- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Long term care insurnace policies
Posted on 1/15/24 at 7:58 pm to Billy Blanks
Posted on 1/15/24 at 7:58 pm to Billy Blanks
I am a nursing home administrator at a skilled nursing facility. Being completely honest we don't see a lot of insurance policies at this point. I think that will increase as this wave of 40-50 plus year olds start to use these.
My only advice on long term care is to make sure you don't buy an HMO. The absolute best coverage you can have is traditional medicare. It will allow you to go into any skilled nursing facility or LTAC that you need to. HMO's (Humana, Peoples Health, etc) are such a pain to work with and you are limited in your options if that time come.
My only advice on long term care is to make sure you don't buy an HMO. The absolute best coverage you can have is traditional medicare. It will allow you to go into any skilled nursing facility or LTAC that you need to. HMO's (Humana, Peoples Health, etc) are such a pain to work with and you are limited in your options if that time come.
3
Posted on 1/15/24 at 9:48 pm to tigerbait17
quote:
My only advice on long term care is to make sure you don't buy an HMO. The absolute best coverage you can have is traditional medicare.
Medicare does not provide LTC and yes supplements combined with traditional medicare tends to be better than Avantage plans.
Posted on 1/16/24 at 8:41 am to AugustaTiger
Is what we have - purchased 10 - 15 years ago
Posted on 1/16/24 at 8:42 am to tigerbait17
Humana is an absolute shat show
Posted on 1/16/24 at 9:07 am to tigerbait17
quote:
I am a nursing home administrator at a skilled nursing facility. Being completely honest we don't see a lot of insurance policies at this point
Because the coverage for LTC is usually expensive and covers frick all. Back in the 90s you used to be able to find decent plans but the insurance companies wised up to it. Most people are better off saving for LTC themselves.
I would definitely recommend people read the fine print on these policies. A lot of them won't even kick in until you are basically on deaths doorstep.
It's something I'll at least look into in my mid 50s but I'd say the chances of actually pulling the trigger on one of these policies is pretty low.
Posted on 1/16/24 at 9:16 am to La Place Mike
quote:
It’s expensive.
Best to get a WL policy (whole life) with LTC rider.
I would love the down voters give their reason why this is bad idea.
It's not for everyone. I am self employed, max out tax deferred investments. I also have a whole life policy with riders for short term disability, long term disability, cancer diagnosis, and LTC. It's a numbers game, especially for self employed.
I took the cost of term life, short term, long term disability, and compared it. Actually worked on it for about a month. I don't want to say it was a wash, that's unknowable. But I can tell you it's not the terrible investment that they tell you it is IF you take all the coverages it provides in to account. If I out live it I can cash out tax free.
If you aren't self employed and work for a company that provides these types of benefits, that would probably work better.
Posted on 1/16/24 at 9:36 am to XenScott
quote:
If you aren't self employed and work for a company that provides these types of benefits, that would probably work better.
I am self employed.
Posted on 1/16/24 at 10:29 am to FinleyStreet
quote:
Back in the 90s you used to be able to find decent plans but the insurance companies wised up to it
Actuaries underpriced the policies and not intentionally. Companies that offered these plans took a huge financial hit that's why there are fewer and fewer companies offering LTC policies. I am not a fan of LTC policies because they are not rate stable and as already mentioned, expensive.
If you are not comfortable with funding LTC expenses from your investments your best LTC options are WL and annuities designed to cover LTC expenses.
Posted on 1/16/24 at 10:37 am to XenScott
quote:
If you aren't self employed and work for a company that provides these types of benefits, that would probably work better.
Not necessarily. LTC policies are very specific. Using WL and annuities designed to cover LTC expenses would be better. They give you more options like covering informal care and home healthcare as well as other custodial care services.
Posted on 1/16/24 at 10:41 am to La Place Mike
quote:
I would love the down voters give their reason why this is bad idea.
Well, I have a current Life Insurance License in Texas and Louisiana and anyone talking about a WL police while young is simply just miss-informed.
For the same monthly rate, if you invested it in anything reasonable, it would be far greater in 10, 20, & 30. No question.
And for those that say "it also pays you if you die" so does a term policy for $20/month.
The only WL policies that make ANY sense are Final Expense policies for those elderly that want something separate to pay for funerals in the near term. Or some extreme estate planning purposes for estate taxes. However, there are many ways to skin those cats as well.
Simply put, LIFE INSURANCE is a transfer of risk. Its not an investment. IF you approach it as such and find a policy thats checks off your risk assessment needs, good, no problem. However being an investment should not be a major factor. Muddy'ing thye two is just not economical when compared to other financial instruments. Just my 2 cents....
This post was edited on 1/16/24 at 10:52 am
Posted on 1/16/24 at 11:13 am to JayDeerTay84
quote:
Its not an investment
I don't recall anyone in this thread claiming Life insurance is an investment. If anyone is mudding the waters it is you.
This thread is about LTC insurance. Maybe you can address why using a WL policy that is specifically designed to provide LTC benefits is a bad idea.
If you really are licensed, you need to become more informed.
This post was edited on 1/16/24 at 11:14 am
Posted on 1/16/24 at 11:35 am to La Place Mike
quote:
I don't recall anyone in this thread claiming Life insurance is an investment. If anyone is mudding the waters it is you.
There is litterally people on the 1st page talking about it....
quote:
This thread is about LTC insurance. Maybe you can address why using a WL policy that is specifically designed to provide LTC benefits is a bad idea.
If you really are licensed, you need to become more informed.
I thought I was pretty clear.
WL policies are low performance plus fees. In 99.9% of cases, the same premium invested traditionaly always returns more to the payor. Especially if you are young. Its not even debatable. OP is in their 30s...
You litteraly have to DIE early to get the benefit of a Whole Life.
But hey, I am up for learning. I just havent seen any calculation that says whole life is a better deal than investing Plus term in your freaking 30s...
This post was edited on 1/16/24 at 11:41 am
Posted on 1/16/24 at 12:15 pm to JayDeerTay84
quote:
There is litterally people on the 1st page talking about it....
May be I missed it so go ahead quote people talking about WL as an investment because I do not see it.
quote:
WL policies are low performance plus fees. In 99.9% of cases, the same premium invested traditionaly always returns more to the payor.
Again, no one is talking about WL as an investment. They are talking about WL to specifically cover LTC expenses. Not an investment.
quote:You do not know what you are talking about.
You litteraly have to DIE early to get the benefit of a Whole Life.
quote:
But hey, I am up for learning. I just havent seen any calculation that says whole life is a better deal than investing Plus term in your freaking 30s...
Again, no body is saying WL is an investment.
Why did you get Licensed?
This post was edited on 1/16/24 at 12:20 pm
Posted on 1/16/24 at 12:30 pm to La Place Mike
quote:
Again, no one is talking about WL as an investment. They are talking about WL to specifically cover LTC expenses. Not an investment.
I'll play devil's advocate. I'd enjoy seeing the numbers on how a W/L policy with LTC rider is better for someone then just getting a LTC policy and term or just self insuring. If you are spending money on something to pay for something else later, its absolutely an investment. It may be depreciating or a shite investment, but its not an immediate expense.
I'm assuming this is where people say "if your net worth is $10 mil and and you have no where else to save money, then a LTC rider on a W/L policy makes sense". I mean sure, but if you have a significant net worth there's 0 reason to worry about LTC.
Posted on 1/16/24 at 12:38 pm to La Place Mike
quote:
May be I missed it so go ahead quote people talking about WL as an investment because I do not see it.
It is not surprising you are being this obtuse as you are arguing over the schematics of whole life policy premium making since for anyone.
quote:
Again, no one is talking about WL as an investment. They are talking about WL to specifically cover LTC expenses. Not an investment.
Of course you would say that. However, the fact is whole life policies take said premium and invest it and they sell you on this idea you have this cash value plus a death benefit. The problem is, that same amount invested traditionally usually yields double anything you would get out of a WL policy.
Now, with specifics to the LTC options, again, if anyone showed their client the actual data on the average lifetime costs of LTC for people over 65, 99.9% of the time someone who started saving in their 30's would have DOUBLE the amounts for the highest LTC usage people. Its not good advice.
Most reasonable estimates are for someone to consider such a LTC policy in your 50’s if you have missed your mark. Even then I dont know why an individual wouldnt work to be debt free and be maxing out literally everything else before then.
Posted on 1/16/24 at 3:09 pm to XenScott
quote:
If I out live it I can cash out tax free.
What does that mean to you?
Just a guess... but you are confused about something.
Posted on 1/16/24 at 4:11 pm to baldona
quote:
baldona
Not ignoring your questions. I don't have time at the moment to answer them.
Posted on 1/16/24 at 6:34 pm to La Place Mike
Just general observations....when you're young, term life is absolutely the way to go. Best time to buy LTC policy is around 60...if you're going to buy it. Many insurance companies have gotten out of LTC because claims far exceeded premiums. I think Genworth is about the oldest LTC player.
Posted on 1/16/24 at 8:21 pm to La Place Mike
quote:
Not ignoring your questions. I don't have time at the moment to answer them.
All good I’m in my 30s I hope I have time…
Are there any LTC policies or possibilities that only pay out like 50% but cost a lot less? I’m not sure how that would even work?it just seems like it should be more of a health insurance or car insurance with a deductible type of deal. Maybe like a $2000/ month deductible. Idk. Putting $100k plus of money into an insurance policy you have a good chance of never needing is quite risky in and of itself. Just some quick reserve and only 70% of people need it and 45% that do are for stays of under 12 months, 20% are stays of 3 months or less. Single never married have the longest avg stay of 3.8 years…
If you are married, reasonable wealth and health, and have a family your chances of needing a lot of money is fairly low.
Posted on 1/16/24 at 10:13 pm to Billy Blanks
I have a little different perspective. We bought a policy in 2000. We each have a $215 daily benefit, increasing at a compound 5%, and will last 4 years if we use the maximum daily. It could last longer if we don't max out the daily benefit. We don't have children, and my thought was to feel free to spend as much as we want without having to earmark hundreds of thousands of $s for the possibility of custodial care. We have a substantial amount of guaranteed income, so that and our LTC policy should cover anything we need. The ROR, assuming we use our policies is much much greater than the 6% that people here are using, and it's tax free. If we don't need it, even better. Hoping to go peacefully in my sleep the day before I check into a facility. Also self employed and deducting premiums.
Page 2 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News