Comments on: Long Term Care Insurance – You Don’t Need It As Badly As The Insurance Companies Say You Do http://cashmoneylife.com/2009/06/03/long-term-care-insurance-how-much-buy/ Money Management, Small Business, Career Fri, 19 Mar 2010 22:04:10 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: David http://cashmoneylife.com/2009/06/03/long-term-care-insurance-how-much-buy/comment-page-1/#comment-22307 David Mon, 15 Mar 2010 00:22:47 +0000 http://cashmoneylife.com/?p=1630#comment-22307 To suggest that Long Term Care insurance is not needed or insurers are out to take advantage of you is irresponsible. $73,000 is not chicken feed, but if the person had purchased a LTC policy for a annual cost of $2000 per year, it would have taken 37 years for them to break even. If they had paid 10 years then had the claim they would have come out $53,000 ahead. How much income did the person lose from liquidating the $73,000? How much did they pay in taxes because of the liquidation. So $73,000 is not $73,000...it is MORE! A 4% rate of return on the $73,000 would have covered a $2000 per year premium. How much time did the family have to spend figuring out what to do because they did not have a provider adviser helping them with a plan? If it is such bad insurance why does Warren Buffett, Bill Gates and Barbara Walters own it? Because they know how to leverage their dollars to protect risk. People have a 1 in 1200 chance of losing their home to fire. Does the average retiree or the high net worth person ever cancel their fire insurance on their home? Yet, you are suggesting that a person who has a 720 chance out of 1200 of needing long term care should not purchase coverage to cover that circumstance. You may want to personally talk to people who have had to pay for their parents care, a spouses care or their own care before you "advise" most of the world they don't and won't need the coverage. To suggest that Long Term Care insurance is not needed or insurers are out to take advantage of you is irresponsible. $73,000 is not chicken feed, but if the person had purchased a LTC policy for a annual cost of $2000 per year, it would have taken 37 years for them to break even. If they had paid 10 years then had the claim they would have come out $53,000 ahead. How much income did the person lose from liquidating the $73,000? How much did they pay in taxes because of the liquidation. So $73,000 is not $73,000…it is MORE! A 4% rate of return on the $73,000 would have covered a $2000 per year premium. How much time did the family have to spend figuring out what to do because they did not have a provider adviser helping them with a plan? If it is such bad insurance why does Warren Buffett, Bill Gates and Barbara Walters own it? Because they know how to leverage their dollars to protect risk. People have a 1 in 1200 chance of losing their home to fire. Does the average retiree or the high net worth person ever cancel their fire insurance on their home? Yet, you are suggesting that a person who has a 720 chance out of 1200 of needing long term care should not purchase coverage to cover that circumstance. You may want to personally talk to people who have had to pay for their parents care, a spouses care or their own care before you “advise” most of the world they don’t and won’t need the coverage.

]]> By: Ryan http://cashmoneylife.com/2009/06/03/long-term-care-insurance-how-much-buy/comment-page-1/#comment-22065 Ryan Mon, 01 Mar 2010 15:16:03 +0000 http://cashmoneylife.com/?p=1630#comment-22065 Dwight, Thanks for recommending Roger look into LTCi for himself. I should have mentioned that when I first read his comment. I agree this is a topic that many people overlook, but it is an important topic that needs to be addressed. Thanks for sharing. Dwight, Thanks for recommending Roger look into LTCi for himself. I should have mentioned that when I first read his comment. I agree this is a topic that many people overlook, but it is an important topic that needs to be addressed. Thanks for sharing.

]]> By: Dwight http://cashmoneylife.com/2009/06/03/long-term-care-insurance-how-much-buy/comment-page-1/#comment-22062 Dwight Mon, 01 Mar 2010 14:42:55 +0000 http://cashmoneylife.com/?p=1630#comment-22062 Roger, I to0 am sorry to hear about your wife's situation. However, don't feel stupid about your decision to not have purchased LTCi. It is regarded as the "forgotten insurance" afterall. Every where we turn, we are inundated with insurance products. The problem is that we have all been used to those that offer death benefits, life insurance, but not living benefits. So, unintentionally we were steered to certain products. A good agent will help you in securing all areas without overselling or overinsuring. That being said, while your wife may not qualify, if you haven't already, you may however qualify. Not aware of your situation, family, health, financial, etc... there are new available products that offer great living benefits including low cost, even in your senior years. Roger, I to0 am sorry to hear about your wife’s situation. However, don’t feel stupid about your decision to not have purchased LTCi. It is regarded as the “forgotten insurance” afterall. Every where we turn, we are inundated with insurance products. The problem is that we have all been used to those that offer death benefits, life insurance, but not living benefits. So, unintentionally we were steered to certain products. A good agent will help you in securing all areas without overselling or overinsuring. That being said, while your wife may not qualify, if you haven’t already, you may however qualify. Not aware of your situation, family, health, financial, etc… there are new available products that offer great living benefits including low cost, even in your senior years.

]]> By: Ryan http://cashmoneylife.com/2009/06/03/long-term-care-insurance-how-much-buy/comment-page-1/#comment-22027 Ryan Sun, 28 Feb 2010 19:29:44 +0000 http://cashmoneylife.com/?p=1630#comment-22027 Roger, I'm sorry to hear about your wife's diagnosis, and I wish you and her the best. Roger, I’m sorry to hear about your wife’s diagnosis, and I wish you and her the best.

]]> By: Roger http://cashmoneylife.com/2009/06/03/long-term-care-insurance-how-much-buy/comment-page-1/#comment-22017 Roger Sun, 28 Feb 2010 04:23:35 +0000 http://cashmoneylife.com/?p=1630#comment-22017 My wife is 62 and I am 63. We do not have LTC insurance and she was just diagnosed with Parkinson's, so I doubt that any company is going to want to insure her now. So right now I am feeling like I made a very stupid mistake by not buying LTC insurance when we were younger. My wife is 62 and I am 63. We do not have LTC insurance and she was just diagnosed with Parkinson’s, so I doubt that any company is going to want to insure her now. So right now I am feeling like I made a very stupid mistake by not buying LTC insurance when we were younger.

]]> By: Jackie http://cashmoneylife.com/2009/06/03/long-term-care-insurance-how-much-buy/comment-page-1/#comment-21745 Jackie Thu, 11 Feb 2010 02:38:44 +0000 http://cashmoneylife.com/?p=1630#comment-21745 You are so ignorant it is scary. Given you are advising people to self insure, will you be there to pick up the tab when the need for care exceeds 1 year? Did you know that according to the Centers for Disease Control and Prevention: The average length of time since admission is 835 days . You are so ignorant it is scary. Given you are advising people to self insure, will you be there to pick up the tab when the need for care exceeds 1 year? Did you know that according to the Centers for Disease Control and Prevention: The average length of time since admission is 835 days .

]]> By: Susan Cooper http://cashmoneylife.com/2009/06/03/long-term-care-insurance-how-much-buy/comment-page-1/#comment-21547 Susan Cooper Mon, 01 Feb 2010 20:35:15 +0000 http://cashmoneylife.com/?p=1630#comment-21547 My Dad at age 62 had joint surgery with complications and his recovery time was MUCH longer than anticipated. During his recovery time, he required full time home care for 3 months. My parents are divorced; my sister and I live 2+ hours away with full time jobs and families of our own,. We were forced to hire a home health care agency around the clock to do his personal care, as well as cooking and cleaning. It cost close to $21,000 for 3 months, but luckily he had a long term care policy which paid for all of the home services. All we had to do was submit a claim with the bill and he got a reimbursement check within a week. They were courtesous helpful and it was no hassles. I don't know what we would have done without it. This kind of insurance isn't just for nursing homes and old people. My Dad at age 62 had joint surgery with complications and his recovery time was MUCH longer than anticipated. During his recovery time, he required full time home care for 3 months. My parents are divorced; my sister and I live 2+ hours away with full time jobs and families of our own,. We were forced to hire a home health care agency around the clock to do his personal care, as well as cooking and cleaning. It cost close to $21,000 for 3 months, but luckily he had a long term care policy which paid for all of the home services. All we had to do was submit a claim with the bill and he got a reimbursement check within a week. They were courtesous helpful and it was no hassles. I don’t know what we would have done without it. This kind of insurance isn’t just for nursing homes and old people.

]]> By: dwight http://cashmoneylife.com/2009/06/03/long-term-care-insurance-how-much-buy/comment-page-1/#comment-20461 dwight Fri, 20 Nov 2009 03:20:13 +0000 http://cashmoneylife.com/?p=1630#comment-20461 Craig, Regardless of age, an agent must always pay attention to the needs and goals of the individual. That alone will result in a win-win. One bad apple... It seems your mom is in good hands, which is why it's so important for family to be involved with such decisions as it truly impacts everyone. Good for you! Craig,

Regardless of age, an agent must always pay attention to the needs and goals of the individual. That alone will result in a win-win. One bad apple…
It seems your mom is in good hands, which is why it’s so important for family to be involved with such decisions as it truly impacts everyone. Good for you!

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