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Everything you say makes sense. We are almost exactly in the same place you are---age, ability to self insure. Even the policy we had, had terms that were close to what you described above. I agree your policy is worthwhile. I would have preferred to keep ours as I am pretty risk adverse, but for us, the cost and uncertainty about future rates got to be too much. Hopefully, the end for both of us is a long way off, but when it happens, it will be quick.
Thank you! All the best to you and your spouse as well. This is an insurance I’d be happy not collecting on.
18 years ago we planned on self insuring ..l like everyone else , was just just saying it but never really had a plan for doing so .
then we were asked to do a feature story with money magazine…money magazine thought it would be interesting to take a do it yourselfer who did their own investing and planning and put them against their team of pros .
we did well against them , except for the self insuring …
they showed us all the math to really self insuring and it was so costly to do it properly that just a small part of the yearly gains on the money in the income generation pool paid the premiums for a real policy
so they were right and i was wrong about my assumptions
That's what you don't seem to grasp. What's "proper" for one person may not be "proper" for another. You are the sole arbiter of what's proper for you, and I'm the sole arbiter of what's proper for me.
You let the insurance companies talk you into spending large amounts of money each year and you may never collect a dime on it, but that's OK because you have plenty of money and you've been convinced that's what's proper for you... and I'm not disagreeing with you.
Someone in a different situation may have a different definition of what's "proper" for them.
i clearly said we all have to make our own decisions..we just need to make informed decisions and the more informed we are about things we never considered the better decisions we can make . that is true about everything in life .
These policies are notorious for raising rates but they are a blessing when you need them - assuming that you have someone who is familiar/astute enough to manage the policy for you when that time comes.
That's what you don't seem to grasp. What's "proper" for one person may not be "proper" for another. You are the sole arbiter of what's proper for you, and I'm the sole arbiter of what's proper for me.
You let the insurance companies talk you into spending large amounts of money each year and you may never collect a dime on it, but that's OK because you have plenty of money and you've been convinced that's what's proper for you... and I'm not disagreeing with you.
Someone in a different situation may have a different definition of what's "proper" for them.
My friend, the gentleman you are addressing is NEVER going to acknowledge that you may have thought through the situation completely, sensibly, rationally, and made a decision that is consistent with your risk profile, net worth, and your expectation of the future. In fairness, he is clearly knowledgeable, and his advice is not without merit. Unfortunately, he doesn’t understand that people are not going to be receptive to anything he says if he can’t say it without sounding so judgmental and dismissive of other people’s decisions.
These policies are notorious for raising rates but they are a blessing when you need them - assuming that you have someone who is familiar/astute enough to manage the policy for you when that time comes.
I’m curious what you mean regarding having someone astute enough to manage the policy. I don’t have much experience in these matters, but my mother-in-law had one of these policies and ended up drawing benefits from it for perhaps a month prior to her death. All that was involved (or maybe I should say all I did) was collect the receipts for the services that we paid for (some in home care) and submit them for reimbursement to the insurance company. In turn, they sent us a check. Did I miss something? You are making me second guess myself. Ha!
i went 68 years with barely any medical expenses ..i was never hospitalized ever …
i wished i had not wasted so much money on health insurance for decades .
but then my wife and i got covid bad and were hospitalized for two weeks together .
that was a quarter million dollars in two weeks time and i said thankfully we have health insurance
No question. It's the same thing with car insurance. We have paid and paid on those policies for years. Never been at fault in an accident (that includes teen drivers). We've paid home insurance on the houses that we've owned over the years - never made a claim. Health insurance wise - nothing major, aside from two healthy c-section births. Then my healthy/fit husband suffered injuries in an accident that put him into a wheelchair and unable to bear weight on either foot. We were only in our 40's, had two kids in elementary school but, together, we figured it out at home - but oh holy heck did that ever wake me up. We are not invincible. We haven't had a hospitalization since then. Thank God.
Rolling into our 60's we're doing pretty good. But, I know it only takes a second.
I've seen how LTC insurance policies have been a godsend to people.
I’m curious what you mean regarding having someone astute enough to manage the policy. I don’t have much experience in these matters, but my mother-in-law had one of these policies and ended up drawing benefits from it for perhaps a month prior to her death. All that was involved (or maybe I should say all I did) was collect the receipts for the services that we paid for (some in home care) and submit them for reimbursement to the insurance company. In turn, they sent us a check. Did I miss something? You are making me second guess myself. Ha!
There are rules for these policies and it is not necessarily intuitive as to how they work. There is a time frame during which claims need to be made - know the rules. There is also often a stretch of time before the policies need to be activated but they still need assistance in making sure that they are paid for. They forget to pay them or are overwhelmed by the increases and let them lapse.....
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