Posted on 07/30/2016 1:48:03 PM PDT by American Quilter
I've just been notified by my long-term health care insurance program that they're increasing my monthly premium from $198 to $441 beginning in November due to "the severity of certain medical conditions, expected lifespans, returns on investment, and overall program expenses." The insurer is John Hancock Life & Health Insurance Company. I'll have to pay the full premium increase in order to keep my annual 5% benefit increase. Or I can pay "only" $318 per month and drop to a 3.9% annual benefit increase. Or I can retain the current premium and drop to a 2% annual benefit increase.
so this pays for your care should you need long term care due to debilitating illness/injury?
how healthy are you? how old are you?
if you just keep paying your current premium, what does the “2%” increase mean?
we went with keep the premium the same and reduce to 3 vice 5 years of coverage
Nothing to say except that I got the same letter. I will probably take the same premium/lower benefit option and hope that if I have to use the insurance, I will be able to self insure any remaining expense for myself and wife. I knew when I bought the insurance about 10 years ago, that this industry did not (and apparently still doesn’t) have a firm grip on projected costs, premium rates etc. as it is not life insurance with actuarial tables and the like. I am 75, good health etc. so I am also having to reassess our need for the insurance if it continues to increase premiums.
Long term care has always been considered a rip off.
Gate keepers ,this keeper ,Blah Blah Blah
There has always been better ways to prepare for “Old Age”
Find a reputable Fi Advisor and ask them for input
Obamacare will soon be history.
The insurance will pay up to a set daily benefit amount (currently $282) should I ever need home care (like Visiting Angels) or have to move to an assisted living facility or (God forbid) a nursing home. I’m currently 63 and in good health (mild diabetes controlled with diet and medication). The daily benefit of $282 is what would increase by 2% annually if I choose to retain my current monthly premium of $198.
Also facts to consider:
Chance that a senior citizen will enter a nursing home: 1 in 3
Average cost to stay in a US nursing home for one year: $76,680
Average number of days which individuals that require long term care, receive it: 904
It won't cover pre-existing conditions, but you will have solid coverage and directly help others (as they directly help you).
It is far less expensive than 0care.
I do have a good financial advisor, so I’ll contact him about this. Thanks, CGASMIA68.
I bought mine 13 years ago, thinking it was a smart move to buy at a young age. The premium then was $150/month. Of course, that was before Obamanoncare and before I was forced to provide health care for millions of illegal aliens.
if you need medicare approved skilled nursing care, they will pay for only so long....
if you're a payer or a worker instead of a taker, believe me, they will get you in the end....
I haven't heard of this option, but I'll ask my pastor about it. Thanks, CM.
Depends on what you are paying for it in terms of what you are trying to protect. My mother spent 7 years in assisted living/nursing home care that would have wiped out her estate except that I was able to sell her home and purchase a lump sum annuity that with her SS provided for most of her care. I am not sure that would work today as annuities do not return anywhere near they did when I bought hers. So long term care insurance is one of the few ways to protect an estate you do not want eaten up by long term care expenses. Buying a life insurance policy at an advanced age would be more prohibitive than the LTC premiums.
Also the days of gifting assets and going the government assistance route is long over...as well it should be.
Long term care insurance is not the same thing as health insurance so I am not sure there are religious based cooperatives serving this market.
I’m worried my plan won’t be renewed, so I am contingency planning to jump ship to one of the christian alternative plans.
They are technically not insurance and I don’t understand it well enough to tell other people it is a good idea, but I’ve read enough to be ready to jump in myself.
So do research on your own
Medishare, samaritan, etc.
There's “long term care insurance” and “health/health care insurance.” American Quilter, I was speaking to the latter option.
There is a hybrid life and long term care insurance, and there are long term care insurance options in partnership with your state. You may want to consider these.
...as long as you are willing to pay through the nose for it.
I will, CM, thanks.
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