Manhattan Beach church to hold event on end-of-life issues
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#2 Nov 6, 2010
Many residents of wealthy Manhattan Beach may well be able to afford long term health insurance but the quotes that I've received (at age 50) are completely prohibitive - hundreds of dollars a month for a couple (oh, who shall I bet on to get sick, and only pay for one?) We already have to shoulder monthly healthcare premiums and to add this additional cost is impossible for most middle-class families.
Healthcare is a business in the U.S. and like all businesses with a product to sell, the wealthier you are, the better your choices, the easier your retirement, the better your quality of life..
I'm all for Estate Planning, and the important tools it provides for retirement and end-of-life issues. But long term care options are a disgrace in this country, especially if an illness strikes a breadwinner. I've seen people go under financially in these situations. When I retire, I'm moving back to my home country, where these services are a right, not a privilege for a privileged few.
#3 Nov 6, 2010
Clarifying above - I am referring to long-term care insurance, which is available to purchase when someone is healthy, in the event one or more spouse becomes chronically ill and requires care and/or assistance long term.
#4 Nov 6, 2010
Don't worry. Obama fixed all of that. All you need to do is BELIEVE!
#5 Nov 6, 2010
My Mom bought a long term care policy in 1996 when she was 75 years old. Her premium was flat $2,040 a year for the life of the policy. In 2001 she was diagnosed with dementia, and in 2003 we began filing claims to supplement the costs of a part time at-home caretaker. We have since maxed out on the policy, but the bottom line is that over the course of the policy she paid about $18,000 in premiums and received $109,000 in benefits. Quite a good investment in her case.
#7 Nov 12, 2010
Here’s some sound advice about long-term care insurance:
Buy a policy that meets the federal guidelines-that's called a "tax-qualified policy."
Buy a policy that meets your state's guidelines-that's called a "Partnership-qualified policy”(unless you live in CA or NY).
Buy a Daily Benefit that is high enough to cover most of the cost of care in your area.
If home care is important to you, make sure the policy allows for all of the Daily Benefit to be used for care at home.
As a general rule, buy a policy that has a "Policy Limit" that is equal to the amount of your net worth that you want to protect for yourself, spouse, or heirs.
If you’re healthy, you should probably purchase a policy on your own, rather than through your employer.
Lastly, shop around. LTC insurance premiums vary a lot from one company to the next. Your age, health, and choice of benefits have a big impact in determining the premium. Get quotes from at least 9 of the top companies before choosing your policy.
Scott A. Olson
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