Self-Employed Executive Long Term Health Ins Options

Jul 18, 2015

  1. jcc
    Offline

    jcc New Member

    Posts:
    14
    Likes Received:
    0
    State:
    Alabama
    Are there ANY good options for a self-employed healthy individual in their 40's that I can or should do now for insurance so that when I am elderly/ retired I have great coverage? Pls don't say the Obamaplan because I think it SUCKS and am innately pissed off at this government and could go on and on about my feelings on that subject.

    It seems that so many people elderly have to be on medicare and fewer and fewer top doctors or great doctors, or experienced doctors want to or will deal with it. Many now are not even taking insurance...you have to pay first and SOME will file a claim for you. It's crazy, but the insurance benefits seem to be below rates many want to work for.

    I want to do what I can to be able to have best coverage possible for self and wife as we age.

    thanks
     
    jcc, Jul 18, 2015
    #1
  2. somarco
    Offline

    somarco GA Medicare Expert

    Posts:
    29,778
    Likes Received:
    3,737
    State:
    Georgia
    Obamacrap is your only viable option.

    Medicare won't be around when you retire.

    As for now, you are talking through your butt. Almost all docs participate in Medicare.
     
    somarco, Jul 18, 2015
    #2
  3. yankee466
    Offline

    yankee466 Guru

    Posts:
    717
    Likes Received:
    61
    State:
    Georgia
    As noted earlier. thanks to the Affordable Care Act, there is ONLY ObamaCare if you are self employed. If you pick the right plan with a PPO option, it can be excellent insurance...only a lot more expensive than it used to be. If you set up a small group plan for your business, you may have other options for coverage, and you can defer relying on Medicare at age 65 as long as the group plan lasts...assuming nothing changes in the next 20+ years of course, which is unlikely.

    Once you hit 65 and stay self employed, you are then basically Medicare plus a supplement...which can be great as long as your doctors still take it. You can also get a concierge doctor for all your routine treatments and pay that fee, but you still need insurance for major events.

    If you are concerned about access to doctors not taking the insurance, then you are basically private pay. You can get a cancer plan or critical illness plan that will pay huge sums of money for heart attack, stroke, cancer, etc. That funding can help you come up with the additional funds for the big ticket items.

    If you are concerned about the largest financial exposure you may have in the future, then you should be looking at Long Term Care insurance NOW, while you are still healthy and the premiums are cheap. You can even run the premiums through your business....and that helps. With the average cost of care by the time you are in your 80's expected to run you more than $500,000....it may be the best decision you made. Health insurance (ObamaCare or not) and/or Medicare does not pay for Long Term Care expenses at all!!!!

    The odds of you needing the best surgeon in the country before you are 65 is much less than you or your spouse needing long term care in the next 40+ years. Something to think about anyway.
     
  4. jcc
    Offline

    jcc New Member

    Posts:
    14
    Likes Received:
    0
    State:
    Alabama
    Great responses. Not surprising, but thanks. As far as LTC, it just seems like the policies are getting kind of crappy. Financial advisors and an insurance broker I spoke to both suggested waiting until I'm 50 to get LTC.

    Seems to be pretty crappy limits on the LTC policies out there. Are there any truly good ones still out there? Probably a question for a different forum...
     
    jcc, Jul 22, 2015
    #4
  5. yankee466
    Offline

    yankee466 Guru

    Posts:
    717
    Likes Received:
    61
    State:
    Georgia
    You would have to define "crappy" for me to comment. They are as good as they ever were, and in some ways better....but they are just more expensive, and harder to qualify for medically than they ever were....and getting more expensive all the time. It is true that "unlimited benefits" are hard to come by.....but statistically that is overkill for 99% of the people anyway. You are perfectly free to wait until you are 50....as many people do, or even 60 as Dave Ramsey erroneously tells people....but please guarantee me that you will still be perfectly healthy at that time and you will still be able to qualify for a plan. With LTC policies, the sooner you start them,the cheaper they are...and with built in inflation clauses, the more coverage you have when you need it. If you are in a better financial situation, you can consider a hybrid LTC plan...as these technically cost you nothing.

    You can learn more about LTC in general in the LTC forum, where I spend most of my time. You asked for advice to help solidify a comfortable retirement due to potential medical expenses....and I gave you a suggestion. The rest of it is up to Obama and his replacements. :err:
     
Loading...