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Treasured Social Butterfly

Re: Long Term Care - Love it or Hate it?

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Message 11 of 46

drawpoker wrote:

So,  you wanted a calculator?    For what? 

 

$50,000 is,  well,  $50,000.     Seven figures is a million or more.   Six figures is,   well,  anything under $999, 999. 99  isn't it.  

 

Why so brittle?   I merely pointed out the link was not to be trusted,  it came straight from insurance companies eager to sell policies.   If you were fooled,   don't lash out at the messenger.  


It's not WHAT you say, but "the tone of your voice". Most comments you make imply that the person is stupid, and you're daring them to spar with you. If all you're going to do is make snarky comments, who needs to engage! I'd much rather enjoy the patriotic 4th of July music to which I'm listening ..


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Valued Social Butterfly

Re: Long Term Care - Love it or Hate it?

2,720 Views
Message 12 of 46

So,  you wanted a calculator?    For what? 

 

$50,000 is,  well,  $50,000.     Seven figures is a million or more.   Six figures is,   well,  anything under $999, 999. 99  isn't it.  

 

Why so brittle?   I merely pointed out the link was not to be trusted,  it came straight from insurance companies eager to sell policies.   If you were fooled,   don't lash out at the messenger.  

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Treasured Social Butterfly

Re: Long Term Care - Love it or Hate it?

2,725 Views
Message 13 of 46

drawpoker wrote:

Okay.  

 

Still waiting for an answer.    What was vague about it?


Read the 2nd half of the sentence where I said it was vague.


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Treasured Social Butterfly

Re: Long Term Care - Love it or Hate it?

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Message 14 of 46
drawpoker wrote:

Vague?   What was vague?   

 

..


Do you realize that most of your responses start by sounding like you have a chip on your shoulder? We're all entitled to have different opinions about things, but instead of just stating your opinion, your responses sound like your dissing comments other people make.


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Valued Social Butterfly

Re: Long Term Care - Love it or Hate it?

2,746 Views
Message 15 of 46

Vague?   What was vague?   

 

It plainly stated if your soc. sec. and retirement accounts are under $50K you can't afford LTC insurance.  If you have a net worth in seven figures,  you don't need it.   If you fall in between,  yep,  you're in . 

 

The problem with this link is that it is run by a consortium of insurance companies who are out to sell LTC policies to as many people as they can.   So it can hardly be considered an objective,  or,   neutral,  unbiased,  or even reliable,  source of information,  can it.   

 

As the old saying goes  -     Ferggettaboutit !   People can find plenty of better sources for this subject by researching articles in Money,   Kiplingers,   WSJ,   etc. 

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Treasured Social Butterfly

Re: Long Term Care - Love it or Hate it?

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Message 16 of 46
mf5234 wrote:

Another reason why people are skeptical in buying long term care insurance is they think this is unnecessary. The truth is, this insurance is not for everyone but most Americans will need this. The best way to determine if you'll need this is by assessing your needs first and looking into your financial strenght. Here's a guide that can help you determine if long-term care insurance is right for you: http://www.ltcoptions.com/determine-long-term-care-insurance-right/.

Unfortunately, that article is pretty vague; I thought it might have a calculator & some questions!


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Conversationalist

Re: Long Term Care - Love it or Hate it?

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Message 17 of 46

One of the pressing problems about long-term care insurance is its high price hikes. I think the latest incrase was made by Genworth and it went as high as 90%. This is definitely big blow to your pocket, which will make you re-think if this insurance product is still worth it or not. I think this can be easily dodged if you've purchased your policy early or you've designed a policy that is small but can still benefit you in the future.

Another reason why people are skeptical in buying long term care insurance is they think this is unnecessary. The truth is, this insurance is not for everyone but most Americans will need this. The best way to determine if you'll need this is by assessing your needs first and looking into your financial strenght. Here's a guide that can help you determine if long-term care insurance is right for you: http://www.ltcoptions.com/determine-long-term-care-insurance-right/.

I hope this can help those who are in dire need of guidance and enlightenment.

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Treasured Social Butterfly

Re: Long Term Care - Love it or Hate it?

2,973 Views
Message 18 of 46

Because it can be such an important investment, it might be worth it to have an attorney review the terms of any LTC policy, before a person "signs on the dotted line" these days! I'm sure there can be a lot of misleading or vague items in it, that can make the actual coverage almost laughable.


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Bronze Conversationalist

Re: Long Term Care - Love it or Hate it?

2,983 Views
Message 19 of 46

This post hasn't been active for awhile, but I'll add my two cents worth.  Actually just a penny because I'm just dipping my toes into this one.  Mom with alzheimer's has a 14yr old LTC policy.  She accepted a rider which specified you "take into consideration" 5 of the 6 ADLs to qualify.  Wow, you have to be pretty out of it to be unable to do 5 ADLs for yourself.  I'm sure this made the policy affordable, but my fear is it also made the policy unusable.  Just that wording "take into consideration" seems so vague, it could be interpreted any way you want.

Assisted living here runs around 5k/month minimum.  You must have a pretty sizeable nest egg, or a crystal ball.  

 

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Treasured Social Butterfly

RE: Long Term Care - Love it or Hate it?

3,092 Views
Message 20 of 46

In Response to RE: Long Term Care - Love it or Hate it? by kom2010

I think it's really important that as children become adults moving into middle age themselves, they actively work at evolving their relationship with their parents, into one between equals .. or closer to that, where the children display a growing sense of responsibility and parents communicate more about the finances & medical situation.

I know too many families where the adult children allow themselves to continue being "taken care of" by aging parents, where the parents feel they need to "be strong" and not mention their own concerns, to children who still seem immature. In cases like that, everyone acts shocked & unable to cope, when something happens to the parents where they just can't manage for themselves.


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