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Author: pgibb Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76082  
Subject: Long Term Care Date: 2/11/2000 5:42 PM
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How foolish is it to invest in long term care? Any other fools want to discuss this one? My wife and I are about to retire (57+) and have a reasonable nest egg set aside, enough to live on comfortably if not lavishly, assuming basic economic health. I'm serioulsy considering buying a LTC plan ... I'm thinking of it pretty much as a kind of insurance for our assets, with the only real downside being that we lose the potential use of that money (about 40K) for some time. Seems like a pretty safe bet, either to get the basic principle plus small interest back if we don't use it, or as death benefit for heirs. My questions: Is there anyting more to this than meets the eye? Anything to be careful about before investing? Is there much difference between different programs or companies? Do you need to shop around? Anyone have any real experience or knowledge about this or want to talk about it? Peter
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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 18974 of 76082
Subject: Re: Long Term Care Date: 2/11/2000 5:56 PM
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Greetings, Peter, and welcome. You asked:

<<How foolish is it to invest in long term care? Any other fools want to discuss this one?>>

For the past three weeks this has been an active topic on the Retired Fools board at http://boards.fool.com/Messages.asp?id=1370006000341001. You might want to catch up on some of the back posts there, and then submit your own comments and questions.

Regards..Pixy

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Author: rjm1 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 18984 of 76082
Subject: Re: Long Term Care Date: 2/11/2000 10:38 PM
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How foolish is it to invest in long term care? Any other fools want to discuss this one? My wife and I are about to retire (57+) and have a reasonable nest egg set
aside, enough to live on comfortably if not lavishly, assuming basic economic health. I'm serioulsy considering buying a LTC plan ... I'm thinking of it pretty much as
a kind of insurance for our assets, with the only real downside being that we lose the potential use of that money (about 40K) for some time. Seems like a pretty
safe bet, either to get the basic principle plus small interest back if we don't use it, or as death benefit for heirs. My questions: Is there anyting more to this than
meets the eye? Anything to be careful about before investing? Is there much difference between different programs or companies? Do you need to shop around?
Anyone have any real experience or knowledge about this or want to talk about it? Peter



If paying cash for long term care will decrease your life style I would consider buying the insurance.

I have seen good articles on this subject but can recall none. Maybe Kipplinger. Try a search of the web.

Yes shop shop shop.

Find out how you qualify for care. Dr. has to certify that you can not do cetrain things, etc. This is probably the area of bigest differences between policies.

Consider inflation adjusted benefits.

Will the policy provide home care?

If you move to a retirement community that provides health care, how does that affect your policy.

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Author: TTRoberts Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 18990 of 76082
Subject: Re: Long Term Care Date: 2/12/2000 1:45 AM
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pgibb, you asked:

<< My questions: Is there anyting more to this than meets the eye? >>

ABSOLUTLEY yes! Long term care is actually quite complex and there are a lot of differences between policy coverage's and what triggers a particular coverage.

<< Anything to be careful about before investing? >>

Be VERY careful about who you listen to and what you read about the subject. One should deal with an expert who has both the experience AND training in this field. In some states, agents are NOT allowed to even sell this coverage without special training.

<< Is there much difference between different programs or companies? >>

YES!! There can be some very important differences and there are many. . . .even though some of the basics may be the same.

<< Do you need to shop around? >>

Absolutely! There are not only differences in coverage's, but there can be quite a difference in what you pay (a lot of which is a result in the differences in the coverage).

<< Anyone have any real experience or knowledge about this or want to talk about it? >>

You should seek out a good experienced agent/broker who really understand this particular field of coverage. Look for someone who, for the most part, specializes in this coverage. When you find one you feel comfortable with, sit down with that person and go over the coverage's available to determine just what coverage's you want. Then that agent/broker can shop the market for you to find the policy(s) that meet your requirements.

DON'T try to do this on your own. It's simply too complex and by doing so, you're very likely going to wind up with something that doesn't do quite what you thought it would and/or pay more that you should.


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Author: TTRoberts Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 18991 of 76082
Subject: Re: Long Term Care Date: 2/12/2000 2:03 AM
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pgibb,

I forgot to include the following:

I don't know what state you're in. Many of the state's heath organizations provide information about LTC on a web site. You might want to look at the following sites to get some education:

http://www.longtermcareinsurance.org/

http://www.aarp.org/confacts/health/medicaidnurse.html

http://www.aarp.org/election2000/longterm.html

http://www.prepsmart.com/1_beyond.html

http://www.elderweb.com/library/finance/costs_of_eldercare.htm


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Author: Rayvt Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19033 of 76082
Subject: Re: Long Term Care Date: 2/13/2000 5:11 PM
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<<How foolish is it to invest in long term care? >>

I went to a company-sponsored class last year that covered this topic in great detail. The problem is that this is more like pre-paid expenses than insurance. The monthly premiums are very large, and at age 57 they are probably in the "enormous" area.

Also, there are annual and lifetime caps. IIRC, the lifetime cap was about $250,000. IIRC, the average annual cost of LT care was about $50,000. That's today. Care to guess what it might be in 10 or 20 years? Oh yes--the caps don't change, even with inflation. Twenty years from now your lifetime benefit might be totally used up in a couple of years. So what's the point?

They also said that if you have $1,000,000 in assets you don't need LT care insurance because you can afford to pay for it yourself. At $50K per year, $1M will last a long time--epecially when you factor in at 10% (average) annual growth.

Ray

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Author: TTRoberts Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19038 of 76082
Subject: Re: Long Term Care Date: 2/13/2000 6:36 PM
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Ray (a.k.a. Rayvt), you wrote:

<<How foolish is it to invest in long term care? >>

<< I went to a company-sponsored class last year that covered this topic in great detail. The problem is that this is more like pre-paid expenses than insurance. The monthly premiums are very large, and at age 57 they are probably in the "enormous" area. >>

Define "enormous" . .???

Just how do you perceive LTC insurance to be like "pre-paid expenses"? Please elaborate - I don't see the connection.

Though the premiums can vary greatly depending on just what coverage's you want, monthly premiums are really quite affordable if you have a good health history . . . even for those who may not have large incomes.

<< Also, there are annual and lifetime caps. IIRC, the lifetime cap was about $250,000. IIRC, the average annual cost of LT care was about $50,000. That's today. Care to guess what it might be in 10 or 20 years? Oh yes--the caps don't change, even with inflation. >>

The "caps" DO change and when you buy an LTC policy you have a choice of picking an inflation rate up to 5%. The charges are accordingly, of course.

<< Twenty years from now your lifetime benefit might be totally used up in a couple of years. So what's the point? >>

You make a VERY good point here. That's why it's very important to include the inflation rider on the policy - especially if you're as young as 57.

<< They also said that if you have $1,000,000 in assets you don't need LT care insurance because you can afford to pay for it yourself. At $50K per year, $1M will last a long time--epecially when you factor in at 10% (average) annual growth. >>

Yes, this is an important point. When one has those kinds of assets, they certainly can afford to just pay for any long term care they may receive. But, such a decision to just pay as you go when you can afford it is true for just about any insurance. It's a very personal decision on just how one wants to handle the risk.

For example, if one has $1,000,000 and they buy a new car . . . does or should one carry any physical damage coverage. Well, that becomes a risk management issue on whether or not one want to transfer to risk of loss to an insurance company. I dare say that most people who have $1,000,000 or more choose to carry physical damage coverage on their new cars.. . .even though they can afford to do without.


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Author: Rayvt Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19042 of 76082
Subject: Re: Long Term Care Date: 2/13/2000 7:07 PM
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<<The monthly premiums are very large, and at age 57 they are probably in the "enormous" area. >>

Define "enormous" . .???>>

Oh boy! I threw all the information out it. As I recall, for age 50 it was around $500 per month for the best of the two policy amounts. That would have consumed all by investable money from my paycheck.

<<Just how do you perceive LTC insurance to be like "pre-paid expenses"? >>

Same was as most health insurance is prepaid expenses. Consider your car insurance. Do you have "oil change insurance"? "Worn out tire insurance"? No. These things are very likely to happen, the insurance company knows this and they would price the policy accordingly. IOW, prepaid expenses.

Insurance is to spread out the cost of low-probability events among a large group of people. Out of every hundred houses in your town, X% will burn down. X is very small. Hence each person's premium is very small. The total premiums paid has to cover the total losses. HAS to. If X is very large, you are not buying insurance to protect yourself from a low-probability event. Rather, you are paying into a fund which will almost certainly be drawn from to pay for the event.


<<Yes, this is an important point. When one has those kinds of assets, they certainly can afford to just pay for any long term care they may receive. But, such a decision to just pay as you go when you can afford it is true for just about any insurance. It's a very personal decision on just how one wants to handle the risk.>>

The purpose of insurance is to cover you for a low-probability event that would be financially catastrophic to you if it occurred. That's why people buy fire insurance on their houses. And why they don't buy life insurance on their dog. If you can easily afford to pay $50K a year for care, why pay the overhead costs associated with comparable insurance?

Plus,of course, if you have insurance, it is THEM that have the final say on expenditures. If they say that RUN-DOWN MANOR is suitable and appropriate, whereas you think that RITZ MANOR is what you want, guess what? Your new mailing address is RDM. If you pay it yourself, you can stay whereever you want.

Ever been inside any long-term facility or old-age home? I have. Visit one sometime. I want to have *complete* control over where I or my wife gets put.

Ray


Run the numbers. Assume that you deposit the money into an investment account earning 10% a year.

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Author: intercst Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19049 of 76082
Subject: Re: Long Term Care Date: 2/13/2000 10:16 PM
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TTRoberts wrote,

Yes, this is an important point. When one has those kinds of assets, they certainly can afford to just pay for any long term care they may receive. But, such a decision to just pay as you go when you can afford it is true for just about any insurance. It's a very personal decision on just how one wants to handle the risk.

For example, if one has $1,000,000 and they buy a new car . . . does or should one carry any physical damage coverage. Well, that becomes a risk management issue on whether or not one want to transfer to risk of loss to an insurance company. I dare say that most people who have $1,000,000 or more choose to carry physical damage coverage on their new cars.. . .even though they can afford to do without.


I agree that many high net worth individuals still carry comp and collision coverage on their cars when they could do much better investing the premium savings. I suspect this is more out of habit rather than any "sharp pencil" analysis on their part.(Personally, I dropped my comp and collision coverage long before my portfolio had grown to where I could live on a 1% withdrawal.)

However, I don't think the fact that an individual has been "lazy" in buying his auto insurance should be used as a reason to apply the same "slack-jawed" analysis to a much more expensive product like LTC insurance. Rayvt is correct, like most health insurance, LTC is largely a "pre-pay" plan. You'll end up paying the cost, plus the insurance company's overhead and the salesman's commission.

intercst



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Author: TTRoberts Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19053 of 76082
Subject: Re: Long Term Care Date: 2/13/2000 11:27 PM
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Rayvt,

<< Define "enormous" . .???>>

Oh boy! I threw all the information out it. As I recall, for age 50 it was around $500 per month for the best of the two policy amounts. That would have consumed all by investable money from my paycheck.
>>

Hmmmmm??? Yes, I can accept $500 per month for someone age 50 could be considered "enormous". Without the specifics that it may represent, it's hard to tell just why. I can tell you that a health 50 yr old can get some good coverage for a LOT less than $500 per month. . . like maybe $100 month or less.

<< <<Just how do you perceive LTC insurance to be like "pre-paid expenses"? >>

Same was as most health insurance is prepaid expenses. Consider your car insurance. Do you have "oil change insurance"? "Worn out tire insurance"? No. These things are very likely to happen, the insurance company knows this and they would price the policy accordingly. IOW, prepaid expenses.
>>

I see what you're saying and I guess you can hold that kind of personal view point. But that's NOT what these kinds of insurance are about. You're talking about things that are not sudden and unexpected personal losses. Worn out tires and worn out oil are normal wear and tear and not an insurable event. To "insure" them would certainly be, as you say, prepaid expenses and not likely something anyone would want to transfer risk for.

Insurance is about transferring the risk of some occurrence of a loss to someone else. When you buy health insurance or LTC coverage, you're simply transferring the risk to loss to the insurance company. If it makes financial sense to transfer that risk to someone else, then that's what one does. It's not a science either as one always must take the human factor into account. This is really just about personal risk management. That's why what may be good for one person may not be good for another.

<< Insurance is to spread out the cost of low-probability events among a large group of people. >>

No. Whether there's a low probability or a high probability, if one doesn't want to carry the risk of an occurrence, then either the risk can be avoided or it can be transferred. The high or low probability only determines the cost of the transfer.

<< Out of every hundred houses in your town, X% will burn down. X is very small. Hence each person's premium is very small. The total premiums paid has to cover the total losses. HAS to. >>

What you're describing here is "pricing" . . . not risk transference.

<< If X is very large, you are not buying insurance to protect yourself from a low-probability event. >>

That would simply be a risk management decision. e.g. Is it worth it to transfer the risk???

Rather, you are paying into a fund which will almost certainly be drawn from to pay for the event. >>

Only in terms of large numbers. The insurance companies price things based on the principle of large numbers. You and I make risk transfer decisions based on very small number and how you or I feel about the probability of an event happening to "ME".

<< The purpose of insurance is to cover you for a low-probability event that would be financially catastrophic to you if it occurred. >>

Please excuse me for being a little redundant. The "purpose" of insurance is to transfer risk. It's that simple. It doesn't even have to be financially catastrophic . . . just something that makes financial sense. Large corporations do it just as individuals do it. They weigh the risk, look at the costs and make a decision as to what they feel is the best road to take.

<< That's why people buy fire insurance on their houses. And why they don't buy life insurance on their dog. >>

I've got some new for you. ;-) Some people DO buy life insurance on their pet . . . as well has heath insurance. I would never do such a thing. But . . . there ARE stranger things that occur in this world. <VBG>

<< If you can easily afford to pay $50K a year for care, why pay the overhead costs associated with comparable insurance?

You're right. As I said, it comes back to those risk management decisions. Is it worth transferring the risk, just how much risk should be transferred . . .and is it worth the cost? As I stated, one can certainly get very good coverage for a lot less than $50k.

<< Plus,of course, if you have insurance, it is THEM that have the final say on expenditures. If they say that RUN-DOWN MANOR is suitable and appropriate, whereas you think that RITZ MANOR is what you want, guess what? Your new mailing address is RDM. If you pay it yourself, you can stay whereever you want. >>

For LTC coverage, that's the very reason you'd want LTC coverage so that you have those choices. ONe does not get those kinds of choices if one depends on Medicaid.

<< Ever been inside any long-term facility or old-age home? I have. Visit one sometime. I want to have *complete* control over where I or my wife gets put. >>

Yes, indeed I have been many times. That's the very reason I'd encourage people to seriously consider LTC if they can't afford to pay for the services themselves.

<< Run the numbers. Assume that you deposit the money into an investment account earning 10% a year. >>

I have done the numbers. If one wants to assume a very aggressive position to count on earning 10% per year, that's their risk management decision. It's ok not to want to transfer the risk, but that decisions may turn around and bite them.


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Author: Waypoint Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19071 of 76082
Subject: Re: Long Term Care Date: 2/14/2000 11:09 AM
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Hi Peter -

Sounds like you are looking at First Penn's Moneyguard product - the linked benefit contract that they offer. I can tell you that it's a good contract from a good insurance company and that for the right client it's an excellent choice. You do potentially give up some return on the money, and you need to consider the amount of your deposit to be money that you don't plan to ever need. But, unlike other LTC plans, either you or your heirs will eventually recover everything you ever put in, and then some. Oh, you should compare individual contracts to the joint contract, as there are a few differences...

We've used this contract with clients and have been very satisfied....

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Author: StanEason Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19072 of 76082
Subject: Re: Long Term Care Date: 2/14/2000 11:47 AM
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Peter, I sell LTC and my wife and I own LTC. We bought for the following reasons--Since half of those of us reaching age 65 will spend some time in a nursing home, we wanted to determine WHERE we would spend that time(our choice since we will have the bucks to buy that care.) Another reason is that we are protecting whatever assets we have for whatever reason we want them. Along with the above is the mental freedom and the knowledge that we do not have to set aside for the possibility of money to pay for the comfinement. As to what Co., consider a Company that makes liability payments rather than reinbursement. At your age get inflation guard, do it while you still can medically.
Tax deductibility will play an increasingly important part, both State & Federal.
Good luck Stan Eason

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Author: bonniger Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19082 of 76082
Subject: Re: Long Term Care Date: 2/14/2000 1:39 PM
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we have have a plan for 6 yrs. It is a highly rated
plan available only thru Public Employees Retirement
System of CA. We took this plan out relatively late in
life so the premiums are higher than for someone in
their 30 or 40. However, if you prorate the cost of the plan to what it costs if you end up in a nursing
home or live=in type residence, the result is assuring.
BUT as in anything elsle there are SCAM
artists floating around, so check, check, check and
then check some more more enrolling in a plan.
Remember something called HMO and what they were going to do for you? If you ennrolled in one, did it?

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Author: Alane125 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19090 of 76082
Subject: Re: Long Term Care Date: 2/14/2000 3:58 PM
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I'm 60, male, and NOT considering retirement ( Still have one left in college & a few years left on my mortgage. I've looked long and hard at some of the programs that are out there; I've received a few quotes, and haven't made any decision yet. I figure I've got at least 5 years till retirement (or more, if my health holds out), and have simply found it easy to procrastinate on this. I think a lot depends on your health, your wife's health, and how much you think you'll need to live on. Just like saving in your 401k. My conclusion? Procrastinate and see from year to year how you feel. If you start getting more than just little sniffles, or slight aches and pains, you might be well advised to get a good physical. If your blood pressure is fair; if your cholesterol readings are normal; if you don't have any arthritis yet; and, if you like to exercise and are not overweight, I think you can defer on it - like me, and let your savings earn more interest for you. My opinion. Let me know what you decide. Tony Lane

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Author: TTRoberts Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19092 of 76082
Subject: Re: Long Term Care Date: 2/14/2000 4:30 PM
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Alane125, you wrote:

<< I'm 60, male, and NOT considering retirement ( Still have one left in college & a few years left on my mortgage. >>

Hmmmm? Sounds like we're in the same boat, only you're about 7 years ahead of me. ;-)

<< I've looked long and hard at some of the programs that are out there; I've received a few quotes, and haven't made any decision yet. I figure I've got at least 5 years till retirement (or more, if my health holds out), and have simply found it easy to procrastinate on this. I think a lot depends on your health, your wife's health, and how much you think you'll need to live on. >>

You bring up a good issues that needs to be though about when considering LTC coverage. VERY often the wife will become the care giver for the husband and therefore there's minimal need to consider LTC coverage on the husband. But . . . if the husband dies first (after the wife has done so well at taking care of the husband) . . . WHO'S going to take care of the wife? Since women still live a lot longer than men and tend to be the first care-givers, it's important to consider LTC for the spouse who may be expected to live longer. . . ???

<< Just like saving in your 401k. My conclusion? Procrastinate and see from year to year how you feel. If you start getting more than just little sniffles, or slight aches and pains, you might be well advised to get a good physical. If your blood pressure is fair; if your cholesterol readings are normal; if you don't have any arthritis yet; and, if you like to exercise and are not overweight, I think you can defer on it - like me, and let your savings earn more interest for you. >>

There are two problems (I could probably name more, but . . ) with this wait and see approach. First of all, if one begins go have health problems the cost is very likely to be much more than when there's no health problems. Secondly, it's significantly cheaper to buy now that to wait until later . . . even when considering the lost opportunity costs. I've run the numbers on this issue and it has surprised me as to just how well one's investments have to do to make up the difference in the cost of waiting. So if one really plans on getting LTC coverage at some time, according to the numbers, now is better than later.




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Author: PatMcAllister Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19093 of 76082
Subject: Re: Long Term Care Date: 2/14/2000 5:24 PM
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Suggest you consider the AARP LTC program underwritten by MetLife. If you are not yet an AARP member, you should be, if for no other reason than the information provided in its publications. However, I find that their programs of benefits are well worth considering. We have several. Good luck.

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Author: Hinners6969 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19098 of 76082
Subject: Re: Long Term Care Date: 2/14/2000 8:37 PM
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LTC insurance is more like disability income insurance than like life insurance. With life insurance, you are dead or alive and claim paying is not left up to interpretation of company claims people.

As a concept, I'm afraid of future claims which will be based on yours and my (age 52) actual morbidity. However, the pricing of these policies has been based on past morbidity. That is why some insurers have had to drastically increase premiums because policyholders actually had the temerity to file claims! I don't know and I think the insurers are just making a guess at what claims will be.

It sounds like you are looking at a policy with a life insurance element, such as the one offered by Golden Rule. This makes sense to me, since you won't get out alive and they will pay your beneficiaries something for your "investment" (it is not). In addition, the LTC benefits are limited by the amount of the life insurance death benefit, so the company has a cap on the loss, though you have a limited benefit.

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Author: dimwit45 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19102 of 76082
Subject: Re: Long Term Care Date: 2/14/2000 10:24 PM
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Suze Ormond discusses this in her book, "9 steps to Financial Freedom," which helped my retired mother make her decision. She brings up a good point of picking a company that is in this for the long haul. Mom went with John Hancock. You don't want to buy coverage from a company that may decide a few years down the road that it isn't provitable and drop it. There is also a policy which can let either one of you use the benefit, which is cheaper than insuring both.
I'm not sure we did enough research first, but there didn't seem to be alot of companies offering this kind of coverage, compared to life and disability. Good Luck

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Author: hrbdoctr Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19120 of 76082
Subject: Re: Long Term Care Date: 2/15/2000 12:27 PM
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as a caregiver to my 72-year-old mother, i can emphatically say 'yes!' to most of your questions.
over the past five years, and counting, i have spent well over $150,000 (actual figures would prove closer to $200,00) on care for mum. this is because we had no long-term plan in place...now IN PLACE is the key phrase here because once the person has reached the state where outside care is required and employed, you are virtually too late.

over the past five years i have contacted any and every insurer available - still trying to buy any sort of long term plan - only to receive negative response/s.

my advice to you would be to do the research and then secure the best plan...

another tip: begin planning how to protect your assets
in the event of catastrophic medical problems.
i spent untold hours yesterday speaking with six attorneys who specialise in elderlaw! i am trying to find the (legal) means of protecting my mother's assets
should she be forced to go to a nursing facility.

stay well and foolish!


stay well and foolish!

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Author: wjm457 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19161 of 76082
Subject: Re: Long Term Care Date: 2/16/2000 1:15 PM
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My wife and I are 49. I can get a 3 year policy with inflation protection for both of us for 100 per month with Transamerica. In 30 years ( not counting premium increases which are probably inevitable) I will spend 36000. What will one year in a home cost in 2030? I'll bet it's a hell of a lot more then 36000. I suppose I could invest 100 a month in some sort of taxable account but I don't feel this would begin to match the amount I will have with the inflation protection. It's a matter of choice. If I never use it, then I guess I will have thrown away 36000. If I don't buy it and really need it down the road, I would never forgive myself. Besides, it's only money.<g>

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Author: foredeckfool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19180 of 76082
Subject: Re: Long Term Care Date: 2/16/2000 4:36 PM
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Its a subject I just started looking into; my parents who are in their 70s have policies that they took out late and their premiums are incredible. I'm 53, unmarried, and trying to decide if this is something I should acquire...but I decided I would wait and check into any tax breaks I might be able to get to offset the premiums for myself. I've been reading some of the articles by TMF Pixy as well...and still can't decide what I should do. It will be interesting to see if anyone else has some thoughts on this subject.

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Author: TTRoberts Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19187 of 76082
Subject: Re: Long Term Care Date: 2/16/2000 7:20 PM
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foredeckfool,

If you haven't already, you might want to check out the following web sites for additional information:

http://www.longtermcareinsurance.org/

http://www.aarp.org/confacts/health/medicaidnurse.html

http://www.aarp.org/election2000/longterm.html

http://www.prepsmart.com/1_beyond.html

http://www.elderweb.com/library/finance/costs_of_eldercare.htm


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Author: wallyoneil Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19214 of 76082
Subject: Re: Long Term Care Date: 2/17/2000 7:57 PM
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Hi, We Bought a long term care policy on Mondy of this week. We bought a policy from Larson Long term Care group.It is similar to a standard health ins policy, Deductible, 10,000 one time, daily benefit of 300 a day for home care or non= hospital care with no max, The policy is guaranteed renewable, which =means it =cannot be cancelled and the premium cannot be raised individually, only by class. the premuin is 225 a month. I am uninsurable anfd my wife is 59. She has told me how much safer she feels with this coverage. I would be glAD TO ANSWER ANY QUESTIONS YOU HAVE BUT the best bet for you would be to shop it, but this uis a good policy. Few exclusions. Hope this helps.
Wally O'Neil woneil@tfb.com

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