Long-term care insurance

[twenty02]

Ummm...not quite true. As an advisor, I can say there are still several LTC options available and they can fit budgets.

You are right that some companies have left the market, but several quality companies still exist.

I think there are only like 5 or 6 insurers left in the country that sell LTC, no?

The ones I've seen haven't looked appealing. Low lifetime caps, etc. Nothing like the policies that were available twenty+ years ago.

 

[ribbont]

I think there are only like 5 or 6 insurers left in the country that sell LTC, no?

The ones I've seen haven't looked appealing. Low lifetime caps, etc. Nothing like the policies that were available twenty+ years ago.

Well, you are right about the policy reductions over the years. But the policies have changed to allow for a death benefit in the policy goes unused. These hybrid type of policies make up about 95% of all policies sold. The traditional use it or lose it policy is all but gone.

And lifetime benefits are rare and usually unnecessary as the average need by a person is less than 3 years.

 

[DANC]

Well the Baby Boomers are getting old so more hospice places are probably needed. That's good news for JDB 🤣

JDB should be thanking his lucky stars Boomers are still out there creating wealth for everyone.

 

[All4You]

My LTC plan is something like this...

 

[TheOriginalHappyGoat]

And lifetime benefits are rare and usually unnecessary as the average need by a person is less than 3 years.

So what happens to the handful of people who do need it?

 

[BradStevens]

So what happens to the handful of people who do need it?

They die?

 

[TheOriginalHappyGoat]

They die?

Stellar.

 

[ribbont]

So what happens to the handful of people who do need it?

Need what exactly?

 

[TheOriginalHappyGoat]

Need what exactly?

Lifetime benefits. You said they are usually unnecessary.

 

[BradStevens]

Stellar.

I mean, we have limited resources as a society and end-of-life care is very expensive. It doesn't make sense to prolong everyone's life to the maximum of today's medical ability, damn the costs. This is what the infamous death panels were about and while effective politics, it was stupid to question them. Every govt system has to draw a line somewhere.

If you have your own money, though, I guess you do what you want.

 

[TheOriginalHappyGoat]

I mean, we have limited resources as a society and end-of-life care is very expensive. It doesn't make sense to prolong everyone's life to the maximum of today's medical ability, damn the costs. This is what the infamous death panels were about and while effective politics, it was stupid to question them. Every govt system has to draw a line somewhere.

If you have your own money, though, I guess you do what you want.

Agreed, but I'd rather it be normalized as a part of society, rather than foisted upon people who bought the wrong insurance.

 

[ribbont]

Lifetime benefits. You said they are usually unnecessary.

Well, they are. Until they are not, of course. It's insurance, so each person can choose the amount of coverage they want, need, or can afford. Just like with any insurance.

But to answer your original question, it depends on the planning, the assets, and priorities. There is no one singular answer.

 

[ribbont]

I mean, we have limited resources as a society and end-of-life care is very expensive. It doesn't make sense to prolong everyone's life to the maximum of today's medical ability, damn the costs. This is what the infamous death panels were about and while effective politics, it was stupid to question them. Every govt system has to draw a line somewhere.

If you have your own money, though, I guess you do what you want.

So, for the greater good, kill the old people? You know, some studies show, IIRC, dementia tripling in the next 30 years. It'll be interesting to see how we handle that.

 

[BradStevens]

So, for the greater good, kill the old people? You know, some studies show, IIRC, dementia tripling in the next 30 years. It'll be interesting to see how we handle that.

No. No Obama plan was going to "kill the old people" and that's not what I wrote or was responding to.

Of course, under the private marketplace, old people die all the time from not enough money to afford care they might need, right? Isn't that what people try to insure against? Is that system tantamount to "kill[ing] the old people?"

 

[ribbont]

No. No Obama plan was going to "kill the old people" and that's not what I wrote or was responding to.

Of course, under the private marketplace, old people die all the time from not enough money to afford care they might need, right? Isn't that what people try to insure against? Is that system tantamount to "kill[ing] the old people?"

Sorry, my response was meant for Goat. My bad.

But to respond to your marketplace question, I don't know how many people are told they will not be treated because of money. I'm not privy to that data, but I am sure it happens.

There are no simple answers, and some would say we should "ration" care to keep costs lower and help those who truly can benefit. I am not ready to implement such a system. Especially when we haven't even discussed our food/ag system since RFK made it an issue.

No debate questions about how to get us to be a healthier nation. But tons on how to keep abortion rolling.

 

[stollcpa]

So, for the greater good, kill the old people? You know, some studies show, IIRC, dementia tripling in the next 30 years. It'll be interesting to see how we handle that.

If I get dementia, the minute I don’t recognize family and I am wondering around aimlessly, I would want to be humanely put to death immediately.