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WSJ - Report on Long term health policies
Posted on 1/17/18 at 8:13 pm
Posted on 1/17/18 at 8:13 pm
Tomorrow 1-18-18, WSJ is scheduled to release a scathing article about long term health policies...the lack of regulatory oversight, the poor actuarial planning and the demands / exploding costs in the health care industry.
The plans, if not worthless, are not near the value or asset that most thought they would be.
I wish someone would start a short fund for LTHC policies.
The bubble, if not pooped already, will pop soon.
The plans, if not worthless, are not near the value or asset that most thought they would be.
I wish someone would start a short fund for LTHC policies.
The bubble, if not pooped already, will pop soon.
This post was edited on 1/18/18 at 4:26 pm
8
Posted on 1/17/18 at 8:22 pm to KillTheGophers
quote:
Tomorrow 1-18-18
It has already been published: WSJ
quote:
I wish someone would start a short fund for LTHC policies
By the time you hear about it in the Wall Street Journal it’s already too late.
Posted on 1/18/18 at 3:30 pm to KillTheGophers
LTC policies are this generation's whole life policies. There are a couple of companies out there with good products, but they are very expensive. The majority of products out there are crap.
Posted on 1/18/18 at 3:59 pm to KillTheGophers
Interesting, what's the alternative? I'm still too young to be close to caring but I've seen some plans offered for like $5,000/ year which seems pretty low considering that would pay for like a week at most in a long term care facility.
Posted on 1/18/18 at 4:15 pm to baldona
My grandma made grandpa buy one as she was dyeing if luekemia back in the early 90’s. It paid for itself many times over once he had a stroke and was in a nursing home after she passed.
I don’t think the ins companies wrote his policy well Bc it paid for all kinds of stuff and I think he paid maybe 2-3 years of premiums.
The newer policies are not nearly as good and hence the article
I don’t think the ins companies wrote his policy well Bc it paid for all kinds of stuff and I think he paid maybe 2-3 years of premiums.
The newer policies are not nearly as good and hence the article
Posted on 1/18/18 at 7:21 pm to KillTheGophers
Long term health policies are what is killing GE.
$9.5 billion loss.
Cost per year for long term heath care is now $100,000 per year (most parts of US).
Each person.
You thought $600,000 would be going to the kids? Nope, the nursing home will eat it up in 3 years.
$9.5 billion loss.
Cost per year for long term heath care is now $100,000 per year (most parts of US).
Each person.
You thought $600,000 would be going to the kids? Nope, the nursing home will eat it up in 3 years.
Posted on 1/19/18 at 6:04 am to matthew25
Since I don’t have a subscription and, most folks here are talking about the ailing industry, what’s a viable option for folks looking to insure themselves against this kind of thing?
Posted on 1/19/18 at 6:32 am to GFunk
My long term health care plan is to buy a sail boat and sail around the world. Once I can’t operate it safely I’ll simply pass aaway
Posted on 1/19/18 at 7:35 am to GFunk
The issue I see is that no way in hell you can get enough people to buy in at $5,000/ year per person. That's $10k a couple. Seems reasonable for mid to upper class folks, but that's not a majority of the population.
Posted on 1/19/18 at 8:07 am to KillTheGophers
quote:
I wish someone would start a short fund for LTHC policies
Alternatively, you could just short Genworth
quote:
The bubble, if not pooped already, will pop soon.
The industry is evolving and learning from the massive mistakes. Very, very few companies offer standalone LTC policies due to the risk
Tying LTC as an defined $ amount accelerated benefit/extended benefit rider to WL/UL policies is a significantly better / cheaper option due to the hedging nature of the product
Before anyone wants to stupidly argue with me, read this LINK
quote:
the lack of regulatory oversight, the poor actuarial planning and the demands / exploding costs in the health care industry.
You didn't even include arguably the most important problem, the sustained, historically low interest rate environment
Or that LTC products are lapse supported, and people don't understand the concept of sunk costs and maintain coverage when it may not be in their best interest which in turn drives up rates
quote:
The plans, if not worthless, are not near the value or asset that most thought they would be.
The value hasn't changed, the cost to acquire that value is changing
Posted on 1/19/18 at 9:43 am to KillTheGophers
I've seen it go both ways.
My maternal grandparents had a policy. They lived into their 90s, and were able to stay in their home. They had enough saved to live out their lives, and the long term health plan paid for a nurse to visit them daily to administer medicines, and deal with my grandma after a stroke left her bedridden. They left a home, 30 acres, and a couple hundred thousand dollars to my mom and her sisters.
My paternal grandparents did not have a plan. My grandpa had Alzheimer's and had to go into a home. After they burned through the money they had saved he went on medicaid.
My grandma who lived to 99, had to move in with one of my uncles because she couldn't care for herself. When she passed the state took her house, the only asset they had left.
I know this is anecdotal, and I will read the report with an open mind, but I see the value in these policies.
My maternal grandparents had a policy. They lived into their 90s, and were able to stay in their home. They had enough saved to live out their lives, and the long term health plan paid for a nurse to visit them daily to administer medicines, and deal with my grandma after a stroke left her bedridden. They left a home, 30 acres, and a couple hundred thousand dollars to my mom and her sisters.
My paternal grandparents did not have a plan. My grandpa had Alzheimer's and had to go into a home. After they burned through the money they had saved he went on medicaid.
My grandma who lived to 99, had to move in with one of my uncles because she couldn't care for herself. When she passed the state took her house, the only asset they had left.
I know this is anecdotal, and I will read the report with an open mind, but I see the value in these policies.
Posted on 1/19/18 at 10:20 am to GFunk
quote:
Since I don’t have a subscription and, most folks here are talking about the ailing industry, what’s a viable option for folks looking to insure themselves against this kind of thing?
Die young and healthy.
Seriously. We have all these great advances in medicine and all these great abilities to extend your life, but very few people will be able to afford this. Most of our elderly will live on for years as effectively wards of the state (medicaid).
Posted on 1/19/18 at 11:10 am to KillTheGophers
quote:
the poor actuarial planning and the demands / exploding costs in the health care industry.
This has been known for years, before the low interest rate environment. Chronically discussed in long term retirement planning as to purchase LTC policy, self insure, or worse, etc.
Posted on 1/19/18 at 2:50 pm to LSUFanHouston
quote:
Die young and healthy. Seriously. We have all these great advances in medicine and all these great abilities to extend your life, but very few people will be able to afford this. Most of our elderly will live on for years as effectively wards of the state (medicaid).
Yeah, this is tough to consider. But I think we as a society overstate the value of living 5 more years once you're 85 and 90 years old.
50 years ago, someone who got cancer at 87 was a goner, but now they can be cured. But the quality of life in those extra years is dubious at best, especially even they haven't taken good care of themselves over the years.
Count me in for a heart attack in my sleep at 85.
Posted on 1/19/18 at 7:18 pm to GFunk
quote:
what’s a viable option for folks looking to insure themselves against this kind of thing?
Get to know a good attorney that turn your non-exempt assets into exempt assets and have medicaid pay for your nursing home care before you do your medicaid app
This post was edited on 1/19/18 at 7:19 pm
Posted on 1/19/18 at 8:10 pm to KillTheGophers
My dad’s financial life was saved by an ironclad LtC policy that I hustled for 2 months to get him and my mom.
Posted on 1/19/18 at 10:36 pm to Dirtman16
A 10-year old boy today in America has a 50% chance of living until 104.
Today's medicine is exceptional.
Today's medicine is exceptional.
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