LTC discussion and self-insure trust discussion

mathjak107 said:
hybrids are a poor deal in the end .. these hybrids can be the most costliest way to get coverage.

you can be sure anytime you try to get products to fulfill dual rolls and to try to act as something they aren't it ends up being a mediocre product and over priced for what it can actually do
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Its not just hybrids that have a lot of complaints. Not too long ago, had an agent try to sell us a policy by offering to share which companies had the least complaints. Like that's what you want to do, pay through the nose all those years and than have to fight for your benefits, because they can argue you aren't eligible, because you are too healthy to need it - those 5 daily things criteria that have to be met can also be a license to steal.

Get a good lawyer.
 
we only insure for the things that could be catastrophic if it is us ..unlike insurers who can play with statistics , humans can only have two out comes .. it is us or it isn't . someone has to be on the wrong side of the statistic , is it you ?

insurers can even tell us how many people a year will die , but they can't tell us who .
 
mathjak107 said:
Which is why the 3 years coverage our plan gives is of no great concern ...it is all about the deal with our state once the insurance is up
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You are only insured for the amount of the usage (with the state equal asset protection), unless your state is way different than other states ...so, its also a given that many rich folks can't be "totally" insured in the state partnership plans. They've got way too much asset valuation. They take care of themselves.

http://www.longtermcareinsuranceonly.com/long-term-care-partnership-programs.html
 
Liberty said:
You are only insured for the amount of the usage (with the state equal asset protection), unless your state is way different than other states ...so, its also a given that many rich folks can't be "totally" insured in the state partnership plans. They've got way too much asset valuation. They take care of themselves.

http://www.longtermcareinsuranceonly.com/long-term-care-partnership-programs.html
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nope , here in new york we have full total asset and income protection . ... we could have had a dollar for a dollar plan for less money but we went for total asset .

"Those who buy a Partnership LTC insurance policy, and adhere to all the rules that govern this policy, can apply for MEC in the event that the care-related expenses are extending beyond the initially planned period. A major benefit of the NYSPLTC is that, unlike Medicaid, MEC allows people to protect some or all of their assets.

The asset protection possibilities are based on whether the person who bought the Partnership LTC policy chose a Total Asset Protection plan or a Dollar-for-Dollar Asset Protection plan."
 
mathjak107 said:
nope , here in new york we have full total asset and income protection . ... we could have had a dollar for a dollar plan for less money but we went for total asset .

"Those who buy a Partnership LTC insurance policy, and adhere to all the rules that govern this policy, can apply for MEC in the event that the care-related expenses are extending beyond the initially planned period. A major benefit of the NYSPLTC is that, unlike Medicaid, MEC allows people to protect some or all of their assets.

The asset protection possibilities are based on whether the person who bought the Partnership LTC policy chose a Total Asset Protection plan or a Dollar-for-Dollar Asset Protection plan."
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MEC is a special version of medicaid that was created to go with our partnership plans .

when you have full asset protection you have no look back , no spend down , no income limitations on the stay at home spouse , which is a biggie .. all well and good you preserve assets using trusts or other means but the stay at home spouse is still left with a very very low income by regular medicaid rules , plus no recovery .

so these benefits after the insurance runs out are very powerful .

if we leave the state though then the plan reverts to a dollar for a dollar .
 
mathjak107 said:
nope , here in new york we have full total asset and income protection . ... we could have had a dollar for a dollar plan for less money but we went for total asset .

"Those who buy a Partnership LTC insurance policy, and adhere to all the rules that govern this policy, can apply for MEC in the event that the care-related expenses are extending beyond the initially planned period. A major benefit of the NYSPLTC is that, unlike Medicaid, MEC allows people to protect some or all of their assets.

The asset protection possibilities are based on whether the person who bought the Partnership LTC policy chose a Total Asset Protection plan or a Dollar-for-Dollar Asset Protection plan."
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That's good to know - New York is such a pricey place to live, its good they do have extended measures to help the normal folks!
 
We hardly pay state and local taxes in retirement .new york excludes a lot of our income sources. it is unlikely normal folks would be involved with the partnership plans unless they had a lot of assets to protect ..

we pay 8k a year for the 2 of us and we get a 1600 dollar tax credit from the state ... policies are priced so you pay in about 1 years care in future dollars by whatever they determine the sweet spot to be .

but in the mean time each years premium covers you for that year , just like life insurance , car insurance or home insurance . if you discontinue it , well you were covered each year ... we always pay insurance premiums for things not likely to happen to you .

98% of term life policies are never paid out on , yet most people raising families have it .
 
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only new york and indiana offer full asset protection at this stage ... all states have partnership plans ... but they are dollar for a dollar , meaning if medicaid spends 200k on your care ,200k in assets are protected.

these cost much less than full asset protection plans .
 
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