LTCi Lead in Paducah, Ky

[TwiLight]

So you would rather they not have to give up all their assets and Soc Sec so someone that can afford care pay for them..... When did the working man become the poor man's banker? A 99.99% tax on income and assets for 90% of Americans is not good enough.

 

[billberry12]

"So you would rather they not have to give up all their assets and Soc Sec"

Absolutley not. I'm just saying spend down doesn't begin to cover the real costs of the care. The gov't is having to use other taxes to pay the difference. Out of taxpayers pockets.

One other thing, since you brought it up.

"Giving up assets and Soc Sec." is a BS line in my opinion. These folks aren't "giving up" anything. They are simply using there own funds to pay for care until it's gone. Saying they are "giving up" something is like saying when I go buy a new car, the dealership makes me "give up" the price of the car before I can drive away. Medicaid is simply saying "we are not paying for your care if you have assets to pay for it first. When those assets are gone, the government starts paying for you to continue to get care.

What I am saying is that this system is breaking the back of the taxpayer.

I think we must have a breakdown in communication between us here.

 

[TwiLight]

"So you would rather they not have to give up all their assets and Soc Sec"

Absolutley not. I'm just saying spend down doesn't begin to cover the real costs of the care. The gov't is having to use other taxes to pay the difference. Out of taxpayers pockets.

One other thing, since you brought it up.

"Giving up assets and Soc Sec." is a BS line in my opinion. These folks aren't "giving up" anything. They are simply using there own funds to pay for care until it's gone. Saying they are "giving up" something is like saying when I go buy a new car, the dealership makes me "give up" the price of the car before I can drive away. Medicaid is simply saying "we are not paying for your care if you have assets to pay for it first. When those assets are gone, the government starts paying for you to continue to get care.

What I am saying is that this system is breaking the back of the taxpayer.

I think we must have a breakdown in communication between us here.

As you can see, I am passionate about LTCi. The problem is, as you point out, it is breaking the back of the the poor, middle and upper middle classes already. How can it be fixed, we are already overburdened by taxes now. Do we tax the young in order to pay for the elderly. We know how that has worked out so far with SocSec.

Sooner or later there won't be anyone left to TAX and we will have to Invade Canada for all their riches.

 

[billberry12]

One little change would help a lot.

Don't allow folks to give away assets to avoid paying for their own care.

If the loopholes were closed, and the laws enforced, this might begin to save medicaid.

Until then, we will remain in a steadily increasing downward spiral.

This one change in medicaid could mean billions of dollars.

It's just not right for some people to do so called "medicaid planning".

Just my two cents.

 

[ltcadviser]

Thanks for the replies. I told him upfront that I thought Genworth was probably a leader but I would ask.

The responses match my initial guy feelings on it.

Our answers have nothing to do with whether Genworth is a leader or not. Our answers are based on the fact that almost all ltci policies are irreplaceable regardless of issuer after a few years have gone by, much less 5+ years.

 

[scagnt83]

Our answers have nothing to do with whether Genworth is a leader or not. Our answers are based on the fact that almost all ltci policies are irreplaceable regardless of issuer after a few years have gone by, much less 5+ years.

Damn father time... he can be a bastard sometimes...

But that 65 year old is paying at least $100-$200 less per month than if he bought a new issue policy at that age.

I just quoted a 60yo a $4k/m, 4 year, 5% inflation policy and it was over $200.

 

[Tennesseehorn]

One little change would help a lot.

Don't allow folks to give away assets to avoid paying for their own care.

If the loopholes were closed, and the laws enforced, this might begin to save medicaid.

Until then, we will remain in a steadily increasing downward spiral.

This one change in medicaid could mean billions of dollars.

It's just not right for some people to do so called "medicaid planning".

Just my two cents.

Isn't it a 5 year "look-back" right now with Medicaid?


My wife and I took out LTCi when I was with GE Medical 14 years ago when we were 39. Right now we pay about $58/m for me and $72/m for my wife and we each have around $500k lifetime with a 5% inflation riders. My wife pushed and bitched until I went ahead and bought it. Now full disclosure my wife has been a RN all her life and has seen some pretty impressive end-of-life meltdowns not including the emotional and financial damage done by taking care of a loved one who is costing $5k/m that the family is paying out of pocket.

I couldn't come close to that now, in fact I quoted a friend of mine and his wife something not quite as good (with MM) that was around $500/m for both of them. This is one investment that should pay off big time when it's used which should happen since you only need two of the six everyday life activities to start receiving benefits.

 

[billberry12]

That is correct. five years