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Re: Advice from physicians...
Old 11-01-2006, 11:19 AM   #41
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Re: Advice from physicians...

Quote:
Originally Posted by donheff
Az - you better check the terms more carefully. I have a Fed Blue policy and I sprung for the Fed LTC insurance. BC/BS does not adequately cover long term care issues. It may not matter to you now but you will begin to tune in later. There is a whole nother argument about whether to buy LTC insurance or cover your own costs but that does not negate the fact that the issue applies to you.
Doesn't long term care insurance deal more with age related conditions, or does that also cover disabilities from accidents? Now i'll admit I dont follow LTC insurance too much due to my age, but doesnt that medicare/medicade stuff kick in at 65 which i presume also helps some along with regular health insurance.

I'm not arguing against LTC insurance, because i presumed that is for something entirely different than "disability insurance". An assumption i made, since they have their own names.

The squabble here is over disability, not LTC.
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Re: Advice from physicians...
Old 11-01-2006, 11:58 AM   #42
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Re: Advice from physicians...

Quote:
Originally Posted by Azanon
Doesn't long term care insurance deal more with age related conditions, or does that also cover disabilities from accidents? Now i'll admit I dont follow LTC insurance too much due to my age, but doesnt that medicare/medicade stuff kick in at 65 which i presume also helps some along with regular health insurance.

I'm not arguing against LTC insurance, because i presumed that is for something entirely different than "disability insurance". An assumption i made, since they have their own names.

The squabble here is over disability, not LTC.
LTC covers anything that prevents you from completing tasks like going to the bathroom, feeding yourself, moving yourself etc (called ADLs) It doesn't matter whether it's from cancer, auto accident, stroke etc. The whole reason LTC exists is because health insurance does not cover them

Also, I have more than $2M in life insurance. I think my wife is a 10, but that has nothing to do with it. IF I check out early I want her TO HAVE THE OPTION of being very selective (and or consoling herself with a new SL500. )


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Re: Advice from physicians...
Old 11-01-2006, 12:08 PM   #43
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Re: Advice from physicians...

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Originally Posted by saluki9
LTC covers anything that prevents you from completing tasks like going to the bathroom, feeding yourself, moving yourself etc (called ADLs) It doesn't matter whether it's from cancer, auto accident, stroke etc. The whole reason LTC exists is because health insurance does not cover them

Also, I have more than $2M in life insurance. I think my wife is a 10, but that has nothing to do with it. IF I check out early I want her TO HAVE THE OPTION of being very selective (and or consoling herself with a new SL500. )


So, in other words, that's another insurance that, for now, i can probably do without. Even I know i cant prevent everything. I could get terminal cancer tomorrow and there's not a dam* thing i can do about it. I cover the reasonably foreeable risks, and dont sweat the small stuff. So far, life's working out just fine. Az-ism either consists of a LOT of luck, or maybe i'm doing some things right.

Re: the wife, per what ive already said, with a weathly father in law that loves her, a net worth of a quarter mil, life insurance for 200,000, and a job that (could) pay close to 50K (if she had to go full time), and a 33 year old hot body, she'd not be in any way forced to rush a new relationship.

I would want for her to eventually replace me though, and I presume that she would (as i made a point to tell her already, that's what i would prefer). She is very affectionate, and i'd want her taken care of by a deserving, and loving man if i weren't doing it.
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Re: Advice from physicians...
Old 11-01-2006, 12:10 PM   #44
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Re: Advice from physicians...

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Originally Posted by Azanon
I would want for her to eventually replace me though, and I presume that she would (as i made a point to tell her already, that's what i would prefer).
Wow, you really have faith in those purple unicorns, huh?

"Honey, I would want you to replace me if I croaked"

Spouse: "OK. Its time for you to get a new car. How about one of the smallest, lightest models on the road?"
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Re: Advice from physicians...
Old 11-01-2006, 12:16 PM   #45
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Re: Advice from physicians...

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Originally Posted by Azanon


I would want for her to eventually replace me though
You're irreplaceable man.


JG
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Re: Advice from physicians...
Old 11-01-2006, 12:16 PM   #46
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Re: Advice from physicians...

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Originally Posted by brewer12345
Wow, you really have faith in those purple unicorns, huh?

"Honey, I would want you to replace me if I croaked"

Spouse: "OK. Its time for you to get a new car. How about one of the smallest, lightest models on the road?"
LOL. I cant help but sort of like you now brewer because of the democrat support, so i'm taking a lot of your comments lighthearted, whether you want me to or not, lol.

Her comment about the Fit was "Are you sure you'd be happy with that" I was the one that wanted it. It got a 5 star safety rating, hehe. I admit I continue to be shocked how many positive comments i still get about it.

I do make her mad sometimes (I know that's believeable), but she loves me plenty and doesnt want me to buy the farm.
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Re: Advice from physicians...
Old 11-01-2006, 12:17 PM   #47
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Re: Advice from physicians...

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You're irreplaceable man.


JG
LOL. I dont know anyone quite like me, but even i admit i'm not sure if that's a good thing or a bad thing. I'm sure some of both.
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Re: Advice from physicians...
Old 11-01-2006, 12:31 PM   #48
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Re: Advice from physicians...

Quote:
Originally Posted by Azanon
I assume your net worth is at least 5 million, if you have a 5 million dollar umbrella policy. if not, keep that to yourself cause you'd look pretty foolish.
I don't see your logic on this. Please explain.

The umbrella is a liability policy, right? As far as I can tell, it could make sense to have more insurance than your net worth, depending on your risk exposure. Let's say they have a lot of risk exposure and get a $5M judgement against them that's covered by a $5M policy. They get to keep all their assets. Now suppose they get a $5M judgement and only have a $3M policy. They have $2M of exposure against their assets. If they only have $1M of assets, they can lose those assets and have their wages ganished for the balance until it's paid off. What am I missing?
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Re: Advice from physicians...
Old 11-01-2006, 12:57 PM   #49
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Re: Advice from physicians...

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Originally Posted by Scout
My questions to you seasoned financially savvy physicians out there...Do you recommend maximizing shifts to 18-20/month to increase savings now and get the benefit of further compounding?...Since we have a good income and can save easily (and hopefully long term job security) would you go to part-time (8 shifts/month...simply max out our sep's and enjoy our 30's skiing, rock climbing, triathalons etc. (all the stuff we didn't have time to do in training, as money isn't everything)? Any other financial/life advice for us would be appreciated.
Hi Scout:

physician here but wouldn't call myself seasoned or financially savvy, but since not many (physicians) have replied, will put in $.02.
Am a couple more yrs older than you.
Background: was few yrs into neurosurg residency when I met and married DH and decided to resign, switching to primary care, thinking that was best for marriage, family, yadayada. For awhile it was a severe blow to the ego.
Last week, DS had his 1 year birthday.
Wouldn't trade all the money in the world and all the status achievable for this past year.

So my point is, do rock climb, ski, triathalon.
My guess is you've already sacrificed alot to make it this far.
Enjoy life. Enjoy your job.
Take time to appreciate colleagues and the people around you.
You've already got your ducks lined up, more so than 99.9% of the rest of Americans.
Take care now of the things that will build not just your nest egg, but your character, contribute to a whole, satisfying, contented life.
You'll always be able to make more money (disability discussions notwithstanding) and there will always be more sick patients.
LBYM, save, and compounding will do its thing.
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Re: Advice from physicians...
Old 11-01-2006, 01:04 PM   #50
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Re: Advice from physicians...

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Originally Posted by Patrick
I don't see your logic on this. Please explain.

The umbrella is a liability policy, right? As far as I can tell, it could make sense to have more insurance than your net worth, depending on your risk exposure. Let's say they have a lot of risk exposure and get a $5M judgement against them that's covered by a $5M policy. They get to keep all their assets. Now suppose they get a $5M judgement and only have a $3M policy. They have $2M of exposure against their assets. If they only have $1M of assets, they can lose those assets and have their wages ganished for the balance until it's paid off. What am I missing?
Usually, if someone's going to go after your assets, they go after just what you have, or something specific and not more than that. Maybe they think they're entitled to some of your assets for some reason, so they sue you. And if you dont have it to give, then it begs the question, what's the point in sueing you.

Most people know, that if someone owes a lot more than they own, that they're going to consider using the bankruptcy code to alleviate the problem. I know i'd rather have a net worth of 0 instead of negative 2 million!

Again, going too extreme on an umbrella policy is just another example of, IMO, overinsuring. Dont get me wrong, i like umbrella insurance policies cause they're so affordable, and I do recommend them for folks with considerable assets. But if it were me, i'd probably just get enough to cover the entirity of my assets, and maybe just a little more to grow into.

I'm simply not a fan of a lot of insurance out there. Take warranties on smaller items as another example; no, no, and on i dont want the stinking warranty. But people buy these and think its a good deal. I just dont get it.

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Re: Advice from physicians...
Old 11-01-2006, 03:02 PM   #51
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Re: Advice from physicians...

Quote:
Originally Posted by Azanon
Doesn't long term care insurance deal more with age related conditions, or does that also cover disabilities from accidents? Now i'll admit I dont follow LTC insurance too much due to my age, but doesnt that medicare/medicade stuff kick in at 65 which i presume also helps some along with regular health insurance.

I'm not arguing against LTC insurance, because i presumed that is for something entirely different than "disability insurance". An assumption i made, since they have their own names.

The squabble here is over disability, not LTC.
I parachuted into the discussion when you were talking about your "FedBlue" policy and corrected what I saw as a misconception about the coverage of BC/BS for eldercare since the comment you were responding to addressed those issues. I didn't read the earlier posts so I didn't realize that the broader conversation related to disability. Now that I understand that I can point out that your FedBlue policy may or may not be of use depending on how bad the disability. LTC would be helpful even at a young age if the disability required around the clock nursing or such.

But the others posters who were arguing for disability insurance may not realize that you already have a form of disability coverage - if the disability is long term. It is called disability retirement. I don't know any Feds who bothered with disability insurance although I assume some may have picked up coverage for temporary non-job related disabling conditions.
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Re: Advice from physicians...
Old 11-01-2006, 03:37 PM   #52
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Re: Advice from physicians...

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Originally Posted by donheff
I parachuted into the discussion when you were talking about your "FedBlue" policy and corrected what I saw as a misconception about the coverage of BC/BS for eldercare since the comment you were responding to addressed those issues. I didn't read the earlier posts so I didn't realize that the broader conversation related to disability. Now that I understand that I can point out that your FedBlue policy may or may not be of use depending on how bad the disability. LTC would be helpful even at a young age if the disability required around the clock nursing or such.

But the others posters who were arguing for disability insurance may not realize that you already have a form of disability coverage - if the disability is long term. It is called disability retirement. I don't know any Feds who bothered with disability insurance although I assume some may have picked up coverage for temporary non-job related disabling conditions.
Lets refocus on scout, instead of me. I dont want to leave a thread hijack in place. The recebt debate between brewer and I was whether scout and his spouse should have a disability policy. Its their money, so if they think that's a good value, then they should buy one.
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Re: Advice from physicians...
Old 11-02-2006, 08:31 AM   #53
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Re: Advice from physicians...

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Originally Posted by Azanon
Usually, if someone's going to go after your assets, they go after just what you have, or something specific and not more than that.
They just go after what you have?

I guess you don't know any PI attorneys? They shoot for the moon, and every once in a while the jury obliges.

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Re: Advice from physicians...
Old 11-02-2006, 10:39 AM   #54
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Re: Advice from physicians...

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Originally Posted by saluki9
I guess you don't know any PI attorneys? They shoot for the moon, and every once in a while the jury obliges.
It would seem wiser to insure one's gross worth rather than net worth. I don't think the plaintiff or the jury are going to care about a defendant's mortgage...
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Re: Advice from physicians...
Old 11-02-2006, 10:53 AM   #55
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Re: Advice from physicians...

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Originally Posted by Azanon
Where did i say i self-insurse anything of significance? I have health, life, home, auto, and disability. I've got Murphy covered from every angle.

I have full coverage now on both vehicles (cause they're a near new 04' VW, and new 07' fit). I only drop full coverage after the FMV drops low enough that it minus my 1K dollar deductable is something i can cover in the worst case. Wanna guess how many "at-fault" accidents in a car i've had since i've been alive? (I'll give you a hint; think "goose-egg")

I assume your net worth is at least 5 million, if you have a 5 million dollar umbrella policy. if not, keep that to yourself cause you'd look pretty foolish.

2 million in life? You wife must not be a "9" like mine is or have a masters degree and working. I could (hehe, and probably would) be replaced by any number of men that would be more than willing to take on that hard job. (of course she's a 10 to me cause i love her, but just being strictly unbiased and going on physical alone - she's a 9. Semantics really since a hot babe is a hot babe)

Sure all that's only 250 a month? Just my family health insurance alone is 180 a month, and that's with the federal government paying 75% of it. I'm guessing your "math challenged". And that's a little scary given that i recall you're a financial advisor
Dude, you gotta learn how to READ!! Where did I say it included HEALTH INSURANCE?? Maybe in your world, DI is health insurance.......... : :

Why would it be foolish to carry more umbrella coverage than your net worth? I guess perhaps you're not as brilliant as you want us to believe............

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Re: Advice from physicians...
Old 11-02-2006, 10:58 AM   #56
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Re: Advice from physicians...

Quote:
Originally Posted by Patrick
I don't see your logic on this. Please explain.

The umbrella is a liability policy, right? As far as I can tell, it could make sense to have more insurance than your net worth, depending on your risk exposure. Let's say they have a lot of risk exposure and get a $5M judgement against them that's covered by a $5M policy. They get to keep all their assets. Now suppose they get a $5M judgement and only have a $3M policy. They have $2M of exposure against their assets. If they only have $1M of assets, they can lose those assets and have their wages ganished for the balance until it's paid off. What am I missing?
Perfect logic. The first million is the most expensive in buying umbrella. The next million is usually HALF of the first million, and so on. I think of it as "pennies for thousands". If I get sued, the PI attorney is going to look for WHERE they can get MONEY. And I would rather have them beat on my insurance company than me.

BTW, Azanon, if you get a big judgement against you, and even if you file bankruptcy, the court will order restitution for you to pay for the rest of your life..............
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Re: Advice from physicians...
Old 11-02-2006, 11:00 AM   #57
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Re: Advice from physicians...

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BTW, Azanon, if you get a big judgement against you, and even if you file bankruptcy, the court will order restitution for you to pay for the rest of your life..............
He doesn't have to worry about it. The purple unicorns won't let that happen to him.
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Re: Advice from physicians...
Old 11-02-2006, 11:03 AM   #58
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Re: Advice from physicians...

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Originally Posted by brewer12345
He doesn't have to worry about it. The purple unicorns won't let that happen to him.
I need to find a "happy world" like that...........

Like my dad always says: "Nobody likes a smartass, and everybody hates a legend in their own mind"
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Re: Advice from physicians...
Old 11-02-2006, 11:14 AM   #59
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Re: Advice from physicians...

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Like my dad always says: "Nobody likes a smartass, and everybody hates a legend in their own mind"
I think he would understand JG's "popularity" here.
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Re: Advice from physicians...
Old 11-02-2006, 11:49 AM   #60
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Re: Advice from physicians...

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They just go after what you have?

I guess you don't know any PI attorneys? They shoot for the moon, and every once in a while the jury obliges.

Some people lives legally vulnerable lives. If that applies to you, load up on umbrella i guess. It doesnt to me.
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