Is this a good idea? (Cancer Insurance with Refund)
Trina_TX
22 years ago
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Trina_TX
22 years agolandmarker
22 years agoRelated Discussions
Opinions on longterm care insurance please
Comments (12)Lainy, Sometimes it is not a matter of the assets being "taken" to cover LTC. It is the simply what it takes to pay the cost of LTC. Your son should deplete your jointly owned assets to care for you should you need it. LTC insurance protects both of you against the cost of LTC, which is exorbitant. My mother, the great financial planner and way ahead of her time, purchased her company's LTC policy when it was first offered. She was diagnosed with lung cancer five years after retiring and could no longer live in her own home. I tried to keep her there as long as possible, but she couldn't manage stairs and eventually needed around the round the clock professional nursing care. As she got worse, her level of need (and the cost of the care) became greater - more than $5,000/mo. I never had to worry about the financial aspect of any of this as the LTC company was there to pick up the tab. It was so important for me to be with her and focus on her care without worrying about financial ramifications. I never had to deny her any comfort or need, because the insurance was there. She (we) went to a very nice assisted living facility with on call nursing. She had two rooms which allowed me to stay with her night and day. She lived only seven months after her diagnosis and it was heart wrenching. LTC Insurance paid for it all. I guess you can tell I am an advocate, so much so that when my company offered it, I jumped on it so fast! To cover my husband and myself, (both early forty) is around $60/month. While I hope we will never need it, it's something that will save us if something awful happens. We don't have much, but it won't get wiped out either. There is a choice of in-home or nursing home care, or simply an allowance that allows you to do either. There is a maximum benefit amount, but I think it would have taken about five to ten years to max out, depending on level of care needed. It is more affordable now, when you are younger, than when you are older. My 70-year (very healthy) father managed to get it, but probably pays $1,000/month. It was offered through his daughter-in-law's insurance company, at that age you may not be able to buy it off the street. Sorry long post, but I wanted you to know that it is NOT a waste. It saves your assets and allows you peace of mind that you will have quality care should you need it and you will never be a burden. Good luck deciding! Val...See MoreUnlikely Source, But Good Idea for Rescue
Comments (39)I am sure there are a lot of people working on this - certainly some of them are well intentioned. The fact is, however, there are large numbers of lobbyists out there wanting their piece of the pie to continue, or, to get larger. The lobbyists have a huge affect on anything that is done in this country. ,, Also, there are a lot of smart, well-intentioned ordinary people out here, and on this board, who are telling of their own experiences, giving their opinions as well. I doubt anyone making decisions, will listen to them, but that doesn't mean their experiences, their ideas are not good or just as 'smart' as all those others who are thinking about it. My experience with Medicare is the exactly as I described and it is the only experience. I can't speak to what 'Medicare allows' - only what the doctor charged and what Medicare paid. I have no copy of the rules, only the medical bills. We will have to wait and see what Americans will tolerate in healthcare - because I think change is coming. I'm pretty sure some form of national healthcare is in the future - just don't know what kind. We do expect too much from medical care and too many procedures are done that I think should not. A lady I knew in her mid 80's was convinced to have bypass surgery. She was a pretty active, self-sufficient lady, and I don't know if she had had a heart attack, never heard of it, but it's possible. She lived 7 years after the surgery, but never recovered, those years were spent on dialysis, in a wheelchair and then dementia before she died. That was cruel - to her - to her family....See MoreEgads! Our Homeowners Insurance Company Is Bankrupt: Any advice!
Comments (32)I have great news! On November 17th, our credit card company, Citibank notified us that the dispute has been officially settled in our favor and the entire amount of our insurance premium has been permanently credited back to our account. Yippeee! For us, the hard part was following through with the documentation. I guess that our insurance company is so disorganized at this point that they could not file a case against us (plus, what they did was wrong as well). In short, thank heaven that I used a credit card to pay the premium. And speaking of credit cards, I wanted to say that several months ago I bought an item on eBay that the seller never mailed to me, nor would the seller communicate with me, even though I paid in full when the auction ended. I reported the transaction via Pay Pal (which is the only avenue eBay would let me take other than leaving negative feedback), which has a very mediocre, no, pitiful, disputes process. After a few weeks of waiting on Pay Pal to get somewhere, I finally told Pay Pal that I wanted my money back from the deadbeat seller. Here's the bad part: Pay Pal wanted to charge me $25 to pursue a claim (that's really about the amount I spent on the item), even though I'm the victim of a fraudulent seller. In fact, I believe the seller resold the item I bought in another auction. Well, if I had paid for the auction via Pay Pal's instant bank transfer method, I would have been stuck. But thanks again to my credit card (which I always use on Pay Pal, never, ever the instant bank account transfer because you don't have the same level of protection, obviously) I am disputing that charge as well. Moreover, disputing the charge via Citibank got eBays attention and they sent me a questionnaire about the transaction (what that will do, I have no idea). I'm very disappointed in eBay and in Pay Pal for the lack of support in the face of a very bad transaction, in fact, a criminal one. I am not the only one, the seller now has several negative feedback listing the same complaints as this one. In any case, thanks for helping on this homeowners insurance dispute. What a great outcome....See MoreSay you got a nice little tax refund..
Comments (26)I want a great big fat check. If I got one, I'd buy this rundown big old Southern house in Macintosh, a town halfway between Ocala and Gainesville. I see it every time we go to VA and it's in just terrible shape. It's a big 2-story place with pillars and a big front porch. The lot stands on a hill and has the most beautiful old oak trees on it. It needs someone to love it and I sure wish we could be the ones. Harry and I did/redid an old house very similar to what Marilyn c is doing now and I love reading her posts so I can sort of relive the experience. It was a lot of work and hours and the most fun we ever had. I'd love to do it again, even though I didn't have a fingernail for years! :-) Of course I can say how much fun it was NOW! Such a nice dream!...See Morecowboyind
22 years agoTrina_TX
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