Are you "lucky"if you have a secure retirement?

[TomSeller]

Take your vendetta somewhere else boy. HS.

Truth hurts? Any retirees stepping on my yacht get to go for a swim.

 

[Parkanzky]

Take your vendetta somewhere else boy. HS.

You're both sniping at each other mercilessly, but at least make your arguments with some civility and show a bit of respect for alternate perspectives.

Things like calling someone "genius" as a sarcastic jab at their intelligence, referring to anybody that doesn't agree to you as a "low information type," calling college educated people "handicapped idiots," and referring to a mature adult as "boy" are rude.

Immediately dismissing any discussion or evidence that doesn't agree with your pre-held opinions of the way that society/government/the world works and attacking anyone with a different viewpoint is the behavior of a bigot and a zealot.

Poor behavior is highly unlikely to convince anybody to consider your viewpoint. So, if you want us to listen to what you have to say it would be to your benefit to present your points politely. If not, then I'll assume that your real aim is to take pleasure from behaving badly and I'll make use of the "ignore" feature of the forum.

 

[TomSeller]

While long term care is certainly an issue, I don't know if long term care insurance is a good idea or not.

What happens if that particular insurance companys goes belly-up? And even if it doesn't I have seen many many cases where people thought they had insurance coverage for some loss and the insurance company refused to pay.

I have a real problem with paying an insurance company today for coverage of a risk that could be a decade or two (or more) in the future.

This is something we all probably need to know more about

 

[Parkanzky]

I commented in the long term care insurance thread linked above. I was trying to make sure that we'd have security in our retirement, so I looked into a few long term care insurance options.

The policies I looked at had maximum monthly benefits and then a lifetime cap on the payout. And if I just added up the premiums we'd pay until we were likely to need long-term care, we'd be able to save about the same (or more) money than the maximum benefit on our own.

There might be a "sweet spot" for getting the coverage. If you're too young, you'll pay way too much in premiums over your lifetime to make it a good financial decision. If you wait until you're older, the premiums go up a lot. There might be a time in the middle where you get good value from a policy.

 

[texasjohn]

I commented in the long term care insurance thread linked above. I was trying to make sure that we'd have security in our retirement, so I looked into a few long term care insurance options.

The policies I looked at had maximum monthly benefits and then a lifetime cap on the payout. And if I just added up the premiums we'd pay until we were likely to need long-term care, we'd be able to save about the same (or more) money than the maximum benefit on our own.

There might be a "sweet spot" for getting the coverage. If you're too young, you'll pay way too much in premiums over your lifetime to make it a good financial decision. If you wait until you're older, the premiums go up a lot. There might be a time in the middle where you get good value from a policy.

Your analysis matches mine, re LTC.

AND, I concur with your post 712, and DO recommend "ignore" for those who behave badly. I use the feature sparingly, but when I do, it is earned.

 

[TomSeller]

There might be a time in the middle where you get good value from a policy.

Opinion on how many years before say age 65 retirement this might start and end?

 

[JDgreen227]

Your analysis matches mine, re LTC.

AND, I concur with your post 712, and DO recommend "ignore" for those who behave badly. I use the feature sparingly, but when I do, it is earned.

There are a few trolls on every internet discussion group, and the sad truth is while some are quite intelligent, their viewpoints do little except create dissent, meaning they appear to be outright morons to those who actually contribute positively to a thread. Such cretins are so obvious it's almost laughable.

 

[Parkanzky]

Opinion on how many years before say age 65 retirement this might start and end?

Sorry, I don't have any idea. I stopped trying to figure it all out when it became obvious that the policies we were looking at weren't a good value at our age (late 30's).

 

[KiotiKowboy]

...

The policies I looked at had maximum monthly benefits and then a lifetime cap on the payout. And if I just added up the premiums we'd pay until we were likely to need long-term care, we'd be able to save about the same (or more) money than the maximum benefit on our own.

...

Well ... let's see ...... We pay $160 per month for 2 long-term care policies. They pay up to $4K per month for either 4 or 5 years - we'll use 4 for now. Breaking that down for each of us, that would be an investment of $80 per month = $960 per year. The potential payout would be $48K per year x 4 = $192K.

Investing $960 per year would require 200 years to become a zero-sum game. And, who can say ..... While we can pay the small premiums now, will we be able to pay the alternative $4K per month later? And, ours, do have a life insurance benefit attached to them as well.

I see these policies as a safety net. They pay on top of what you would have from normal insurance and/or medicare. So, it may mean the difference between living in Hxll or at least modest safety and comfort.

 

[houstonscott]

Well ... let's see ...... We pay $160 per month for 2 long-term care policies. They pay up to $4K per month for either 4 or 5 years - we'll use 4 for now. Breaking that down for each of us, that would be an investment of $80 per month = $960 per year. The potential payout would be $48K per year x 4 = $192K. Investing $960 per year would require 200 years to become a zero-sum game. And, who can say ..... While we can pay the small premiums now, will we be able to pay the alternative $4K per month later? And, ours, do have a life insurance benefit attached to them as well. I see these policies as a safety net. They pay on top of what you would have from normal insurance and/or medicare. So, it may mean the difference between living in Hxll or at least modest safety and comfort.

As long as government assumes responsibility when people can't pay, and all the facilities are regulated, people will look to hide and protect their wealth from being taken to support elders in long term care. The tactic is hide your wealth protect it and let State pay, that's why people don't buy long term care. HS