Reply to Long term care plan

Forum Index » Money and Finances

Reply to "Long term care plan"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]I am a fed and bought into the fed-sponsored LTC program at the ripe age of...24. I am now 32. I, like the OP, received a hike in my premiums and I anticipate many many more hikes between now and when I actually will need LTC. When I first bought the insurance, my premiums were something like $12 and some change every other week and now they are at around $27 every other week. It is still manageable for me but one of the saving graces is that it is an unlimited/lifetime benefit. I am anticipating that science will get better that will allow humans to live longer, though not necessarily better, which is why I anticipate needing LTC.

I have zero faith in the actuaries who priced these products so I did a very conservative model. I still modeled how much I would be paying versus self-insuring based on the current rates of premium increases and it still comes out ahead buying into LTC. And, I used the most expensive costs of care (SF Bay Area and DC area) as a baseline and with expected cost increases.

Do yourself a favor, OP, stay on the plan! [b]The insurance companies want you to drop[/b]! Don't indulge them.[/quote]

Is that really true?  Why would insurance companies WANT you to drop out?  They need your premiums to pay out the benefits for the people in LTC right now and in the near future.  They want more people to sign up... and more premiums.  Sure, they keep your premiums low when you are 24-45.... so you keep paying in.  Then when you get closer to actually needing it -- like 50+, sounds like they jack up the premiums so high that people feel stuck.  I doubt OP would be complaining if her monthly premiums were $50/month.  See the PP above who was going to be paying $1700/mo!

They turn up the heat little by little and the frog doesn't know that it's boiling.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics