Need advice on LTC ins

[allencunningham]

Hello everyone - I am 72 years old and my wife is 65. I would like to get a policy for both of us.
I am a retired state employee and retired military.
regarding our health, my wife has type 2 diabetes and high blood pressure both control led.
I have had an organ transplant and had prostate cancer, but no problems with either one of them and I am in good health.
I looked into Federal LTC however with an organ transplant they won't take me.
I also looked into calpers LTC and they would take both of us but what scares me is the class action suit winding through the courts California.
Need some advice on what would be a good policy for both of us, that would offer a discount for both of us signing up.

And how can I know that they won't jack up the premiums in a couple of years.

I saw an article on this forum saying that Genworth and MassMutual both asked for steep prremium hikes in '16 and '17

 

[Mr_Ed]

Hello everyone - I am 72 years old and my wife is 65. I would like to get a policy for both of us.
I am a retired state employee and retired military.
regarding our health, my wife has type 2 diabetes and high blood pressure both control led.
I have had an organ transplant and had prostate cancer, but no problems with either one of them and I am in good health.
I looked into Federal LTC however with an organ transplant they won't take me.
I also looked into calpers LTC and they would take both of us but what scares me is the class action suit winding through the courts California.
Need some advice on what would be a good policy for both of us, that would offer a discount for both of us signing up.

And how can I know that they won't jack up the premiums in a couple of years.

I saw an article on this forum saying that Genworth and MassMutual both asked for steep prremium hikes in '16 and '17

Organ transplants are generally uninsurable with every long-term care insurance company unless it was a kidney transplant. Kidney transplants are insurable.

Regarding rate increases, the FLTCIP and CalPERS are "self-funded" groups and they do not have to comply with the Rate Stability Regulation. Others do have to comply with the Rate Stability Regulation.

California's Rate Stability Regulation has been very effective:

Long Term Care Insurance Rate Increases California

 

[ltcadviser]

Hello everyone - I am 72 years old and my wife is 65. I would like to get a policy for both of us.
I am a retired state employee and retired military.
regarding our health, my wife has type 2 diabetes and high blood pressure both control led.
I have had an organ transplant and had prostate cancer, but no problems with either one of them and I am in good health.
I looked into Federal LTC however with an organ transplant they won't take me.
I also looked into calpers LTC and they would take both of us but what scares me is the class action suit winding through the courts California.
Need some advice on what would be a good policy for both of us, that would offer a discount for both of us signing up.

And how can I know that they won't jack up the premiums in a couple of years.

I saw an article on this forum saying that Genworth and MassMutual both asked for steep prremium hikes in '16 and '17

Best rates in CA are with either Mass Mutual or CalPERs. As Scott mentioned, organ transplants are generally uninsurable however if CalPERS is going to insure you quit overthinking this. Just grab the coverage. Regarding your wife, just apply with Mass Mutual if you want good coverage for her.

 

[allencunningham]

I called customer service for the Feds and Calpers, the Feds said they couldn't insure me with an organ transplant, however Calpers said they could.

So I was leaning towards Calpers for both of us, but I am worried about that class action suit where they said (or someone did) that they would have to raise premiums 124% if they lose the class action - Is this a valid concern?

 

[allencunningham]

By the way, that spreadsheet you linked to is the worst I have ever seen. Columns spill over and display down the page, the formatting is terrible and to me it's completely useless.

 

[ltcadviser]

I called customer service for the Feds and Calpers, the Feds said they couldn't insure me with an organ transplant, however Calpers said they could.

So I was leaning towards Calpers for both of us, but I am worried about that class action suit where they said (or someone did) that they would have to raise premiums 124% if they lose the class action - Is this a valid concern?

Look, no one will be able to accurately predict the future with respect to premium stability of each underwriter. If you have concerns and want to mitigate your risk exposure with CalPERS just have your wife apply with Mass Mutual for risk diversification. Not real complicated.

 

[allencunningham]

If we have different carriers then we don't get the 25% discount

 

[ltcadviser]

If we have different carriers then we don't get the 25% discount

Your wife will get a 15% discount with Mass Mutual.

Most underwriters let you retain the entire discount if you both apply together are approved, and place policies in for e through the 30 day free look period. So, you can do this; cancel your wife’s policy after her policy is active for at least 30 days and retain the entire 25% duscount for you.

Either way, just do what you think makes sense for you. You can go round and round and you may still find that CalPERS decljnes you. Just apply.