Forum Index > Full Moon Saloon > Long term care insurance-do you have it?
 Reply to topic
Previous :: Next Topic
Author Message
Kim Brown
Member
Member


Joined: 13 Jul 2009
Posts: 6900 | TRs | Pics
Kim Brown
Member
PostTue Aug 17, 2021 9:20 am 
uww wrote:
Kim Brown wrote:
I hope other employers are making it clear, and easy for their staff as mine is. It's not an easy issue.
It's an easy issue for me- I want out.
Ah. I meant it's not an easy issue for a lot of people to understand. The deadline to decide is coming up fast, and I am pretty sure the majority of workers in Washington state haven't even heard of this, let alone understand it.

"..living on the east side of the Sierra world be ideal - except for harsher winters and the chance of apocalyptic fires burning the whole area." Bosterson, NWHiker's marketing expert
Back to top Reply to topic Reply with quote Send private message
Randito
Snarky Member



Joined: 27 Jul 2008
Posts: 9495 | TRs | Pics
Location: Bellevue at the moment.
Randito
Snarky Member
PostTue Aug 17, 2021 11:38 am 
uww wrote:
You don't have to be a high income person to opt out, anyone can.
That's true, but the economics provides less incentive to do so. The state tax is $580 per year on $100K income seems like a pretty good deal compared to my $1800 per year premium for a private LTCI policy that I bought into over a decade ago.

Back to top Reply to topic Reply with quote Send private message
Kim Brown
Member
Member


Joined: 13 Jul 2009
Posts: 6900 | TRs | Pics
Kim Brown
Member
PostTue Aug 17, 2021 12:57 pm 
Randito wrote:
uww wrote:
You don't have to be a high income person to opt out, anyone can.
That's true, but the economics provides less incentive to do so. The state tax is $580 per year on $100K income seems like a pretty good deal compared to my $1800 per year premium for a private LTCI policy that I bought into over a decade ago.
$580 per year isn't a good deal when you're less than 10 years from retirement and will never be vested, or you can't afford to live in WA when you retire and plan to move elsewhere. And/or private coverage give more benefit and you don't have to deal with the state! (of course, sometimes dealing with insurance companies isn't any better). I have my one-on-one Thursday; will ask a few questions; I am certainly opting out, but it's interesting to find out answers to a few question.

"..living on the east side of the Sierra world be ideal - except for harsher winters and the chance of apocalyptic fires burning the whole area." Bosterson, NWHiker's marketing expert
Back to top Reply to topic Reply with quote Send private message
Randito
Snarky Member



Joined: 27 Jul 2008
Posts: 9495 | TRs | Pics
Location: Bellevue at the moment.
Randito
Snarky Member
PostTue Aug 17, 2021 1:48 pm 
Objectively, I think private LTCI isn't really a good financial investment. However my MIL was in assisted living for many years at $9000/month paid out of pocket so there is no way to convince my wife that investing the premiums we've been paying into an index fund would have been better financially. She want the assurance that LTC costs will be covered. I'm distrustful of insurance companies and fully expect that my son will be dealing with the insurance company coming up with some rational why our needs aren't covered the policy. Fortunately he is an attorney, so hopefully he will be able to make them pay what was promised.

Back to top Reply to topic Reply with quote Send private message
Kim Brown
Member
Member


Joined: 13 Jul 2009
Posts: 6900 | TRs | Pics
Kim Brown
Member
PostTue Aug 17, 2021 2:14 pm 
Well, we do what we can do; we're not all the same financially and some are more comfortable with one thing than another, but you are probably right, objectively. So there's no one size fits all decision. And the state won't accept securities as an opt out option, so there's that. That's why it is tricky and I am hoping everyone's HR is on this for their staff.

"..living on the east side of the Sierra world be ideal - except for harsher winters and the chance of apocalyptic fires burning the whole area." Bosterson, NWHiker's marketing expert
Back to top Reply to topic Reply with quote Send private message
MtnManic
Member
Member


Joined: 27 Feb 2008
Posts: 502 | TRs | Pics
Location: Kirkland WA
MtnManic
Member
PostTue Aug 17, 2021 5:49 pm 
As some age 64 and one who does not emphatically want to work another 10 years and *may* have to consider moving after retirement because of no pension plan, only some 401k/IRA from the latter part of my working life - this is far from a decent deal. But at my age, private plans would cost so much more than the tax that I might have to work until I drop. So I'm not opting out. I figure it's the price to "support the village" - i.e., societal prop.

Backpacking: limited to one pack at a time. Cameras: limited to as many as I can carry.
Back to top Reply to topic Reply with quote Send private message
Sallie4jo
Member
Member


Joined: 24 Jun 2009
Posts: 220 | TRs | Pics
Location: Seattle
Sallie4jo
Member
PostWed Aug 18, 2021 10:04 pm 
You are so very right...I keep saying I just hope I will be a nice little old lady who can laugh and perhaps crack a joke once in awhile.

I choose to live in a landscape of hope. Terry Tempest Williams
Back to top Reply to topic Reply with quote Send private message
BigBrunyon
Member
Member


Joined: 19 Mar 2015
Posts: 1450 | TRs | Pics
Location: the fitness gyms!!
BigBrunyon
Member
PostFri Aug 20, 2021 11:43 pm 
The idea with insurance is to keep going on and off it all the time. Get it down to 50/50 in short intervals like a week. Week on week off. Over the course of a year, your payin' half your dues and if you get hurt in a week off you can just bite the bullet till the next on week. Then BENEFIT IN FULL. Many have managed to bring down insurance cost this way!

Back to top Reply to topic Reply with quote Send private message
Kat
Turtle Hiker



Joined: 05 Oct 2003
Posts: 2560 | TRs | Pics
Kat
Turtle Hiker
PostSun Aug 22, 2021 5:22 am 
The 10 year vesting requirement nixes this deal for anyone close to retirement. I guess they don't add this tax to any retirement income, just if you are actively working. In some cases the private insurance will be less than the state insurance, and it appears one would only have to hold the private insurance until retirement. (Or less if there is no follow-up as suggested above.)

Back to top Reply to topic Reply with quote Send private message
Kim Brown
Member
Member


Joined: 13 Jul 2009
Posts: 6900 | TRs | Pics
Kim Brown
Member
PostMon Aug 23, 2021 10:32 am 
My advisor said to take the state insurance. Even through I will never vest in it, it's way WAY cheaper. The premium for private was a LOT more. I can invest that in 401K as Randito said. And as said earlier, it can be my contribution for someone else in the future. The consultation was less than 4 minutes long and she was very very VERY sure opting IN was best for me, given my circumstances. And she works for the private insurance company! However, my guess is that this will be delayed or nixed all together. The state, businesses, and workers are not ready for this. And I'm wondering if that's my my consultant was so fast about tellling me to opt in.

"..living on the east side of the Sierra world be ideal - except for harsher winters and the chance of apocalyptic fires burning the whole area." Bosterson, NWHiker's marketing expert
Back to top Reply to topic Reply with quote Send private message
Randito
Snarky Member



Joined: 27 Jul 2008
Posts: 9495 | TRs | Pics
Location: Bellevue at the moment.
Randito
Snarky Member
PostMon Aug 23, 2021 11:08 am 
Kat wrote:
it appears one would only have to hold the private insurance until retirement.
This seems like cutting off your nose to spite your face. Private LTCI is far more expensive than the state tax. I bought into private LTCI about 15 years ago. The premiums are $1600 per year for me and $1800 per year for my wife (she is 4 years older). With the tax rate being 0.58% your wage income will need to be several hundred thousand annually before its cheaper than the state tax. Dropping the LTCI when you retire you would be simply throwing away all the premiums you paid. Maybe that would make sense if you have a taxable income over $500K and sufficient investments already to cover any care needs.

Back to top Reply to topic Reply with quote Send private message
DadFly
Member
Member


Joined: 02 Jul 2012
Posts: 402 | TRs | Pics
Location: Redmond
DadFly
Member
PostFri Sep 03, 2021 1:26 pm 
Just a few observations. 1. Memory care facilities are more expensive than nursing care which are more expensive than assisted living. 2. My father had a series of strokes. I knew him well and have no reservations saying he would have wandered off into a snow storm with a light jacket rather than live four years in a memory care facility not knowing anyone. Not even me. But at that point, it was pure primal survival instinct. 3. One of my brothers went and lived with him for two years before he went to the home. That saved a lot of money but he sacrificed a lot of freedom. And as dad's strokes kept happening he got harder to deal with. No filter. Angry outbursts. Midnight walks. Neighbors accusing us of elder abuse even though he was lucid enough to know he was home and wanted to stay there but kept firing the help my brother hired. It was messed up. We finally had to put him in a home. Same neighbors said it was cruel. Go figure. 4. One of my daughters works in a Health Care facility. Got covid early and worked while having symptoms that nearly put her in the hospital. Her only job was to sit with dying covid patients so they would not be alone. She still has lingering symptoms 17 months later. Those facilities are very hard to insulate from covid. Workers have to live outside the facilities. Once covid gets a foothold it runs rampant. 5. Montana was a pretty cheap place to house dad. We payed about $5K/month at first. Then his memory care needs got higher and it cost over $6K. He finally stopped eating. They put him on hospice, morphine and he passed peacefully. 6. LTC and Life insurance was a good thing. It payed out well. There was other money too that was dispersed through probate court. The brother who spent 2 years with him got some extra cash and a killer deal on the house. The four of us did not fight. That is rare. I am very proud of us. I may let them out soon.

"May you live in interesting times"
Back to top Reply to topic Reply with quote Send private message
Get Out and Go
Member
Member


Joined: 13 Nov 2004
Posts: 2127 | TRs | Pics
Location: Leavenworth
Get Out and Go
Member
PostSat Dec 04, 2021 1:51 pm 
Seems to be a bit of movement in the news about the possibility of delaying its implementation in January. up.gif My selfish(?) reasoning is that I am nearing retirement and will never collect a dime of what I would contribute, not an inconsequential amount in a year - close to the price of a Feathered Friends bag, which I've yet to ever possess. doh.gif

"These are the places you will find me hiding'...These are the places I will always go." (Down in the Valley by The Head and The Heart) "Sometimes you're happy. Sometimes you cry. Half of me is ocean. Half of me is sky." (Thanks, Tom Petty)
Back to top Reply to topic Reply with quote Send private message
Randito
Snarky Member



Joined: 27 Jul 2008
Posts: 9495 | TRs | Pics
Location: Bellevue at the moment.
Randito
Snarky Member
PostSat Dec 04, 2021 2:40 pm 
My wife and I have managed the care of mom, dad and mother-in-law as they aged. Most of their elder care costs were paid out of their savings, social security, my dad's Boeing Pension and vetrans benefits. However based on the reccommendation of an elder care attorney as my mom's needs increased we did some paper shuffling and were able to place my mom on Medicaid and placed her in an Adult Family home that could served her needs while my dad continued to live in the assisted living place that they had shared during the prior several years. She lived in the adult family home for about six months before a stroke ended her life. She had a form of parkinson's and the last several months of her life, she could barely speak, chew or make facial expressions. The stroke "spared" her from getting to the point where she could no longer swallow and would require a feeding tube -- which was something that she was clear in her POLST Form that she never wanted. Part of the paper shuffling that qualified my mom for Medicaid stipiulated that should there be significant money left my dad's estate after he died that the money paid on my mom's behalf would need to be repaid. My dad lived four more years and while his savings were not quite exhausted at the end, there wasn't enough left over that the state expected to be repaid for mom's care. My dad needs did not increase during those remaining four years -- he kept going at about the same level until he had a severe heart attack that reduced his cardiac capacity to the point that his diabetes damaged kidneys could not keep up and he died about a week afte his heart attac in hospice care. Since he had substantial demetia we didn't persue measures that might have prolonged his life at that point (e.g. Dialysis) One of the challenges we faced with care for my parents is that I have two older sisters that live in Anchorage and had a mental image of our parents that was based on who they were when the moved to Anchorage in the '70s. I had remained close by and was more intimately familiar with them in and adult to adult basis and who they were and what they were capable of. So as their health require more external care we had different perspectives and they for many years had much more strong inclination to "Do everything possible" -- fortunately, about two years before my dad died, my eldest sister rented an appartment nearby for the summer/fall so she should spend more time with dad. After that experience she and I were much more similar in our views of how much intervention was appropriate to extend life.

Back to top Reply to topic Reply with quote Send private message
cdestroyer
Member
Member


Joined: 14 Sep 2015
Posts: 1249 | TRs | Pics
Location: montana
cdestroyer
Member
PostSat Dec 04, 2021 9:43 pm 
I am most grateful for my VA care. It has been of great comfort knowing I will have the care I need. I never married and have no kids and all of the immediate family are gone. I have had to do my own cremation. I have caregivers come to help around the house as I am on oxygen 24-7.

Back to top Reply to topic Reply with quote Send private message
   All times are GMT - 8 Hours
 Reply to topic
Forum Index > Full Moon Saloon > Long term care insurance-do you have it?
  Happy Birthday speyguy, Bandanabraids!
Jump to:   
Search this topic:

You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum