Search found 336 matches

by pintail07
Sun Sep 23, 2018 8:38 pm
Forum: Personal Finance (Not Investing)
Topic: Long Term Care
Replies: 55
Views: 2295

Re: Long Term Care

Most plans have the ability to add a rider that waives the waiting period for home care, I always include on client policies.
by pintail07
Sun Sep 23, 2018 6:29 pm
Forum: Personal Finance (Not Investing)
Topic: Long Term Care
Replies: 55
Views: 2295

Re: Long Term Care

I assume that longer deductible periods would appeal to few prospects. Regarding the One America policies, if the policy can do what you want it to do, pay a claim for lifetime and no rate increases, and the premiums are tolerable, seems the added bonus of life insurance or an annuity are really irr...
by pintail07
Sun Sep 23, 2018 6:07 pm
Forum: Personal Finance (Not Investing)
Topic: Long Term Care
Replies: 55
Views: 2295

Re: Long Term Care

National Guardian and One America. I show both to my clients. One big obstacle however, is about 30% of those that apply can't qualify medically. Make sure you talk with a independent broker and let them ask about medical history. We often submit preliminary info to the insurer to get an idea of ins...
by pintail07
Sun Sep 23, 2018 5:37 pm
Forum: Personal Finance (Not Investing)
Topic: Long Term Care
Replies: 55
Views: 2295

Re: Long Term Care

There are "long term" policies that will pay benefits for life. Self insuring is great as long as you don't need it. If you do have insurance after a few months of claims all premiums are more than returned in the form of claims. Self insuring can cost much more if one goes on claim. There are some ...
by pintail07
Fri Sep 21, 2018 6:05 pm
Forum: Personal Finance (Not Investing)
Topic: Out of network care
Replies: 96
Views: 7118

Re: Out of network care

My experience is they will pay out of network er visits. If you need more hospital time you will need to change to an in network. However, I was in an out of network er twice and needed further hospitalization, explained the out of network issue and they said on both times I was to critical to chang...
by pintail07
Thu Sep 13, 2018 9:57 am
Forum: Personal Finance (Not Investing)
Topic: dumb dentist question - canceling whole life insurance
Replies: 19
Views: 1882

Re: dumb dentist question - canceling whole life insurance

You can get all the premium back. I helped guide the poster you referred to and he got all his money back. I would assume the agent is a New York Life, Northwestern or Guardian agent. I wrote a ghost letter for the guy to send certified to the agent, his boss and the president of the company. They w...
by pintail07
Sun Sep 09, 2018 8:35 am
Forum: Personal Finance (Not Investing)
Topic: Valuation of Texas Oil lease
Replies: 6
Views: 928

Re: Valuation of Texas Oil lease

Reread the post, I am telling them not to sell.
by pintail07
Sun Aug 12, 2018 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: Understanding Medicare Options?
Replies: 39
Views: 1617

Re: Understanding Medicare Options?

My decision came down to networks. Wife and I both have illnesses that are being treated out of state and out of network with MA plans. We pay more each month, about 300 total, than an MA plan. If you want to not be limited to local networks, and the extra cash flow doesn't negatively impact you, I ...
by pintail07
Tue Jul 31, 2018 5:47 pm
Forum: Personal Finance (Not Investing)
Topic: Consistently over budget on food - what are you guys eating?
Replies: 70
Views: 6079

Re: Consistently over budget on food - what are you guys eating?

We usually eat out for lunch most every day, about 1000 per month. Another 800 for groceries and wine. We can't travel due to wife's health condition so we just access our vacation funds. We are excellent cooks and usually have better food that we prepare than eating out. We realized eating dinner o...
by pintail07
Tue Jul 31, 2018 3:53 pm
Forum: Personal Finance (Not Investing)
Topic: An argument against self-insuring for long-term care
Replies: 214
Views: 10969

Re: An argument against self-insuring for long-term care

How is C cheaper than B? Something doesn't look right there.
Most companies don't have policies greater than a 5 year benefit. The company quoted in New York Life, really a non player in the business.
by pintail07
Tue Jul 31, 2018 3:17 pm
Forum: Personal Finance (Not Investing)
Topic: An argument against self-insuring for long-term care
Replies: 214
Views: 10969

Re: An argument against self-insuring for long-term care

How about giving us a couple quotes along the lines of (feel free to switch the actual age/coverage amounts to whatever matches the standard policies you offer) a) 60 year old, 5 years of coverage at 100k/year (with some adjustment) b) 60 year old couple, say 8-10 years of coverage at 100k/year (wit...
by pintail07
Tue Jul 31, 2018 2:37 pm
Forum: Personal Finance (Not Investing)
Topic: An argument against self-insuring for long-term care
Replies: 214
Views: 10969

Re: An argument against self-insuring for long-term care

Now you're claiming that there's no such thing as self-insuring?
Insuring means spreading the risk over multiple insureds. Can't do that with one insured, you just assume the risk. As a math specialist I would think you would know this.
by pintail07
Tue Jul 31, 2018 2:35 pm
Forum: Personal Finance (Not Investing)
Topic: An argument against self-insuring for long-term care
Replies: 214
Views: 10969

Re: An argument against self-insuring for long-term care

Hmmm. I am certain you will say they exist and quote some providers. BUT. . . . . recently, we had a prenuptial agreement scenario where the attorney on the other side negotiated for unlimited long-term care for the spouse to be. Honestly, cost was not an issue my client is ultra HNW and was willin...
by pintail07
Tue Jul 31, 2018 2:26 pm
Forum: Personal Finance (Not Investing)
Topic: An argument against self-insuring for long-term care
Replies: 214
Views: 10969

Re: An argument against self-insuring for long-term care

People may get emotional value from insurance, but it's still mathematically sub-optimal compared to self-insuring. One doesn't self insure, they assume the risk, big difference. Again, assuming the risk is a smart choice if one never makes a claim, poor choice if one does. One may have the assets t...
by pintail07
Tue Jul 31, 2018 2:14 pm
Forum: Personal Finance (Not Investing)
Topic: An argument against self-insuring for long-term care
Replies: 214
Views: 10969

Re: An argument against self-insuring for long-term care

Again, if they have a $5 million portfolio, then they are making a mathematically sub-optimal decision, assuming that maximizing their assets over time is their goal. The "value" they are receiving then must be emotional. That's not to be discounted, but that's a completely separate decision criter...
by pintail07
Tue Jul 31, 2018 2:07 pm
Forum: Personal Finance (Not Investing)
Topic: An argument against self-insuring for long-term care
Replies: 214
Views: 10969

Re: An argument against self-insuring for long-term care

So you're saying that every potential risk that can be insured should be? Insurance policies are, on average, a losing proposition for the insured. That is a mathematical fact. Therefore, if a risk can be self-insured, the mathematically optimal strategy is to do so. I never said any such thing. Re...
by pintail07
Tue Jul 31, 2018 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: An argument against self-insuring for long-term care
Replies: 214
Views: 10969

Re: An argument against self-insuring for long-term care

A person with over $5 million has no need for LTC. They may desire some protection, but that's completely separate from whether they truly need it. A $5 million portfolio would easily yield an income enough to pay for both spouses to have nursing home care for decades. Risks that can be absorbed sh...
by pintail07
Tue Jul 31, 2018 1:49 pm
Forum: Personal Finance (Not Investing)
Topic: An argument against self-insuring for long-term care
Replies: 214
Views: 10969

Re: An argument against self-insuring for long-term care

As has been mentioned before, your use of percentage of portfolio to make the cost seem small is a bit absurd. What does the size of one's portfolio have to do with whether a product is a good value? you say it is only .4% (of a $1M portfolio) to get $500k of coverage. If i have a $4M portfolio, no...
by pintail07
Tue Jul 31, 2018 1:37 pm
Forum: Personal Finance (Not Investing)
Topic: An argument against self-insuring for long-term care
Replies: 214
Views: 10969

Re: An argument against self-insuring for long-term care

As an insurance broker for over 30 years I can't think of any of my clients with assets over 5,000,000 that don't have LTCi. The small downside of the premiums, inconsequential, is far outweighed by the upside of a claim that last over 6 months. I wrote many clients in the 90's that have experienced...
by pintail07
Sun Jul 29, 2018 8:01 pm
Forum: Personal Finance (Not Investing)
Topic: An argument against self-insuring for long-term care
Replies: 214
Views: 10969

Re: An argument against self-insuring for long-term care

Self insuring is great until you have a claim. Premiums are typically recovered in the first 6 months of claims.
by pintail07
Sun Jul 29, 2018 5:33 pm
Forum: Personal Finance (Not Investing)
Topic: An argument against self-insuring for long-term care
Replies: 214
Views: 10969

Re: An argument against self-insuring for long-term care

Very difficult decision. In the last 2 years I have seen the following: 1. Lifetime friend, 61, had stroke 2 years ago, no insurance and little savings, in hospital and rehab 6 months, at home wife with MS and other family are caring for him, total nightmare. 2. My brother, 60, had massive stroke a ...
by pintail07
Thu Jun 28, 2018 3:14 pm
Forum: Personal Consumer Issues
Topic: Used Hearing Aids
Replies: 8
Views: 663

Used Hearing Aids

Has anyone bought used hearing aids, if so where and experience.
by pintail07
Wed Jun 27, 2018 11:02 am
Forum: Personal Finance (Not Investing)
Topic: This is ridiculously expensive LTCi, right? Or maybe not?
Replies: 78
Views: 4489

Re: This is ridiculously expensive LTCi, right? Or maybe not?

All you have to do is complete a lost policy form and they will mail to her.
by pintail07
Tue Jun 26, 2018 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: This is ridiculously expensive LTCi, right? Or maybe not?
Replies: 78
Views: 4489

Re: This is ridiculously expensive LTCi, right? Or maybe not?

More than likely what happened was they had a large rate increase and offered you options of how to minimize these increases and reducing the benefit period was one. The company CANNOT change the terms of the contract unless you agree to it.
by pintail07
Sun Jun 24, 2018 4:43 pm
Forum: Personal Finance (Not Investing)
Topic: This is ridiculously expensive LTCi, right? Or maybe not?
Replies: 78
Views: 4489

Re: This is ridiculously expensive LTCi, right? Or maybe not?

A new policy for her, same benefits:
10 pay premium 25,000
If you want to reduce payments, reduce daily benefit, benefit period and or reduce inflation benefit. Before making a decision have agent run different options.
by pintail07
Sat Jun 23, 2018 1:44 pm
Forum: Personal Finance (Not Investing)
Topic: LTCi option - whole life w/ Continuation of benefits rider
Replies: 19
Views: 1562

Re: LTCi option - whole life w/ Continuation of benefits rider

I am purchasing the Asset Care I from One America, it covers 2 people, paying whole life premium plus 10 annual payments for the rider than it is paid off. You can buy it so that it depletes the whole life benefit within the first 2 years (that is at 0% inflation) than the unlimited LTC benefit kic...
by pintail07
Sat Jun 23, 2018 1:22 pm
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance
Replies: 7
Views: 1440

Re: Long term care insurance

You should investigate the annuity/ltc hybrids. I recently had a client with medical issues that couldn't get traditional or the life/ltc plans and was issued on the annuity. Warning, if you apply for the hybrid / life with one america and get denied then apply for the annuity/ltc they will deny tha...
by pintail07
Tue Jun 19, 2018 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: LTCi option - whole life w/ Continuation of benefits rider
Replies: 19
Views: 1562

Re: LTCi option - whole life w/ Continuation of benefits rider

At a minimum I would recommend 3% inflation. In addition, the first two years of claims the benefit is the original benefit not with any inflation. That could be a substantial outlay. Initially when I reviewed these products this disadvantage was never explained. When I brought it up to company reps...
by pintail07
Tue Jun 19, 2018 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: LTCi option - whole life w/ Continuation of benefits rider
Replies: 19
Views: 1562

Re: LTCi option - whole life w/ Continuation of benefits rider

Going to be in for a big surprise when you or spouse goes on claim in 20 or 25 years with these policies. Make sure you understand.
by pintail07
Tue Jun 19, 2018 3:39 pm
Forum: Personal Finance (Not Investing)
Topic: LTCi option - whole life w/ Continuation of benefits rider
Replies: 19
Views: 1562

Re: LTCi option - whole life w/ Continuation of benefits rider

You can fund from an IRA, I rarely recommend that option if there are other funding choices.
by pintail07
Sun Jun 17, 2018 4:10 pm
Forum: Personal Finance (Not Investing)
Topic: LTCi option - whole life w/ Continuation of benefits rider
Replies: 19
Views: 1562

Re: LTCi option - whole life w/ Continuation of benefits rider

For the same benefit with a 180 day waiting period and a 3% inflation rider, lifetime benefits assuming good health annual premium of 4500.
by pintail07
Sun Jun 17, 2018 1:05 pm
Forum: Personal Finance (Not Investing)
Topic: LTCi option - whole life w/ Continuation of benefits rider
Replies: 19
Views: 1562

Re: LTCi option - whole life w/ Continuation of benefits rider

Your broker should be aware and explain to you all options. He should explain the advantages and disadvantages and run multiple scenarios on each option to show total out of pocket costs, that is what my clients expect of me and you should as well. Don't do anything until you fully understand the pa...
by pintail07
Sat Jun 16, 2018 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: LTCi option - whole life w/ Continuation of benefits rider
Replies: 19
Views: 1562

Re: LTCi option - whole life w/ Continuation of benefits rider

Is the annual adjustment the inflation rider? How old are you and your spouse? Ask the broker what the annual payout would be if you went on claim in 25 years and stayed on claim 3 years? You need to compare with a traditional policy that offers lifetime benefits, only one is available. You might be...
by pintail07
Fri Jun 15, 2018 5:07 pm
Forum: Personal Consumer Issues
Topic: Long Weekend in November - NOLA, Austin, Other
Replies: 26
Views: 1434

Re: Long Weekend in November - NOLA, Austin, Other

Nashville is fantastic that time of year and has everything you like. If you choose and want a great fishing guide to fish Percy Priest, inside Nashville City limits, let me know the stripers will be on fire.
by pintail07
Tue Jun 12, 2018 2:31 pm
Forum: Personal Finance (Not Investing)
Topic: long term care insurance
Replies: 113
Views: 6189

Re: long term care insurance

I would take all comments on any forum with a grain of salt. I have stated many times on this forum that I am a long term care broker. My point is the poster vilolates forum rules of solicitation by referring folks to his website. I do sell both traditional and hybrid policies. I find most folks don...
by pintail07
Tue Jun 12, 2018 9:22 am
Forum: Personal Finance (Not Investing)
Topic: long term care insurance
Replies: 113
Views: 6189

Re: long term care insurance

So your name isn't SAO? Maybe the moderators can check this out, soliciting is frowned on. Are you not a long term care broker?
by pintail07
Tue Jun 12, 2018 8:50 am
Forum: Personal Finance (Not Investing)
Topic: long term care insurance
Replies: 113
Views: 6189

Re: long term care insurance

Ok, lets assume ltc inflation is the same as your policy's inflation 5%. Assume you go on claim in 25 years. Assume claim lasts 3 years, how much extra out of pocket costs will you incur due to no inflation other than the continuation of benefit rider?
by pintail07
Mon Jun 11, 2018 9:45 pm
Forum: Personal Finance (Not Investing)
Topic: long term care insurance
Replies: 113
Views: 6189

Re: long term care insurance

Hubris, have you run the numbers on how much extra you will owe if you go on claim in 20 or 25 years? Big number i bet your agent never explained.
by pintail07
Sun Jun 10, 2018 9:11 pm
Forum: Personal Finance (Not Investing)
Topic: long term care insurance
Replies: 113
Views: 6189

Re: long term care insurance

Isn't this your website,
https://www.ltcshop.com/

At least admit you are mostly a long term care insurance broker.
by pintail07
Sun Jun 10, 2018 5:35 pm
Forum: Personal Finance (Not Investing)
Topic: long term care insurance
Replies: 113
Views: 6189

Re: long term care insurance

Hubris, does your policy compound inflation benefit on just the continuous of benefit portion or on all benefits?
by pintail07
Tue May 22, 2018 11:11 am
Forum: Personal Finance (Not Investing)
Topic: Alzheimer's Disease, Long Term Care, and your Retirement Finances
Replies: 83
Views: 8453

Re: Alzheimer's Disease, Long Term Care, and your Retirement Finances

I think to often folks dismiss the viability of using insurance for all or a portion of the risk because of the dismal history, mostly for policies issued before 2004, of rate increases. Insurers have changed their underwriting and investment projections on their newer policies.
by pintail07
Tue May 22, 2018 9:14 am
Forum: Personal Finance (Not Investing)
Topic: Long Term Disability Insurance
Replies: 6
Views: 472

Re: Long Term Disability Insurance

You may qualify for additional individual coverage, talk to a broker that specializes in Disability.
by pintail07
Sat May 19, 2018 5:24 pm
Forum: Personal Finance (Not Investing)
Topic: Alzheimer's Disease, Long Term Care, and your Retirement Finances
Replies: 83
Views: 8453

Re: Alzheimer's Disease, Long Term Care, and your Retirement Finances

Even those with the ability to self insure, a long tail yearly claim of 100,000 in today's dollars for 10 or more years is a very tough pill to swallow.
by pintail07
Wed May 16, 2018 11:18 am
Forum: Personal Finance (Not Investing)
Topic: Would you send your children to private school in my situation?
Replies: 93
Views: 6909

Re: Would you send your children to private school in my situation?

We sent one of our children to a great religious private school and the other to a magnet school. The magnet school was hands down the best education.
by pintail07
Sat May 12, 2018 4:21 pm
Forum: Personal Finance (Not Investing)
Topic: Advice on building a timeless mens wardrobe?
Replies: 68
Views: 6082

Re: Advice on building a timeless mens wardrobe?

I buy all suits and sport coats and shirts custom made. Below is a link to great shirt tailor with incredible prices, have some of their shirts that are 10 years old:

BestCustomShirt.com
by pintail07
Wed May 09, 2018 4:47 pm
Forum: Personal Finance (Not Investing)
Topic: Disability Insurance Question
Replies: 4
Views: 766

Re: Disability Insurance Question

Before taking the supplement, I suggest checking with a disability broker and see if you qualify for an individual policy that always stay with you. Individual policies will use the after tax benefit when determining what you could qualify.
by pintail07
Sun May 06, 2018 7:46 pm
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance
Replies: 45
Views: 3765

Re: Long term care insurance

The two companies are National Guardian Life and One America. The One America is a hybrid policy and you better have your agent what really happens when you make a future claim, you will have to pay additional costs. The hybrid work for some but as a broker, if you can qualify, a traditional policy ...
by pintail07
Sun May 06, 2018 6:18 pm
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance
Replies: 45
Views: 3765

Re: Long term care insurance

If so, what am I missing? One thing to keep in mind is that the cost of LTC varies a lot depending on where you are are at so you may need to plan for it a lot differently if you are in a high or low cost area. https://www.genworth.com/aging-and-you/finances/cost-of-care.html I live in Georgia wher...
by pintail07
Sun May 06, 2018 7:23 am
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance
Replies: 45
Views: 3765

Re: Long term care insurance

A good broker can get an informal offer from many companies. We have a questionnaire that we have completed and then send it to 5 or 6 companies and have a tentative offer in a few days.
by pintail07
Fri May 04, 2018 7:28 am
Forum: Personal Finance (Not Investing)
Topic: Continuing Care facility - shielding some assets for the kids
Replies: 37
Views: 4171

Re: Continuing Care facility - shielding some assets for the kids

If they are currently starving artists, maybe they should redirect their lives so they don't have to depend on their parents. They will always be starving until they learn to stand on their own.