Insurance: Life, Long Term Care, Disability...

Been a lot of threads on insurance lately.

Just wondering if folks here are actually purchasing these (and in what order)?  I assume Life is the most important (to take care of your family in case something happens to you).  But I also think that the others could be just as important.

Any insight/information those of you who have gone through the process can provide to the rest of us?

Thanks in advance...

TTT for the knowledge.

We are exploring LTC for my mother and it is a very poorly underwritten product.  We are also afraid that a mass claim event may make the product insolvent, the sheer amount of Boomers that are gong to be retiring is going to put a lot os stress on our health care system.

That being said, the alternative is to pay out of pocket, which can be up to $10k per month.  I am shocked that more people are not looking into this.  Good luck having Medicare cover your folks sky high cost of living.

Baby Boomers fucked their parent's dreams up, now they get to fuck their kid's dreams up as well.

Long Term Care insurance would come last.  Buy term life insurance if you have people that are dependent on your income.  Long term disability is a really good idea, it is inexpensive (try to buy it through your employer's insurance/benefits package).

AlphaSlap - 

We are exploring LTC for my mother and it is a very poorly underwritten product.  We are also afraid that a mass claim event may make the product insolvent, the sheer amount of Boomers that are gong to be retiring is going to put a lot os stress on our health care system.

That being said, the alternative is to pay out of pocket, which can be up to $10k per month.  I am shocked that more people are not looking into this.  Good luck having Medicare cover your folks sky high cost of living.

Baby Boomers fucked their parent's dreams up, now they get to fuck their kid's dreams up as well.



Long term care insurance is damn expensive.  I am not buying it because of the cost and the fact that i may not even need it.

AlphaSlap - 

We are exploring LTC for my mother and it is a very poorly underwritten product.  We are also afraid that a mass claim event may make the product insolvent, the sheer amount of Boomers that are gong to be retiring is going to put a lot os stress on our health care system.

That being said, the alternative is to pay out of pocket, which can be up to $10k per month.  I am shocked that more people are not looking into this.  Good luck having Medicare cover your folks sky high cost of living.

Baby Boomers fucked their parent's dreams up, now they get to fuck their kid's dreams up as well.


Medicare won't cover a true long term care scenario. It's not a situation covered by Medicare.

You've got three options to pay for long term care. 1) Out of pocket. It's fucking expensive, and LOW END is around $125 a day, 4K a month. And it's getting higher quickly. 2) LTC insuraunce. It's fucking expensive, and the longer someone waits to buy it, the more it'll be. If you get it, try to get a policy that has an inflation amount built into the per day amount, just in case. 3) Medicaid. This will deplete your assets, and is how your parents will likely spend your inheritance. More than a third of people will need long term care of some sort, and generally can't afford out of pocket payments and didn't get insurance, leaving this as the way to pay it.

BiggGunn -
AlphaSlap - 

We are exploring LTC for my mother and it is a very poorly underwritten product.  We are also afraid that a mass claim event may make the product insolvent, the sheer amount of Boomers that are gong to be retiring is going to put a lot os stress on our health care system.

That being said, the alternative is to pay out of pocket, which can be up to $10k per month.  I am shocked that more people are not looking into this.  Good luck having Medicare cover your folks sky high cost of living.

Baby Boomers fucked their parent's dreams up, now they get to fuck their kid's dreams up as well.


Medicare won't cover a true long term care scenario. It's not a situation covered by Medicare.

You've got three options to pay for long term care. 1) Out of pocket. It's fucking expensive, and LOW END is around $125 a day, 4K a month. And it's getting higher quickly. 2) LTC insuraunce. It's fucking expensive, and the longer someone waits to buy it, the more it'll be. If you get it, try to get a policy that has an inflation amount built into the per day amount, just in case. 3) Medicaid. This will deplete your assets, and is how your parents will likely spend your inheritance. More than a third of people will need long term care of some sort, and generally can't afford out of pocket payments and didn't get insurance, leaving this as the way to pay it.

We got the inflation guard in.

You are so spot on it is kinda creepy.

I had an uncle with no insurance check himself into the hospital last month (which is how we got into this in the first place).  He is the recipient of a trust that he shares with my mother, the trust stipulates that he could draw from the principal for "living expenses"-we went white at the thought of our children's inheritence being wasted for medical care for an asshole who insisted on going to the hospital every month.

 

I think we will see an uptick in geriatric suicides over the next 20 years.

The absence of intact, multi-generational families helping to take care of elders is a large factor, as well as greater longevity.

AlphaSlap - 
BiggGunn -
AlphaSlap - 

We are exploring LTC for my mother and it is a very poorly underwritten product.  We are also afraid that a mass claim event may make the product insolvent, the sheer amount of Boomers that are gong to be retiring is going to put a lot os stress on our health care system.

That being said, the alternative is to pay out of pocket, which can be up to $10k per month.  I am shocked that more people are not looking into this.  Good luck having Medicare cover your folks sky high cost of living.

Baby Boomers fucked their parent's dreams up, now they get to fuck their kid's dreams up as well.


Medicare won't cover a true long term care scenario. It's not a situation covered by Medicare.

You've got three options to pay for long term care. 1) Out of pocket. It's fucking expensive, and LOW END is around $125 a day, 4K a month. And it's getting higher quickly. 2) LTC insuraunce. It's fucking expensive, and the longer someone waits to buy it, the more it'll be. If you get it, try to get a policy that has an inflation amount built into the per day amount, just in case. 3) Medicaid. This will deplete your assets, and is how your parents will likely spend your inheritance. More than a third of people will need long term care of some sort, and generally can't afford out of pocket payments and didn't get insurance, leaving this as the way to pay it.

We got the inflation guard in.

You are so spot on it is kinda creepy.

I had an uncle with no insurance check himself into the hospital last month (which is how we got into this in the first place).  He is the recipient of a trust that he shares with my mother, the trust stipulates that he could draw from the principal for "living expenses"-we went white at the thought of our children's inheritence being wasted for medical care for an asshole who insisted on going to the hospital every month.

Yeah... this is a disaster...

The workarounds that people are doing (often with questionable morals) is parents are transferring most of their assets to their children in a trust (that they can't control) well before they are sick.

Medicaid requires a 5 year lookback period (meaning that any assets transferred within 5 years of a medicaid claim will be subject to the government claiming and retrieving those assets).

This way - folks are transferring their assets and when they are in need, they can claim medicaid benefits (as they will have no assets for the government to seize).

It is sleazy and pathetic that we in our country have come to this.

Big Gunn is spot on... although I disagree with #1.  The costs are closer to $200 per day at a minimum.  Very hard to come much lower than that.

lionsoul -
AlphaSlap - 
BiggGunn -
AlphaSlap - 

We are exploring LTC for my mother and it is a very poorly underwritten product.  We are also afraid that a mass claim event may make the product insolvent, the sheer amount of Boomers that are gong to be retiring is going to put a lot os stress on our health care system.

That being said, the alternative is to pay out of pocket, which can be up to $10k per month.  I am shocked that more people are not looking into this.  Good luck having Medicare cover your folks sky high cost of living.

Baby Boomers fucked their parent's dreams up, now they get to fuck their kid's dreams up as well.


Medicare won't cover a true long term care scenario. It's not a situation covered by Medicare.

You've got three options to pay for long term care. 1) Out of pocket. It's fucking expensive, and LOW END is around $125 a day, 4K a month. And it's getting higher quickly. 2) LTC insuraunce. It's fucking expensive, and the longer someone waits to buy it, the more it'll be. If you get it, try to get a policy that has an inflation amount built into the per day amount, just in case. 3) Medicaid. This will deplete your assets, and is how your parents will likely spend your inheritance. More than a third of people will need long term care of some sort, and generally can't afford out of pocket payments and didn't get insurance, leaving this as the way to pay it.

We got the inflation guard in.

You are so spot on it is kinda creepy.

I had an uncle with no insurance check himself into the hospital last month (which is how we got into this in the first place).  He is the recipient of a trust that he shares with my mother, the trust stipulates that he could draw from the principal for "living expenses"-we went white at the thought of our children's inheritence being wasted for medical care for an asshole who insisted on going to the hospital every month.

Yeah... this is a disaster...

The workarounds that people are doing (often with questionable morals) is parents are transferring most of their assets to their children in a trust (that they can't control) well before they are sick.

Medicaid requires a 5 year lookback period (meaning that any assets transferred within 5 years of a medicaid claim will be subject to the government claiming and retrieving those assets).

This way - folks are transferring their assets and when they are in need, they can claim medicaid benefits (as they will have no assets for the government to seize).

It is sleazy and pathetic that we in our country have come to this.

Big Gunn is spot on... although I disagree with #1.  The costs are closer to $200 per day at a minimum.  Very hard to come much lower than that.

a few folks have pitched this idea to me as well.

I bought life and disability about 2 years ago when I had my 2nd kid.  I feel the expense every month but think its a worthwhile investment.

^^^^ Agreed.

Although Long-Term care is important as well.  Looking to defraud the government is not a strategy IMO...

Also - I don't know what kind of limits/facilities/services medicaid implements when it comes to long term care.

Does your employer offer anything? It's usually the cheapest place to get all of it.

At work I have long and short term disability, plus a small term life insurance.

Also I have 1.5 mill in term life, wife and 2 dependent kids. That will expire when the kids are 25 or so.

UltimateKeyboardWarrior -
AlphaSlap - 

We are exploring LTC for my mother and it is a very poorly underwritten product.  We are also afraid that a mass claim event may make the product insolvent, the sheer amount of Boomers that are gong to be retiring is going to put a lot os stress on our health care system.

That being said, the alternative is to pay out of pocket, which can be up to $10k per month.  I am shocked that more people are not looking into this.  Good luck having Medicare cover your folks sky high cost of living.

Baby Boomers fucked their parent's dreams up, now they get to fuck their kid's dreams up as well.



Long term care insurance is damn expensive.  I am not buying it because of the cost and the fact that i may not even need it.

And that is a big risk.

my father has Alzheimer's and we spent about $250 a day on his care.

we have quickly gone/ are going through his assets.

i have been fortunate not having to worry about these issues financially... but most folks need to plan or take big risks not doing so.

myersei - Does your employer offer anything? It's usually the cheapest place to get all of it.

I don't think LTC is offered as a benefit, too niche 

^^^^ as others have said, Medicare doesn't pay shit when it comes to long term care.

lionsoul - 
AlphaSlap - 
BiggGunn -
AlphaSlap - 

We are exploring LTC for my mother and it is a very poorly underwritten product.  We are also afraid that a mass claim event may make the product insolvent, the sheer amount of Boomers that are gong to be retiring is going to put a lot os stress on our health care system.

That being said, the alternative is to pay out of pocket, which can be up to $10k per month.  I am shocked that more people are not looking into this.  Good luck having Medicare cover your folks sky high cost of living.

Baby Boomers fucked their parent's dreams up, now they get to fuck their kid's dreams up as well.


Medicare won't cover a true long term care scenario. It's not a situation covered by Medicare.

You've got three options to pay for long term care. 1) Out of pocket. It's fucking expensive, and LOW END is around $125 a day, 4K a month. And it's getting higher quickly. 2) LTC insuraunce. It's fucking expensive, and the longer someone waits to buy it, the more it'll be. If you get it, try to get a policy that has an inflation amount built into the per day amount, just in case. 3) Medicaid. This will deplete your assets, and is how your parents will likely spend your inheritance. More than a third of people will need long term care of some sort, and generally can't afford out of pocket payments and didn't get insurance, leaving this as the way to pay it.

We got the inflation guard in.

You are so spot on it is kinda creepy.

I had an uncle with no insurance check himself into the hospital last month (which is how we got into this in the first place).  He is the recipient of a trust that he shares with my mother, the trust stipulates that he could draw from the principal for "living expenses"-we went white at the thought of our children's inheritence being wasted for medical care for an asshole who insisted on going to the hospital every month.

Yeah... this is a disaster...

The workarounds that people are doing (often with questionable morals) is parents are transferring most of their assets to their children in a trust (that they can't control) well before they are sick.

Medicaid requires a 5 year lookback period (meaning that any assets transferred within 5 years of a medicaid claim will be subject to the government claiming and retrieving those assets).

This way - folks are transferring their assets and when they are in need, they can claim medicaid benefits (as they will have no assets for the government to seize).

It is sleazy and pathetic that we in our country have come to this.


Big Gunn is spot on... although I disagree with #1.  The costs are closer to $200 per day at a minimum.  Very hard to come much lower than that.


Like I said, $125 a day is low end. I spent about 6 months a few years ago working for Banker's Life, and they focus on the retirement market, so I've got a pretty strong knowledge of Medicare (and the different supplements), Long Term Care, and different life insurance options.

$125 is based on the low end in my area. I live in southern IL, about 90 miles SE of St. Louis. We're a pretty rural area, and prices tend should tend to run lower ehre. If you're in a major area, $200 may be more normal.

lionsoul - 
UltimateKeyboardWarrior -
AlphaSlap - 

We are exploring LTC for my mother and it is a very poorly underwritten product.  We are also afraid that a mass claim event may make the product insolvent, the sheer amount of Boomers that are gong to be retiring is going to put a lot os stress on our health care system.

That being said, the alternative is to pay out of pocket, which can be up to $10k per month.  I am shocked that more people are not looking into this.  Good luck having Medicare cover your folks sky high cost of living.

Baby Boomers fucked their parent's dreams up, now they get to fuck their kid's dreams up as well.



Long term care insurance is damn expensive.  I am not buying it because of the cost and the fact that i may not even need it.

And that is a big risk.

my father has Alzheimer's and we spent about $250 a day on his care.

we have quickly gone/ are going through his assets.

i have been fortunate not having to worry about these issues financially... but most folks need to plan or take big risks not doing so.



I agree that it is a risk.  It simply is one that I am going to take.  I am pretty conservative financially, I have always lived beneath my means, saved & invested intelligently for the future.  I just don't want to drop that much money on an expensive insurance that I may or may not need.  I am single without kids so if my assets are completely depleted I am not depriving anyone of an inheritance.

I get all my insurance through work. Beyond that is my savings. I don't have any kids yet, and even if I did it's on me to finance my future and not to burden them with it