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baghag
:P
Member since 5/05 10278 total posts
Name:
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Spinoff: Do you and DH have long term care insurance?
We don't, but are going to look into it.
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Posted 3/23/07 2:10 PM  |
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mrsmck
Be a big girl!
Member since 5/05 4898 total posts
Name:
Donna
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Re: Spinoff: Do you and DH have long term care insurance?
An Aflec rep came to my job, and I have a disability policy for myself and a family policy for accidents. We're looking into long term care.
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| Posted 3/23/07 11:33 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Spinoff: Do you and DH have long term care insurance?
Jake has Alfac
he is adding me next month
and I am taking the test to sell it
ETA- I have disability thru work- long and short term
Message edited 3/24/2007 12:27:32 AM.
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| Posted 3/24/07 12:23 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Spinoff: Do you and DH have long term care insurance?
I think the OP meant insurance for Long Term Care not disability. They are two different things and cover different things. LTC covers nursing home/rehabilitation/ and usually skilled and/or unskilled in home care.
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| Posted 3/24/07 6:59 AM |
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Kate07
Feel better my little guy!
Member since 5/05 4476 total posts
Name:
Kate
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Re: Spinoff: Do you and DH have long term care insurance?
I want us to get it. I wish my parents had it.
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| Posted 3/24/07 8:05 AM |
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2girlsforme
LIF Adult
Member since 8/06 3071 total posts
Name:
XXXXXXXXX
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Re: Spinoff: Do you and DH have long term care insurance?
These policies are cheap if your young, but I would be careful because from what I understand you can buy a policy today that won't necessarily properly factor in the cost of what you will need 30 or 40 years from now.
We recently had a policy that my mother in law has reviewed by an elder lawyer, he charged us $1000.00 to review the policy, but considering the premium of $8,000.00 per year we thought it was worth it. Anyway, her policy was purchased over 15 years ago, and is one of the original Robert Wood Johnson policies. We were told that you can no longer buy this coverage and that today's policies are not as good of a value.
Even assuming my mother in law uses this policy she will have paid well over a $100,000 in premiums. I wonder if some good estate planning (which she has done) and gambling might not be money better spent. This is coming from someone who use to hold both Series 6 and 7 licenses. I guess that all insurance is only there to manage risk. I personally believe you should find the cheapest way to do so and investing the few thousand dollars a year these policies will cost in your 30s or 40s in the market, religiously, might be a better alternative.
Just my thoughts.
Message edited 3/24/2007 9:06:02 AM.
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| Posted 3/24/07 8:52 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Spinoff: Do you and DH have long term care insurance?
Posted by 2girlsforme
These policies are cheap if your young, but I would be careful because from what I understand you can buy a policy today that won't necessarily properly factor in the cost of what you will need 30 or 40 years from now.
that is a very goodpoint- my Dad made sure his would - my Dad is still young- so this is a issue for him
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| Posted 3/24/07 10:47 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Spinoff: Do you and DH have long term care insurance?
Posted by Beth1210
Posted by 2girlsforme
These policies are cheap if your young, but I would be careful because from what I understand you can buy a policy today that won't necessarily properly factor in the cost of what you will need 30 or 40 years from now.
that is a very goodpoint- my Dad made sure his would - my Dad is still young- so this is a issue for him
They are sold with the option of no interest, simple interest and compound. Buying young, you would choose compound. Any good agent or financial planner will factor this in when selling the policy.
ETA: NYS has a partnership program which might work for some, especially your parents if you are helping them plan.
Message edited 3/24/2007 10:55:24 AM.
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| Posted 3/24/07 10:54 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Spinoff: Do you and DH have long term care insurance?
Posted by 2girlsforme
Even assuming my mother in law uses this policy she will have paid well over a $100,000 in premiums. I wonder if some good estate planning (which she has done) and gambling might not be money better spent. This is coming from someone who use to hold both Series 6 and 7 licenses. I guess that all insurance is only there to manage risk. I personally believe you should find the cheapest way to do so and investing the few thousand dollars a year these policies will cost in your 30s or 40s in the market, religiously, might be a better alternative.
Just my thoughts.
Anything, even older policies, help in the cost of nursing home care and in home care. On LI, the average cost of a year in a nursing home is over $100k. Although your mother may still be required to pay out of pocket, her policy isn't necessarily no good at all. I don't necessarily think that she would have been better off gambling. Even if the policy she has pays $50.00 per day towards the cost of care, that helps.
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| Posted 3/24/07 11:00 AM |
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2girlsforme
LIF Adult
Member since 8/06 3071 total posts
Name:
XXXXXXXXX
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Re: Spinoff: Do you and DH have long term care insurance?
Let me clarify, I'm not talking about gambling at all. My mother in law's policy is a pretty decent policy, that's why were keeping it. However, most of these policies just cover you until you can "spend down" and qualify for Medicaid. My mother in law has done through estate planning to cover this eventuality. However, I still wonder if she will recoup the cost of the policy even at $50 or $100 dollars per day in a nursing home. I still believe, given her financial situation, that she might have been better off investing this money.
In addition, I spend a good deal of time dealing with insurance related matters, and I am very leary about dealing with insurance companies in general, even assuming they are financially sound (and in my opinion that is a big assumption ) who knows who will really be administering that policy with all the take overs and buy outs in the industry.
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| Posted 3/24/07 11:36 AM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Spinoff: Do you and DH have long term care insurance?
Posted by shamrock124
Posted by 2girlsforme
Even assuming my mother in law uses this policy she will have paid well over a $100,000 in premiums. I wonder if some good estate planning (which she has done) and gambling might not be money better spent. This is coming from someone who use to hold both Series 6 and 7 licenses. I guess that all insurance is only there to manage risk. I personally believe you should find the cheapest way to do so and investing the few thousand dollars a year these policies will cost in your 30s or 40s in the market, religiously, might be a better alternative.
Just my thoughts.
Anything, even older policies, help in the cost of nursing home care and in home care. On LI, the average cost of a year in a nursing home is over $100k. Although your mother may still be required to pay out of pocket, her policy isn't necessarily no good at all. I don't necessarily think that she would have been better off gambling. Even if the policy she has pays $50.00 per day towards the cost of care, that helps.
That is correct. Before my grandmother passed, they were charging $10,000/month at the nursing home.
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| Posted 3/24/07 9:42 PM |
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Nicole728
My Happy Girl
Member since 7/06 8198 total posts
Name:
Me
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Re: Spinoff: Do you and DH have long term care insurance?
my friends' DH sells life insurance and we actually had dinner with him tonight discussing policies..we plan on getting it within the week
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| Posted 3/24/07 10:02 PM |
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