Search found 351 matches

by pintail07
Wed Nov 07, 2018 5:47 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term Care Insurance
Replies: 184
Views: 8741

Re: Long-term Care Insurance

Does her doctor say she needs care? If so, most policies will pay. I have been involved with many claims and NEVER had any issues. Just had a client go on claim and they had been paying for home care, they didn't realize that their policy didn't require a waiting period, payment from first day. For ...
by pintail07
Thu Nov 01, 2018 6:20 pm
Forum: Personal Consumer Issues
Topic: Thanksgiving vacation suggestions
Replies: 9
Views: 1225

Re: Thanksgiving vacation suggestions

Gatlinburg Tennessee area.
by pintail07
Sat Oct 20, 2018 4:30 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term Care Insurance
Replies: 184
Views: 8741

Re: Long-term Care Insurance

To be fair, shouldn't you take your parents to visit private pay facilities and medicaid/private pay ones? Are you certain they might not want to stay at home, have you seen what Medicaid pays for home care? I often see more children recommending their parents use Medicaid, is that to protect their ...
by pintail07
Sat Oct 20, 2018 4:12 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term Care Insurance
Replies: 184
Views: 8741

Re: Long-term Care Insurance

On the other hand, as we've discussed here on several occasions. most of the policies cover the first few years of care. That's in the nature of a prepaid expense since many people will need care for up to a few years. What's really needed is a policy that pays for an unlimited duration, but not for...
by pintail07
Wed Oct 17, 2018 5:04 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term Care Insurance
Replies: 184
Views: 8741

Re: Long-term Care Insurance

Because in most low cost of living areas the two are one in the same -- private pay people can sometimes be living right next door to a Medicaid person. There is no difference in the care. And people do not want to spend down all of their assets on a nursing home. Top You are correct regarding a fa...
by pintail07
Wed Oct 17, 2018 4:36 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term Care Insurance
Replies: 184
Views: 8741

Re: Long-term Care Insurance

It is really confusing to me as to why someone would want to plan on having to use Medicaid facilities versus private pay facilities. I want more options not less options.
by pintail07
Fri Oct 12, 2018 8:18 am
Forum: Personal Finance (Not Investing)
Topic: KaiZen Life Policy
Replies: 22
Views: 3863

Re: KaiZen Life Policy

As an insurance broker for several decades never ever saw any permanent insurance plan I would recommend as an investment tool. Why not post some actual numbers and convince us how it is so special.
by pintail07
Sat Oct 06, 2018 3:57 pm
Forum: Personal Finance (Not Investing)
Topic: Need Health Insurance (Non-ACA Options)
Replies: 80
Views: 5480

Re: Need Health Insurance (Non-ACA Options)

Wonderful option if you are healthy and don't have a totally unexpected complicated herniated L4 disc that ended in a spinal fusion. ... Like I did this year. My advice...don't risk your assets or quality of care. Changes everything...still. Top Was it a pre existing condition as in you mentioned s...
by pintail07
Fri Oct 05, 2018 5:59 pm
Forum: Personal Finance (Not Investing)
Topic: More Life Insurance?
Replies: 8
Views: 674

Re: More Life Insurance?

If you added up your retirement plan and other investments, how much income would that produce if something happened to you today. Assume she could withdraw 4% per year of that amount. Would that be adequate without burning through capital?
by pintail07
Fri Oct 05, 2018 8:15 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life Insurance Ownership Change - Tax Implications?
Replies: 3
Views: 312

Re: Whole Life Insurance Ownership Change - Tax Implications?

Why would you be the owner? The estate would own the policy and would pass according to the will is what I would presume.
by pintail07
Thu Oct 04, 2018 1:44 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare Question
Replies: 11
Views: 1452

Re: Medicare Question

Get a copy of the policy or a summary of benefits. Read the section regarding in patient rehab. Many of these plans offer 60 days as the benefit.
by pintail07
Thu Oct 04, 2018 9:02 am
Forum: Personal Finance (Not Investing)
Topic: Need Health Insurance (Non-ACA Options)
Replies: 80
Views: 5480

Re: Need Health Insurance (Non-ACA Options)

Not an expert in insurance, so forgive these ignorant questions: (1) What is a "short term" plan? Who offers them? Are there examples? (I'm aware of the ACA, of course, and the faith-based alternatives.) (2) I wasn't aware that "brokers" existed who offer assistance on health insurance matters. How...
by pintail07
Wed Oct 03, 2018 6:46 pm
Forum: Personal Finance (Not Investing)
Topic: Need Health Insurance (Non-ACA Options)
Replies: 80
Views: 5480

Re: Need Health Insurance (Non-ACA Options)

If, none of you have ANY pre existing conditions, and know what is in your doctor records, short term plans are an alternative. They will run for a year and then one can renew. Most have broader networks, but don't cover all the essential benefits required by ACA. I can't emphasize how important it ...
by pintail07
Wed Sep 26, 2018 4:17 pm
Forum: Personal Finance (Not Investing)
Topic: Long Term Care
Replies: 92
Views: 4834

Re: Long Term Care

LTCI is sold using fear and NOT rational factors.

Not all brokers use these tactics, I never have for one.
by pintail07
Sun Sep 23, 2018 8:38 pm
Forum: Personal Finance (Not Investing)
Topic: Long Term Care
Replies: 92
Views: 4834

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: 92
Views: 4834

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: 92
Views: 4834

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: 92
Views: 4834

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: 7288

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: 1984

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: 939

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: 1654

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: 6267

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: 11321

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: 11321

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: 11321

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: 11321

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: 11321

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: 11321

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: 11321

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: 11321

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: 11321

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: 11321

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: 11321

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: 11321

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: 694

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: 4656

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: 4656

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: 4656

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: 1605

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: 1483

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: 1605

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: 1605

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: 1605

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: 1605

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: 1605

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: 1605

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: 1472

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: 6441

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...