3:58 pm, May 24, 2015

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  • 3

  • The Long Term Health Care Insurance Scam
    Radar Tech
    The great long term health care insurance scam is in fool swing. They will offer "inflation protection" plans so that your premiums never go up for the life of the policy. You pay more for this wonderfool benefit, but hey, your premiums are promised to never go up. What they don't tell you is that the premiums actually will go up. First, by law, OPM must renegotiate the contract with the insurance provider every seven years. So, whatever insurance company you have been paying the extra high inflation protected premiums to, may or may not end up being the insurer for the next seven years. It doesn't really matter though, because the insurer can just claim that they didn't properly calculate the inflation and they get to hike your rates anyway. That is important because most people will not be able to continue to afford premiums when they need the insurance most...in retirement. When you retire, it is almost certain that your income will be lower than it was when you were working. Your retirement income is adjusted at CPI, which does not actually reflect true inflation...you slowly lose purchasing power. Meanwhile, your real health insurance costs will continue to skyrocket, and so will the long term health care insurance...even with the "inflation protection" for the reasons mentioned above. During the last mandatory contract renegotiation, the insurer jacked up premiums by 25%, even the "inflation protected" ones. So what that means is...when you are older and on a declining income (due to inflation), you will no longer be able to afford the premiums for the insurance and you will be dropped from coverage...just when you most need it. So, there you have it! The scam continues.
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  • The LTHCI Scam
    Thanks, Radar Tech. I looked into this & it didn't make financial sense to me to pay in to what basically seems like a Ponzi scheme. Glad I'm not "wandering the wilderness" by myself;-)
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • guaranteed premiums
    There are LTCi policies that have guarantees where the premiums can never go up. Not every company offers those policies, but they are available. LTCi is not a scam, nor a ponzi scheme. The insurance industry is paying about $7 billion per year right now in LTCi claims. People rarely drop their LTCi policies. It's one of the few types of insurance where the premiums do NOT increase every year. In fact, premium increases are infrequent. A healthy, married couple in their fifties can get a policy that starts off with $500,000 of benefits for about $100 per month per spouse. Scott A. Olson
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }