Long Term Care Insurance Quote, Please Review

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Gray
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Re: Long Term Care Insurance Quote, Please Review

Post by Gray » Fri Dec 02, 2011 12:02 pm

And if you're going to get LTC coverage, you really need to get it by age 50. Afterward, it gets much more expensive based on age alone. Further, you may develop medical conditions that could cause you to be uninsurable or make your premium much more expensive.

In short, if you think you might have a disabling medical condition developing (e.g., bad knees, hip, Parkinsons, etc.), you should get the LTC coverage before your condition worsens. Better yet, get your LTC coverage before your condition is diagnosed and documented in medical files that the insurance company can and will pull during underwriting. If you lie about a condition, your insurance coverage may be rescinded or benefits denied.

Brody
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Re: Long Term Care Insurance Quote, Please Review

Post by Brody » Fri Dec 02, 2011 12:07 pm

Gray wrote:And if you're going to get LTC coverage, you really need to get it by age 50. Afterward, it gets much more expensive based on age alone. Further, you may develop medical conditions that could cause you to be uninsurable or make your premium much more expensive.

In short, if you think you might have a disabling medical condition developing (e.g., bad knees, hip, Parkinsons, etc.), you should get the LTC coverage before your condition worsens. Better yet, get your LTC coverage before your condition is diagnosed and documented in medical files that the insurance company can and will pull during underwriting. If you lie about a condition, your insurance coverage may be rescinded or benefits denied.
This is part of the issue with LTCi. What you have said is correct and I can show lots of reasons why it is better to buy it younger. The problem is that it comes with the assumption that long term care is going to be the same or similar in 30-40 years as it is now.
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yobria
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Re: Long Term Care Insurance Quote, Please Review

Post by yobria » Fri Dec 02, 2011 1:17 pm

Gray wrote:In short, if you think you might have a disabling medical condition developing (e.g., bad knees, hip, Parkinsons, etc.), you should get the LTC coverage before your condition worsens.
My mother had bad knees, and her sister a bad hip. Their solution was to get them replaced, not buy LTCI. With a degenerative disease like Parkinson's, I don't think you'd be able to get coverage in the first place.

Nick

dhodson
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Re: Long Term Care Insurance Quote, Please Review

Post by dhodson » Fri Dec 02, 2011 2:55 pm

yes this goes back to my point that its hard to predict both from an individual and from an insurance company point of view, who will need expensive long term care except in the more obvious cases. The joint examples certainly dont paint a picture of necesarily requiring a ton of long term care resources for most people. That doesnt mean insurance companies wont give you a higher rate if you have one of these though since they dont have a better way to pinpoint the financial risks. Thus if you know you want to buy this product, then sure buy it before your costs go up. If you are deciding on if you should buy it, then your bad knee isnt a barometer.

Gray
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Re: Long Term Care Insurance Quote, Please Review

Post by Gray » Fri Dec 02, 2011 4:14 pm

Sometimes one has an idea or premonition that they may have a condition before it's formally diagnosed.

Yes, Parkinsons would eliminate you from coverage. So what I was saying was if you think you were observing the signs, you could apply for coverage, but you'd have to wait a period of time after applying for coverage before your medical record showed the formal diagnosis or they could say you applied knowing you had it.

My mother in law was obese, had both knees replaced, but still walked unaided when she got the coverage. I suppose what I meant to say was to get the coverage no later than 50.

I'm glad she has it because the benefit is is now $326.55 facility, $163.8 in-home care, both with a lifetime payout and a continued 5% compounded benefit increase each year.

ddunca1944
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Re: Long Term Care Insurance Quote, Please Review

Post by ddunca1944 » Fri Dec 02, 2011 5:17 pm

My husband and I took out a policy in 2009. I agree with Brody that it is a very individual decision and it makes sense for some to do so but clearly there is no "one size fits all" solution here.

I researched LTC policies for nearly a year before coming to the conclusion that it was an appropriate decision for us. My biggest concern is a strong history of Alzheimers in my family. I'm 67 and both my parents are still living (one is currently in a nursing home with Alzheimers). We have enough assets that we would not qualify for Medicaid, but we are not so well off that we could self insure. A long term stay (5 or 10 or more years) in a nursing home (at a current cost of about $80K/yr would decimate our savings leaving the other in dire straits.

Our policy is less extensive than the OP, our combined premiums are $3200/yr. I do regret not signing up before my 60th birthday. I had to have a physical exam by a dr specified by the ins co (John Hancock).

It does give me some peace of mind to have the policy - and, yes, it has the 5% inflation protection. It will pay about 75% of the cost for four years. I figure we can afford to pay for one full year and 25% of the cost for four years.

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wlpotts
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Re: Long Term Care Insurance Quote, Please Review

Post by wlpotts » Sat Dec 03, 2011 9:11 am

Posters that have responded thus far have given superior responses and reasonings. They are, for the most part, right on!

That said, something that poster "tc101" stated picqued my interest and motivation to further respond.

Each and every one of us are in different real-life situations and realities. The decisions as well as the non-decisions that each of us should make toward our Long-Term care needs, in my opinion, needs to be thoughly considered and weighed upon on a multitude levels; for the person or persons being directly affected as well as the entire family or the loved ones that might also be affected by certain consequences.

There are so many contributing factors to consider on whether or not to insure; let alone when to insure, who to insure, how much to insure, but then also how to structure a LTC insurance plan that must ultimatley serve to benefit the ones you love and to whom you're trying to protect.

Also, here are some variables that must be considered. Here is a abbreiviated list that come to mind,
Do you own you own home? One that you can forfeit to the state if you need to pay for LTC? Do you have children? What are their plans for care if you need it? Are they willing? Do you want you provide an inheritance? What if they can't afford the care you or your spouse needs? Do you loose it all? What happens when the siblings have put all of their assets up tp take care of you and they end up bankrupt?

What state do you live in? There are different social benefit programs available that vary widely. Long term care facilities and skilled nursing homes rates vary hugely from region to region.

Ugg, there are many variables, but these variables are specific to each person, their realities, and their wishes. They should all be considered and possibly discussed with the family, while making your plans for care.


As the OP described her situation
Sometimes one has an idea or premonition that they may have a condition before it's formally diagnosed.
I did at age 43. I didn't want to be a burden on my family, so I opted for the 10 year pre-paid plan with the 5% inflation adjustment. I have two years to go before fully paid, but just last week recieved a notice that the premium will rise by 22%. It is my decision that it's okay to pay the increase for 2 years psuedo-fixed rather than being subjected to futher premium payment uncertainty.


All that said, my mother at 78 is in a skilled nursing care facility for an undetermined period of time since she drove off the road and brpke both legs and sholder. My grandmother at 96 years lives alone in my mothers house and I have to arrange for care, safety, travel, food, and support for her 3000 miles away. My siblings have no interest in assisting physically or financially. The skilled nursing facility was going to to throw my mother out after the SS/Medicare 99 days maximum limit expired. I had to come up with 7K in one day just to keep her with care and in the facility.

The facility ultimately released her, probably because she was so beligerent, some 20 days later, but the facility has yet to refund the pre-paid cash money back to me for now 7 months.

In summarry, I hope that what is provided above offers some objetcive view point for which you may gain perspective.

Respectfully,


Warren P.
Some have it. Some don't. Either way, here I am!

Brody
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Re: Long Term Care Insurance Quote, Please Review

Post by Brody » Sat Dec 03, 2011 9:46 am

wlpotts, Excellent post!

For anyone with a caring family, long term care is not a personal decision. It is a family decision. For most people reading this, having or not having long term care insurance will have no impact on the quality of care that they receive. It is the family that bears the cost of long term care decisions. These costs can be financial, emotional, and/or physical.
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GregLee
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Re: Long Term Care Insurance Quote, Please Review

Post by GregLee » Sat Dec 03, 2011 1:04 pm

Brody wrote:wlpotts, Excellent post!

For anyone with a caring family, long term care is not a personal decision. It is a family decision.
I agree that Warren's post is very interesting and thoughtful. There are probably quite a few of us, though, that need to plan the latter stages of their retirement without the participation of a "caring family". There really is no one that my wife and I could depend on to manage our affairs if we are no longer capable, so the problem goes beyond funding.
Greg, retired 8/10.

Brody
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Re: Long Term Care Insurance Quote, Please Review

Post by Brody » Sat Dec 03, 2011 1:26 pm

GregLee wrote:
Brody wrote:wlpotts, Excellent post!

For anyone with a caring family, long term care is not a personal decision. It is a family decision.
I agree that Warren's post is very interesting and thoughtful. There are probably quite a few of us, though, that need to plan the latter stages of their retirement without the participation of a "caring family". There really is no one that my wife and I could depend on to manage our affairs if we are no longer capable, so the problem goes beyond funding.
Your wife counts as "caring family". The healthy spouse often tries to take care of the unhealthy spouse and like I said, there is a emotional, physical, and/or financial cost to this. In other words, with or without LTCi, she will do everything in her power to make sure that you get the best care possible, but it will come with a cost.
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GregLee
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Re: Long Term Care Insurance Quote, Please Review

Post by GregLee » Sat Dec 03, 2011 2:27 pm

Brody wrote:In other words, with or without LTCi, she will do everything in her power to make sure that you get the best care possible, but it will come with a cost.
No doubt. Since I cared for my mother in the last years of her life, I'm fairly well acquainted with what's involved. I'm sure I can take of my wife, if I remain healthy, and I think she can do the same for me. And when one of us dies, I've contrived our finances so that the other can continue on in relative comfort (possibly in a nursing home). However, if both of us are disabled and live a long time, that's going to be a problem.
Greg, retired 8/10.

bluemarlin08
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Re: Long Term Care Insurance Quote, Please Review

Post by bluemarlin08 » Sat Dec 03, 2011 5:37 pm

Very hard to take care of a patient with advanced altzeimers and dementia at home.

mar@mal-tlg.us
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Re: Long Term Care Insurance Quote, Please Review

Post by mar@mal-tlg.us » Mon Dec 05, 2011 11:22 am

Nate,

Here are some opints yu may have missed and are critical when buying ltci: LONG TERM CARE INSURANCE

How To Get The Best Value For Your Money:

1. Do not rely on financial ratings such as AM Best or Std & Poor but buy when a company has a COMDEX RATING OF 93 OR HIGHER WITH more than 50 billion dollars in invested assets and is making a profit in ltci business; and, does not show a negative spread between premium written and operating results but actual profit – a positive spread.

First rule of insurance, is the money there to pay the claim!!!

Do not be unduly swayed by a special feature which may well be available thru most ltci policies; or any marketing techniques which distract from
good decision making.

2. Read a sample policy before signing any paperwork to know the exclusions/limitations of coverage; policy must cover/include active military service, war, terrorism, drugs, alcohol and self-inflicted injury claims and provide an optional personal care advisor at no charge; know the limitations & exclusions ...

3. Buy from a mutual company that pays dividends and has no conflict of interest between insureds and stockholders;

4. Buy from a company that has never raised rates on in-force business; offers partnership plans including the 3% compound inflation rider & covered partner shared care with a third pool of money;

5. Must offer 35% joint-insured discount, 10% employer-group discount, accept premium payments via a tax-free 1035 surrender from existing life or annuity policy.

6. Must provide for OPTIONAL INDEPENDENT PERSONAL CARE ADVISOR at no charge.

Hope I've helped - I know what5 I own and recommend for my clients and also know that most consumers do not do the research they should before buying - this is a caveat emptor world - especially in intangibles...


Mary Ann Linehan, MSFS, ChFC, CLU

Phone: 610.687.2360 Email: tlg@mal-tlg.us

Brody
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Re: Long Term Care Insurance Quote, Please Review

Post by Brody » Mon Dec 05, 2011 11:31 am

mar@mal-tlg.us wrote:Nate,

Here are some opints yu may have missed and are critical when buying ltci: LONG TERM CARE INSURANCE

How To Get The Best Value For Your Money:

1. Do not rely on financial ratings such as AM Best or Std & Poor but buy when a company has a COMDEX RATING OF 93 OR HIGHER WITH more than 50 billion dollars in invested assets and is making a profit in ltci business; and, does not show a negative spread between premium written and operating results but actual profit – a positive spread.

First rule of insurance, is the money there to pay the claim!!!

Do not be unduly swayed by a special feature which may well be available thru most ltci policies; or any marketing techniques which distract from
good decision making.

2. Read a sample policy before signing any paperwork to know the exclusions/limitations of coverage; policy must cover/include active military service, war, terrorism, drugs, alcohol and self-inflicted injury claims and provide an optional personal care advisor at no charge; know the limitations & exclusions ...

3. Buy from a mutual company that pays dividends and has no conflict of interest between insureds and stockholders;

4. Buy from a company that has never raised rates on in-force business; offers partnership plans including the 3% compound inflation rider & covered partner shared care with a third pool of money;

5. Must offer 35% joint-insured discount, 10% employer-group discount, accept premium payments via a tax-free 1035 surrender from existing life or annuity policy.

6. Must provide for OPTIONAL INDEPENDENT PERSONAL CARE ADVISOR at no charge.

Hope I've helped - I know what5 I own and recommend for my clients and also know that most consumers do not do the research they should before buying - this is a caveat emptor world - especially in intangibles...


Mary Ann Linehan, MSFS, ChFC, CLU

Phone: 610.687.2360 Email: tlg@mal-tlg.us

Holy cow. This is one self serving post. If a Comdex is 92, don't consider it???? It must be a mutual company???? Discard any company that has ever raised rates???? Must be a 35% discount, can't be 34%????

I just love the 3% compound inflation part. If your company only offered 5%, you would have been insisting on 5%.
I am the poster formerly known as Oneanddone.

Brody
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Re: Long Term Care Insurance Quote, Please Review

Post by Brody » Mon Dec 05, 2011 11:38 am

GregLee wrote:
Brody wrote:In other words, with or without LTCi, she will do everything in her power to make sure that you get the best care possible, but it will come with a cost.
No doubt. Since I cared for my mother in the last years of her life, I'm fairly well acquainted with what's involved. I'm sure I can take of my wife, if I remain healthy, and I think she can do the same for me. And when one of us dies, I've contrived our finances so that the other can continue on in relative comfort (possibly in a nursing home). However, if both of us are disabled and live a long time, that's going to be a problem.

There is a huge difference between being a caregiver to your monther when you are 50 and healthy than being a caregiver to your wife when you are 80 and not in the greatest of health.
I am the poster formerly known as Oneanddone.

BruDude
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Re: Long Term Care Insurance Quote, Please Review

Post by BruDude » Mon Dec 05, 2011 11:41 am

Gee, I wonder if Mary is a Mass Mutual agent.... :roll:

Brody
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Re: Long Term Care Insurance Quote, Please Review

Post by Brody » Mon Dec 05, 2011 11:47 am

BruDude wrote:Gee, I wonder if Mary is a Mass Mutual agent.... :roll:
...except that she'll have to exclude Mass Mutual because although their policies can pay dividends, they have yet to pay one.
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mar@mal-tlg.us
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Re: Long Term Care Insurance Quote, Please Review

Post by mar@mal-tlg.us » Tue Dec 06, 2011 4:56 pm

TO: Brody & BruDude

My name is MaryAnn - not Mary; I am a broker and consultant - not an agent - and you can take the words literally as you did or as guidelines as meant - no coment to anyone who would rather use energy negatively rather than help people...

Brody
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Re: Long Term Care Insurance Quote, Please Review

Post by Brody » Tue Dec 06, 2011 5:10 pm

TO: Brody & BruDude

My name is MaryAnn - not Mary;
Are you sure about that? Your last post disagrees with yourself.

Are you sure that you aren't an agent? If you sell insurance products to consumers, your state probably disagrees with your claim of not being an agent.

Can you please list the companies that meet the criteria that you have laid out for us? Thanks.
I am the poster formerly known as Oneanddone.

BruDude
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Re: Long Term Care Insurance Quote, Please Review

Post by BruDude » Tue Dec 06, 2011 5:25 pm

Brody wrote:Can you please list the companies that meet the criteria that you have laid out for us? Thanks.
I already did and she didn't deny it. It reads like a MM checklist down to the letter. :lol:

Brody
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Re: Long Term Care Insurance Quote, Please Review

Post by Brody » Wed Dec 07, 2011 8:42 am

BruDude wrote:
Brody wrote:Can you please list the companies that meet the criteria that you have laid out for us? Thanks.
I already did and she didn't deny it. It reads like a MM checklist down to the letter. :lol:
I'm hoping that she'll engage in a dialog and not a monolog.
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mar@mal-tlg.us
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Re: Long Term Care Insurance Quote, Please Review

Post by mar@mal-tlg.us » Wed Dec 07, 2011 4:27 pm

I enjoy exchanging thoughts & ideas with responsible, ethical, caring individuals - I do not know anything about either Brody or BruDude except what I have read since the first post and from that I am hesitant to engage - why Brody would think I do not know my name when on the first post it appears in full - I'm not hiding behind any screen name - neither of you has volunteered any data or info and appear to ignore some very important considerations for a person considering buying ltci or any other type of insurance - when was the last time either of you read a policy and studied the annual filings?

HAGN,

MaryAnn

bluemarlin08
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Re: Long Term Care Insurance Quote, Please Review

Post by bluemarlin08 » Wed Dec 07, 2011 7:16 pm

Maryann, many of us would like to know what companies meet your criteria. Perhaps we agree on your suggestions. Welcome to the forum.

Brody
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Re: Long Term Care Insurance Quote, Please Review

Post by Brody » Wed Dec 07, 2011 8:01 pm

mar@mal-tlg.us wrote:I enjoy exchanging thoughts & ideas with responsible, ethical, caring individuals - I do not know anything about either Brody or BruDude except what I have read since the first post and from that I am hesitant to engage - why Brody would think I do not know my name when on the first post it appears in full - I'm not hiding behind any screen name - neither of you has volunteered any data or info and appear to ignore some very important considerations for a person considering buying ltci or any other type of insurance - when was the last time either of you read a policy and studied the annual filings?

HAGN,

MaryAnn

What does HAGN mean? I wasn't accusing you of hiding behind a screen name. I was poking fun at you because your name has changed from Mary Ann to MaryAnn.

Since you are accusing me of ignoring important considerations for someone buying insurance, can you please elaborate on what I'm ignoring. I'd like to learn.

Like BlueMarlin, I would greatly appreciate you sharing which companies meet your criteria.

Also, let me ask you again, are you sure that you aren't an agent?
I am the poster formerly known as Oneanddone.

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