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So what are others to do? They don't want the average they want the top 20% of seniors and are finding various ways to market to them. You have resources will they work locally or will you need to adjust where you live somewhere. Builders are responding with 2 bedroom, 2 bath well appointed homes somewhere around the 300K range in NC. Intended for seniors on one level with socializing features etc. Also in well heeled communities with recreational activities and assisted living and up facilities near by etc etc. Your point about Manhattan is well made as land and housing is expensive and newer facilites are going to be build further out in the suburbs of metro areas amongst more expensive neighborhoods and shopping.
We are hoping we don't need care but if we do we are counting on the insurance and perks to make things work .
We would prefer to do whatever at home if we can. Our perks are only good in ny since ny has no control over other states.
The plan reverts to a dollar for a dollar out of state with no income protection
Last edited by mathjak107; 07-12-2016 at 06:49 AM..
I don't have a plan. But I know God does, so I don't worry about it.
"You pray for the hungry. Then you feed them. That's how prayer works." - Pope Francis
It's all about mitigating the odds as much as you can in whatever fashion you are comfortable with. Whether it is with your own funds, a policy that will pay a fixed amount, a policy that covers inflation, Medicaid and/or a prepaid facility or a supportive faith community, you can pretty much be guaranteed that you will get care if you need it. Odds are you will need little if any but they are just barely in your favor; just being able to afford a few months puts them more substantially in your favor with respect to being able to choose what care you get and not devastating your finances.
"You pray for the hungry. Then you feed them. That's how prayer works." - Pope Francis
It's all about mitigating the odds as much as you can in whatever fashion you are comfortable with. Whether it is with your own funds, a policy that will pay a fixed amount, a policy that covers inflation, Medicaid and/or a prepaid facility or a supportive faith community, you can pretty much be guaranteed that you will get care if you need it. Odds are you will need little if any but they are just barely in your favor; just being able to afford a few months puts them more substantially in your favor with respect to being able to choose what care you get and not devastating your finances.
To bet on Medicaid expansion is ill advised. Considering the burden our SS will be to support and the limited state and local dollars. That is why so much new is being built in affluent areas where public amenities and health care providers exist. Just like the affluent parents of Boomers flocked to the well heeled growing suburbs so will we if able. The demand for services in North Raleigh today wil pale to future demand as all of these affluent transplants hit their mid to late 70's and older.
First, we try to stay as healthy and fit as long as possible with exercise (both physical and mental) and diet.
Secondly, if we ever need nursing home care, we want our stay to be as short as possible. This means having our living will and advanced directives for medical decisions, and plan to relocate to right-to-die states or countries.
Lastly with respect to the finance question, we are prepared to self pay. We are not very rich but do not worry too much about the scenario when we run out of money and have to rely on medicaid for LTC. I know that there are a lot of 'horror' stories about nursing homes which accept medicaid patients. The way I see if, if it I was in such a nursing home, I'd likely not to be in a mental condition to care one way or the other, and if I am mentally alert enough to care, I'd just focus on finding ways to end my life asap ;-)
From what I have read about LTC insurance, I think that are too expensive with unpredictable premium increases and future payouts. IMO, the ROI is not very good for us to obtain LTCi.
The issue I see with buying LTC insurance is that you don't know what future premiums will be. You can sign up for the insurance in your 50's, then the premium keeps increasing as you get moved into higher and higher risk groups, then 30 years later you need to go into LTC facility or need home care, but you canceled the policy a few years earlier because the premiums became unaffordable. You wasted 25+ years of premium payments and then still have no insurance when you need it.
Sounds like a nightmare.
You don't get moved into higher and higher risk groups. In fact, that's the whole point of purchasing LTC insurance when you're in your 50s and relatively healthy.
I'd likely not to be in a mental condition to care one way or the other, and if I am mentally alert enough to care, I'd just focus on finding ways to end my life asap ;-)i.
I was in a mental and physical condition not to care very much. I did care. I cared a lot. As soon as I got out and was able to, I purchased LTCi. My biggest fear is going back to one of those disgusting places and being helpless to leave.
From what I have read about LTC insurance, I think that are too expensive with unpredictable premium increases and future payouts. IMO, the ROI is not very good for us obtain LTCi.
I was speaking to my FA about it and while he will sell it if people ask, he says it generally is going to be a bad deal and that there is a pretty significant denial rate; lots of people who want it have reason to think they will end up in a facility and are turned down when that reason (usually a health condition) is discovered. There are insurers that will take the higher risk, but they charge so much you might as well bank the premiums. But if you are able to get a good policy and can afford it, it does address the concern about being able to choose and avoiding financial ruin.
I was speaking to my FA about it and while he will sell it if people ask, he says it generally is going to be a bad deal and that there is a pretty significant denial rate; lots of people who want it have reason to think they will end up in a facility and are turned down when that reason (usually a health condition) is discovered. There are insurers that will take the higher risk, but they charge so much you might as well bank the premiums. But if you are able to get a good policy and can afford it, it does address the concern about being able to choose and avoiding financial ruin.
Thus the advantage of purchasing via a large sponsoring group and doing it in your healthier and younger years.
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