6:58 am, May 30, 2015

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  • LTC Insurance
    Kenny Ray
    I've reviewed the LTC policies available and read all the exhortations to buy it, provide for worst case scenario, etc. The hype does not mention the exorbitant cost, especially for those of us over 50. For me to get a level of coverage slighltly above the minimums would run me close to $400 a month, that's more than chump change for most. In my case, I am eligible to retire inder CSRS with 37 years of service. Even allowing for a full survivor annuity, my retirement annuity will provide around 4800 after fed tax, but before state income. I do not have children to provide for. It seems out of that 4800 there should be more than enough to take care of these projected long term care costs. I realize I am in a fortunate position to have an adequate retirement income, a position many do not have. How in the world can you expect someone with less income be able to afford $400 a month?? I'd be interested to hear other's comments on this.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • LTC Insurance
    Celtic Wolf
    When the Open Season was announced I sent away for the information. They sent it and then called me several times to follow-up. I too have over 37 CSRS years and well over 50 years old. The costs for Long Term Care was over $400, closer to $500 a month for me. You read so much, and experience current Eldercare, yet with the recent proposed bills out there - ouch! They are talking about increasing our retirement costs for health insurance, then those poor folks under FERS - second ouch! I am at the top of the pay pyramid and unable to convince myself or my family that we should spend close to $500 a month when I retire on LTC. Do I want it - YES, can I afford it and live - NO! We have no mortgage, rarely eat out, have very high property and school taxes, and very high medication co-pays. We live very conservatively, and plan to continue to do so into retirement. We can not afford LTC, we can barely afford living where we do. Should we move - YES! But where? The south with floods and hurricanes, the midwest with tornadoes, the west with wild fires, mudslides, and also high taxes. I just got finished eating two bananas for breakfast. Why - because we are saving every penny we can, and yes we do TSP to the hilt. I feel like Moses planning for the flood - yet have little wood and nails to work with on my salary --- I feel very sorry for the GS3 to GS11 folks. Yes, it is all my decision, yet costs keep rising and my salary is capped and frozen and my benefits are on the chopping block. So LTC - I most likely will die very young and Uncle Sam can pay my wife the pittance for my almost 40 years of service. Dramatic - maybe. Realistic - Definitely. Peace and Amen to All.
    Celtic Wolf
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Excess frugality
    contrarian
    C'mon man, unless you have some expensive illness, college costs or addiction, then you can afford cereal for breakfast! Costco sells these big boxes that with a small amount of milk are cheap enough for anybody especially a GS15. I do agree with you on LTC. I can't afford it, and worry that somehow the claim will never get paid. While I've seen fellow commuters get new kitchens from insurance because of a leak from their 20 year old dishwasher, i'm afraid they'd find some reason to deny my claim. Insurance companies are selling this out of charity for feds. I think you nailed the MOVE part. Try Omaha or Kansas City, just make sure you have a basement.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Update
    contrarian
    Make that insurance companies are NOT selling LTC out of charity for feds!
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • The Flood
    Putt-Putt
    I don't think Moses had to worry about the flood (or LTC for that matter). He'd just raise his arms and part the waters. Now Noah on the other hand.......
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • LTC
    Moderate
    I have read the comments from Kenny Ray, Celtic wolf and Contrarian. You all make some very good points.-----I am well past retirement age. When I was 50 I bought a decent LTC policy for myself and my wife. There is a 90 day waiting period and a 5% per year inflation factor. I have been paying slightly more than $300 per month. Naturally, it was outside the government so I saved about $650 per year at that time. The price for the policy with the government has gone up while the price with the insurance company has not. It is with a top notch insurance company. My agent expects the price to go up, but he does not know that factually or when it will.---------------I do not know your ages etc. The older you are the more the policy will cost. If you are interested in the policy, check outside the government and compare the benefits and cost. If you can afford it, compare the cost of a 30 day vs 90 day waiting period. And definitely get the inflation clause. Otherwise, the policy is worthless.--------------------I cannot recommend or not recommend the policy. It is your call.
    worker
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • To paraphrase that oil filter commercial...
    FERS Fed
    ...you can pay now or you can pay later. Thirteen years ago, I had to watch my Dad write an $8k check to get Mom into a nursing home for a month when she got too sick for him to care for anymore, even with hospice help. After that, I signed up for FLTCI as soon as it was offered. I might have been able to get a less expensive policy on my own but, given corporate 'ethics' these days, I liked the idea of the FLTCI program's "strength in numbers", and that there is at least some OPM oversight.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • WAEPA (Worldwide Assurance for Employees of Public Agencies, Inc.)
    freddy
    I have life insurance with this company and have received annual refunds for quite a few years (no implied guarantee by company), rates are VERY reasonable. I haven't digested information from the Federal LTC or WAEPA but WAEPA gave an estimate for me: Age 53, State MN, assume preferred health rating and full marial discount = $1,312.50 per year vs. FLTCIP = $2,252.88 per year Savings 42%. Here is the website if you want to check out: www.waepaltc.org
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • To freddy
    Moderate
    Be very careful of this policy. Does it have the 5% inflation clause? If not, it is worthless. If you use it 30 years from now, how long will the benefits last? Then what happens? The inflation clause is very expensive, but necessary. Also, look at everything else such as (not all inclusive) the waiting period, the amount of the benefit, etc. Talk to a specialist in insurance.
    worker
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • No Worries!
    Linda
    I understand from the news this morning that Rome is going to be devestated in an earthquake today, and the rest of the world will end on May 21st. If that is wrong, then the world ends on December 21, 2012. If they are all wrong, then maybe I need to look at LTCI!
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • LTC Insurance
    Prog_Analyst
    I signed up for LTC Insurance when it first came out. At the time they were leading us to believe the premium woud never change. Last year it was adjusted, but mine only went up about $10 month. I didn't take the maximum amount (about 75% coverage), but I only have a 30 day waiting period and inflation coverage. My current premium? About $90 a month and I'm 55. Signing up earlier does keep the rates much lower than if you wait until you're close to retirement. As a cancer surviver with family histories of other risks, I was concerned I'd be turned down for LTC or receive extremely high rates at an outside company - the Gov. plan in open season will quailify many people who otherwise would be turned away. The other reason to sign up early is to prepare for being disabled from accidents, surgery, or health conditions that strike any age. I know several young people who were diagnosed with MS, Luekemia, Cancer and Diabetes; as well as some who became disabled for several months from skiing, dirt biking and car accidents. Like the article said, I hope never to need my LTC, but I'm glad to have it.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • To prog
    Moderate
    Sounds like a good deal. Is it 3 year, 5 year, lifetime? sounds more affordable than mine. I pay about $300 per month for me and my wife for a 90 day waiting period lifetime coverage.
    worker
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }