835

Re: Pension Question

gvsucavie03, You are only 32! Do you really need to make your J&S survivor option choice now for all time? I have trouble imagining you won't get to change your choice when retirement happens. I just retired and we didn't even have an option to make our J&S choice until then. Prior to that ...
by Needtoknow
Fri Aug 30, 2013 11:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pension Question
Replies: 22
Views: 2047

Re: LTCI, Age 28?

I think that LTCi is a good thing. I have policies for my wife and myself that I bought a few years ago. I am in my early 50's and my wife in her late 30's. There is not that big a difference in our premiums. I would suggest you wait 25 or so years and revisit this. Paying all of those premiums at s...
by Needtoknow
Thu Aug 22, 2013 8:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: LTCI, Age 28?
Replies: 13
Views: 1066

Re: So You're Going to Self Insure Long Term Care?

funny how he uses part of a post from an insurance agent site with misleading stats within the post. this has been discussed time and time again. please use the search button. of course even on that same site are other threads from other insurance agents who sell ltci regarding how the companies do...
by Needtoknow
Sat Aug 17, 2013 12:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: So You're Going to Self Insure Long Term Care?
Replies: 83
Views: 5293

So You're Going to Self Insure Long Term Care?

I know that many on this forum don't believe that LTCi is worth the money. However, I bought a policy and have great peace of mind knowing my wife and family will not be able to make sure I am taken care of if needed without putting so much strain on the family financially and emotionally. I know th...
by Needtoknow
Sat Aug 17, 2013 6:53 am
 
Forum: Personal Finance (Not Investing)
Topic: So You're Going to Self Insure Long Term Care?
Replies: 83
Views: 5293

Re: Long-Term-Care Insurance Leaves Customers Groping

The bottom line is this. No one can predict the future so if you have it and end up needing it, you have been smart. If you buy it and never use it, that's good because you're healthy. If you don't buy it and need it, you could be screwed. Those who could have bought it but are saving in those HSA a...
by Needtoknow
Mon Jul 08, 2013 12:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: Long-Term-Care Insurance Leaves Customers Groping
Replies: 61
Views: 5166

Re: Are hybrid cars cost effective?

I own a 2007 Toyota Camry Hybrid. I bought it new in 2006. Other than oil changes and regular maintenance checks, I have had NO problems. I like the mileage a great deal. I usually get around 35 mpg but depending on what and where I am going I can do better or worse. I have about 125,000 miles on it...
by Needtoknow
Wed Jun 19, 2013 4:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: Are hybrid cars cost effective?
Replies: 109
Views: 7286

Re: When to consider buying long-term care insurance?

It would be interesting to hear from those who have purchased LTCi within the last 0-3 years , and see what their calculations were. I just do not see how the numbers add up. - How does the policy provide increasing benefits to somehow approximate the true costs 15-25 years in the future? - How doe...
by Needtoknow
Tue Jun 04, 2013 4:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: When to consider buying long-term care insurance?
Replies: 64
Views: 4258

Re: When to consider buying long-term care insurance?

The bottom line is this. If you want the insurance and can afford it then buy it. if you don't and want to gamble that you won't need it, then don't buy it. As for canceling the insurance whenever they want to, that statement is incorrect. It is not like like car insurance in that respect. It's just...
by Needtoknow
Sat Jun 01, 2013 8:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: When to consider buying long-term care insurance?
Replies: 64
Views: 4258

Re: When to consider buying long-term care insurance?

As with everything there is not a hard and fast rule. There are always exceptions. I bought policies for my wife and me when I was 52 and she was 38. The difference for our annual premium about $300. That's not very much to me. However, her policy will be paid up if I should die first or my policy w...
by Needtoknow
Mon May 27, 2013 3:06 am
 
Forum: Personal Finance (Not Investing)
Topic: When to consider buying long-term care insurance?
Replies: 64
Views: 4258

Re: tax friendly states for retirees

Believe me, I think about the taxes and California supposedly has very high ones. However, each of the states will get you one way or another. I looked at houses in Texas. I have got to say that I was shocked at 3.09% property taxes. In California, I pay only 1%. Well, if a similar house costs 3 ti...
by Needtoknow
Wed May 15, 2013 10:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: tax friendly states for retirees
Replies: 96
Views: 7452

Re: tax friendly states for retirees

I must tell you that I found my retirement state back when I was 24 years old and I moved from New York City to Southern California. I have visited many of the states over the years keeping in mind the possibility of retirement. I must tell you that I keep coming back to my home in the "Califor...
by Needtoknow
Wed May 15, 2013 1:06 am
 
Forum: Personal Finance (Not Investing)
Topic: tax friendly states for retirees
Replies: 96
Views: 7452

Re: Long Term Care Insurance [CALPERS]

I would avoid these policies altogether. After the 85% increase you will see a 100% increase as these policies are losers for the underwriters. It is for folks like you, that I wished could read the comments of Mr. Olsen after the article. LTC is a need that SOME can benefit from. I know that my da...
by Needtoknow
Sun Mar 31, 2013 1:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: Long Term Care Insurance [CALPERS]
Replies: 3
Views: 503

Re: Long Term Care Insurance [CALPERS]

http://www.forbes.com/sites/baldwin/2013/03/29/dodge-the-long-term-care-insurance-mess/ Read this article from Forbes. It's very negative about LTC. Then read the comments particularly of a Scott Olson. He has two comments that really discusses where LTC is at and he even addresses CALPERS. I posted...
by Needtoknow
Sun Mar 31, 2013 10:16 am
 
Forum: Personal Finance (Not Investing)
Topic: Long Term Care Insurance [CALPERS]
Replies: 3
Views: 503

Re: How to shop for LTC insurance?

I would never buy one of these. Regardless whether you get in before or after the increases next month, there will be large annual increases as the policies are barely making it for the insurers. The fact that several large insurers are dropping out of the market is a tipoff. Save whatever you woul...
by Needtoknow
Sun Mar 31, 2013 12:48 am
 
Forum: Personal Finance (Not Investing)
Topic: How to shop for LTC insurance?
Replies: 28
Views: 2307

Re: Joint & survivor pension decision

I posted a similar thread on this last year. I have about 7 years to retirement, but was looking to see if there was something I could do now to prepare for my retirement. My wife is also younger at 14 years. The difference between me taking the single annuity from my pension and the 100% survivor o...
by Needtoknow
Sat Mar 30, 2013 12:39 pm
 
Forum: Personal Finance (Not Investing)
Topic: Joint & survivor pension decision
Replies: 62
Views: 3882

Re: How to shop for LTC insurance?

When you are purchasing LTC you need to be aware of a few key items that affect your premium. It can be confusing but you will have to give these items consideration. 1. How much coverage do you want to have per day or per month. Some LTC companies like Genworth reimburse for expenses per day. You s...
by Needtoknow
Sat Mar 30, 2013 2:09 am
 
Forum: Personal Finance (Not Investing)
Topic: How to shop for LTC insurance?
Replies: 28
Views: 2307

Re: Is 35/34 too young for long-term care insurance?

I gave an example in an earlier post of the benefit to buying a ltci policy sooner than later. However, I think that it if your finances are not in order then you should not be considering ltci. I'm in my early 50's and my wife in her late 30's. Our policies only have a $30 per month difference. Wit...
by Needtoknow
Sat Feb 23, 2013 9:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is 35/34 too young for long-term care insurance?
Replies: 132
Views: 5039

Re: Is 35/34 too young for long-term care insurance?

What you folks seem to be missing that is really important when buying a policy of compounded interest, which everyone should buy if they are considering a ltci policy. If you buy a policy at age 35 with $200/day benefits with 5% cpi then in 5 years at age 40 the benefits would be increased to $255/...
by Needtoknow
Sat Feb 23, 2013 1:12 am
 
Forum: Personal Finance (Not Investing)
Topic: Is 35/34 too young for long-term care insurance?
Replies: 132
Views: 5039

Re: Is 35/34 too young for long-term care insurance?

those who bought their policies a while back even with the increases are paying substantially more than those who more recently bought their policies. Where did you obtain this information? Most policies bought years ago have inflation riders and when you compare the current cost of new policies wi...
by Needtoknow
Wed Feb 20, 2013 6:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is 35/34 too young for long-term care insurance?
Replies: 132
Views: 5039

Re: Is 35/34 too young for long-term care insurance?

The name of the Asset Care policy I mentioned in the earlier post is from State Life and it's called Cared Solutions. If you should consider individual longterm care policies, I believe one of the advantages you would have is that being younger you would have the benefit of the compounding interest ...
by Needtoknow
Wed Feb 20, 2013 1:39 am
 
Forum: Personal Finance (Not Investing)
Topic: Is 35/34 too young for long-term care insurance?
Replies: 132
Views: 5039

Re: Is 35/34 too young for long-term care insurance?

I do not think that you are too young to buy long term care, especially considering the family history. It is true that your ages are younger than most who buy it, but the prices for it have increased over the years and with less benefits. I would make sure you look find an INDEPENDENT BROKER in you...
by Needtoknow
Wed Feb 20, 2013 12:27 am
 
Forum: Personal Finance (Not Investing)
Topic: Is 35/34 too young for long-term care insurance?
Replies: 132
Views: 5039

Re: Trip to Tokyo!

I spent nearly two months in Japan. I had a great time there traveling the country. It will be difficult for you to see too much if you are only going to be there for a week. However a week in Tokyo alone and you can see it well. I stayed in the Ginza area. It was fine with lots of stores and restau...
by Needtoknow
Sat Jan 12, 2013 3:09 am
 
Forum: Personal Consumer Issues
Topic: Trip to Tokyo!
Replies: 44
Views: 3745

Re: Who's LTC insurance premium has NOT (yet) gone up.

Northwestern Mutual 5 years and no increase Not only is Northwestern Mutual is expensive, they are WAY more expensive. Your premium can be double or more for the same benefits. Why would I pay that much more in the beginning so they can say that they have never raised their rates. That's ridiculous...
by Needtoknow
Sat Dec 22, 2012 1:01 am
 
Forum: Personal Finance (Not Investing)
Topic: Who's LTC insurance premium has NOT (yet) gone up.
Replies: 9
Views: 710

Re: Long term care insurance fading away

I want to also say that I will make this a priority to pay. I have assets that I would like to protect and thus, it is worth it to me. If I should get ill, I would not want to burden my wife and kids to take care of me. I consistently hear of people who need it and don't have it. It's no different t...
by Needtoknow
Mon Dec 17, 2012 6:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance fading away
Replies: 70
Views: 6829

Re: Long term care insurance fading away

I bought a 10 pay plan because I had read about the prices going up. However, I must tell you that as I looked at the CA state insurance's control on raising LTCi rates, I feel very fortunate because CA seems to be a lot tougher on insurance companies trying to raise rates than a lot of the others. ...
by Needtoknow
Mon Dec 17, 2012 6:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance fading away
Replies: 70
Views: 6829

Re: Long term care insurance fading away

I bought a LTC policy two years ago for me and my wife. I don't regret it because I have seen the impact on my own family when my dad was suffering from cancer and needed long term care that he did not have. He was not eligible for medicaid and had a modest pension and social security. I had to worr...
by Needtoknow
Mon Dec 17, 2012 3:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance fading away
Replies: 70
Views: 6829

Re: Too Much Insurance

This is very interesting because it helps me realize how everyone has a different situation. There are no hard and set rules. It also lets me know that life during retirement can still be very expensive. I receive a variety of discounts on all of the insurance I can get. I have higher deductibles. I...
by Needtoknow
Thu Dec 06, 2012 4:46 am
 
Forum: Personal Finance (Not Investing)
Topic: Too Much Insurance
Replies: 15
Views: 1169

Re: Long term care insurance fading away

I have LTCI with Genworth through my former employer and have the rate increased every 3 years to cover inflation, as planned, so I am feeling nothing bad yet. People who have self insured are paying for long term care of other people anyway via taxes which then cover the Medicaid expenses of long ...
by Needtoknow
Wed Dec 05, 2012 10:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance fading away
Replies: 70
Views: 6829

Re: Too Much Insurance

As you get older, and your assets increase, your need for insurance may disappear, depending on your personal circumstances. If you do not have a special needs child, or inheritance tax problems, you may not need life insurance at all as you approach retirement. For me, once my children were educat...
by Needtoknow
Wed Dec 05, 2012 3:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: Too Much Insurance
Replies: 15
Views: 1169

Too Much Insurance

I started looking at my expenses as I am looking at life insurance. As I looked at my annual expenses for insurance, it ocurred to me that I pay for a lot of insurance. Home insurance, life insurance, car insurance, health insurance, long term care insurance. That's a total of over $1,000 month. The...
by Needtoknow
Wed Dec 05, 2012 2:10 am
 
Forum: Personal Finance (Not Investing)
Topic: Too Much Insurance
Replies: 15
Views: 1169

Re: Primary workplace retirement vehicle

The advantage of 403(b) plans is that we can put aside as much as $49 or $50K per year if the employer sets it up right. 401(k) plans don't allow that much... This is not correct. 403B's have the same income limitations as 401k"s. You may be thinking of the combination of a 403B with a 457. Yu...
by Needtoknow
Mon Nov 19, 2012 9:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: Primary workplace retirement vehicle
Replies: 10
Views: 777

Re: [Choose] Defined Contribution Plan vs Defined Benefit Pl

Being a state employee and knowing that when I retire, I will receive over 90% of my income upon retirement I would say to go with the defined benefit. I pay 8% from my paycheck into my retirement, but will receive far more benefit than I put into it. In addition, my wife will receive 50%-100% of my...
by Needtoknow
Sun Nov 11, 2012 7:43 am
 
Forum: Personal Finance (Not Investing)
Topic: [Choose] Defined Contribution Plan vs Defined Benefit Plan
Replies: 17
Views: 1186

Re: Long Term Care (LTCi): Should we get it? Ways to cut cos

> The new quote for me is $3,603 365 day elimination period. Includes 100% home care, but only after the 365 day elimination period. Note: If I eliminate the 365day elimination period for home care only, the quote goes up to $4,413. > Realistically, I think that you will desire "partial" ...
by Needtoknow
Fri Oct 12, 2012 8:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: Long Term Care (LTCi): Should we get it? Ways to cut cost?
Replies: 54
Views: 4422

Re: The Long-Term Care Insurance Gamble

Whether a whole-life policy protects your inheritance depends on the legal situation, and I don't know what the laws are or how they vary by state. If you die while on Medicaid, the state has the first claim on your estate for the amount it spent on your care. I don't know whether putting the polic...
by Needtoknow
Sun Oct 07, 2012 7:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: The Long-Term Care Insurance Gamble
Replies: 81
Views: 4357

Re: Home Solar: Owning vs. Leasing

I live in South Orange County, California. I may be stupid, but I rented my solar energy system. I know many of you have frowned on it, but I have had if for a year and so far so good. My electric bill would run three, four, or five hundred dollars on some months because my wife likes likes the AC o...
by Needtoknow
Wed Aug 29, 2012 5:05 am
 
Forum: Personal Finance (Not Investing)
Topic: Home Solar: Owning vs. Leasing
Replies: 42
Views: 3088

Re: Long term care insurance

I posted on another long term care thread that has been active over the weekend. What I notice is that what's important is that you have some kind of viable plan in case you need long term care. I don't think it's important how you pay for it. Everyone will have their own method of paying. That's fi...
by Needtoknow
Tue Jul 10, 2012 1:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance
Replies: 61
Views: 4195

Re: Consumer Reports re long-term-care insurance

If you just look at LTC as just insurance and what insurance does which is to cover the risk of something and in this case need for long term care that is very expensive and is not covered by regular health care insurance, then if it is not a financial burden, you would purchase it. I bought a polic...
by Needtoknow
Mon Jul 09, 2012 1:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Consumer Reports re long-term-care insurance
Replies: 32
Views: 5151

Re: Infinite Banking

Although it's not a scam, it's not as good as it seems. i did quite a bit of reading on this. You will still have to pay the loans back and sometimes there are loans that you can get cheaper to do the same thing the infinite banking is trying to achieve. The fees for the policies are quite expensive...
by Needtoknow
Sat May 26, 2012 12:04 am
 
Forum: Personal Finance (Not Investing)
Topic: Infinite Banking
Replies: 4
Views: 853

Re: Must I move to another state so I can prosper?

I believe that you really need to determine what your goals are and then prioritize them. Once you do that, then everything falls into place. I moved to California. I believed at the time I could get more work in the acting field back then at the tender age of 24. When I left, NYC was quite dangerou...
by Needtoknow
Thu May 24, 2012 11:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: Must I move to another state so I can prosper?
Replies: 38
Views: 4515

Re: Young Fed retirement planning

I have a 28 year old son who works for the federal government. He served in the Air Force for seven years and is currently in the Air Force reserves. He was able to get his job in the federal government, working on a base in California, because of the work he did in the Air Force working with hazard...
by Needtoknow
Wed May 16, 2012 1:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Young Fed retirement planning
Replies: 22
Views: 1400

Re: Young Fed retirement planning

There are some advantages in moving to the D.C. area. In the National Capital Region, grade levels are generally higher than elsewhere, and the pay for the same level is higher than in most other places. Due to the concentration of the Executive-Branch Departments and Agencies, it is possible to mo...
by Needtoknow
Wed May 16, 2012 12:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: Young Fed retirement planning
Replies: 22
Views: 1400

Re: Pension--how concerned should I be?

I'll trade you your private pension plan, for my almost-bankrupt public employee plan. :D I belong to the largest public employee Pension plan in the nation. CalPERS. Last time I checked, they were something like 58 BILLION in the hole! Same thing with the 2nd largest Pension plan, the California T...
by Needtoknow
Sun May 06, 2012 5:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pension--how concerned should I be?
Replies: 17
Views: 2102

Re: Pension/Retirement plannnig with Insurance

I must say that as a person who found this board looking for some assistance that I am taken aback by the accusations that are hurled around....... I am now sorry that I have sought your assistance. This is the giveaway that you are most likely a minion of the insurance industry. Yes, some posters ...
by Needtoknow
Sun Apr 15, 2012 8:28 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pension/Retirement planning with Insurance
Replies: 97
Views: 4174

Re: Pension/Retirement planning with Insurance

The purpose of my post was to determine if I should buy a life insurance policy or choose one of my survivorship options. In any case I do need life insurance for now and in the future for my wife. I need it now in case something happens to me before I make my survivorship selection and when I die t...
by Needtoknow
Sun Apr 15, 2012 5:55 am
 
Forum: Personal Finance (Not Investing)
Topic: Pension/Retirement planning with Insurance
Replies: 97
Views: 4174

Re: Pension/Retirement planning with Insurance

I thought I had given enough information in my original post so that people would have a clear enough picture. My objective is really to just replace my income for my wife when I die. I was looking to see if I could do if while I was getting the single annuity of my pension. If that could be done r...
by Needtoknow
Fri Apr 13, 2012 6:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pension/Retirement planning with Insurance
Replies: 97
Views: 4174

Re: Pension/Retirement planning with Insurance

The annual premium you pay for a permanent life insurance policy at age 63 will be more than if you bought the same policy today. However, permanent policy premiums are roughly actuaraly equivvalent at all ages. For example, if you buy a permanent policy at age 25, it is expected that you will pay ...
by Needtoknow
Fri Apr 06, 2012 3:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pension/Retirement planning with Insurance
Replies: 97
Views: 4174
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