View Poll Results: LTC - how do you plan to manage/cover this risk?
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purchase LTCI
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31 |
18.24% |
Purchase Life insurance with LTC rider
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1 |
0.59% |
Self Insure -- how are you doing this?
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81 |
47.65% |
Purchase annuity that could be used for LTC, distributed other wise
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1 |
0.59% |
Other
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7 |
4.12% |
Roll the dice -- no real plan (yet)
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49 |
28.82% |
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08-16-2015, 06:19 AM
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#121
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,715
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Quote:
Originally Posted by REWahoo
I'm not saying anyone does or does not need to self insure or take out LTCi. But there is no way to predict whether or not any of us will spend an extended time needing care based on what happened to our parents or in-laws. We're all different.
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+1
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08-16-2015, 06:25 AM
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#122
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2005
Posts: 6,192
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all that matters to us mortals is that things either work out or they don't. we only get two options .
there is no middle ground like statistics apply to insurers.
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08-16-2015, 07:05 AM
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#123
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2013
Location: Texas
Posts: 10,932
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Quote:
Originally Posted by NW-Bound
Hopefully, we will be able to book a one-way ticket to the Netherlands. I have read they are willing to help our exit from this world and make it as nice and humane as possible.
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https://en.wikipedia.org/wiki/Assist..._United_States
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08-16-2015, 10:08 AM
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#124
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Full time employment: Posting here.
Join Date: Mar 2008
Posts: 800
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Quote:
Originally Posted by Car-Guy
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Just to note, while my FIL would have liked to have taken this option 3 months ago, he was in no condition to meet the requirements of the law in Washington state due to his strokes. What needs to be allowed is the acceptance of an advance directive in case he was incapacitated but could still acknowledge he wanted the directive followed. It was questionable if he could meet the requirements of the law after his second stroke and totally out of the question after his third stroke only two weeks later. He wasn't terminal after his first stroke, it was the series of strokes that made his condition terminal. It would be compassionate if the law allowed an advance directive for cases like his.
Sent from my iPad using Early Retirement Forum
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08-16-2015, 10:21 AM
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#125
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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The assisted suicide law in the US only applies to patients with less than 6 months to live due to a terminal illness. From what I have seen and read, the typical terminal cancer patient does not have a problem waiting to expire naturally. A few months is not that long. In the end, they do get good help from hospices. It is the people who do not want to linger a long time with debilitating physical conditions, are tired of being bedridden and wearing a diaper, that have no way out.
A while back, I read a story about how Japan has a growing number of elderly people who are confined to bed, wearing a diaper and getting fed by a tube to their stomach. They or the family in the beginning could deny having a tube inserted to allow death by starvation, but once a tube is inserted, it is considered murder for anyone to remove that tube. So, they get stuck and live in limbo for years.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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08-16-2015, 11:28 AM
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#126
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2008
Posts: 12,657
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This is the very definition of Hell on Earth. Then again, I see analogies to the growing trend of prolonging the lives of aged pets, without regard (since we cannot know) what the animals themselves would prefer (but I bet I can guess).
Quote:
Originally Posted by NW-Bound
T
A while back, I read a story about how Japan has a growing number of elderly people who are confined to bed, wearing a diaper and getting fed by a tube to their stomach. They or the family in the beginning could deny having a tube inserted to allow death by starvation, but once a tube is inserted, it is considered murder for anyone to remove that tube. So, they get stuck and live in limbo for years.
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__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
Even a blind clock finds an acorn twice a day.
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08-16-2015, 11:45 AM
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#127
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Recycles dryer sheets
Join Date: Jan 2006
Posts: 346
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Very thankful to be canadian. If i was in usa i would think i would want either 250k minimum set aside to self insure or a gold plated ltc plan which would cost equivalent amount in annual premiums. Living in canada shaves years off your fire date
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08-16-2015, 12:24 PM
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#128
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,356
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Quote:
Originally Posted by NW-Bound
I read a story about how Japan has a growing number of elderly people who are confined to bed, wearing a diaper and getting fed by a tube to their stomach. They or the family in the beginning could deny having a tube inserted to allow death by starvation, but once a tube is inserted, it is considered murder for anyone to remove that tube. So, they get stuck and live in limbo for years.
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This is something I'm familiar with. When my father developed esophageal cancer, it turned into a terminal condition before very long. He knew he was near the end, was comfortable with that, and made it plain that his only wish was to die without the pain and with some measure of dignity. So he carefully made out his advance directive and asked me to get him in the VA hospital (he was a disabled WW II vet).
I gave the hospital his advance directive and carefully explained his wishes to them. Unfortunately, they totally ignored it and put the feeding tube in his stomach against his specific written desire that this not be done. It added probably three months of misery to the end of his life and I never forgave them for that.
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08-16-2015, 02:55 PM
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#129
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Thinks s/he gets paid by the post
Join Date: Mar 2015
Location: philly
Posts: 1,219
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Whew, my 85 year old dad went to a Yankee game last year came home had dinner and a Jack Daniels, then died quietly in his sleep. After reading this, I'm thinking we should be grateful.
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__________________
My darling girl, when are you going to realize that being "normal" is not necessarily a virtue? it sometimes rather denotes a lack of courage~Aunt Francis
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08-16-2015, 03:41 PM
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#130
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Thinks s/he gets paid by the post
Join Date: Oct 2009
Posts: 1,190
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BC Lover, you should beyond grateful. Your father, and you by extension, won the death lottery. Sadly, my parents were not as lucky.
Sent from my iPad using Early Retirement Forum
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08-16-2015, 05:11 PM
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#131
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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Quote:
Originally Posted by LARS
BC Lover, you should beyond grateful. Your father, and you by extension, won the death lottery. Sadly, my parents were not as lucky.
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+1 Same here.
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08-17-2015, 07:06 AM
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#132
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,371
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Quote:
Originally Posted by accountingsucks
Very thankful to be canadian. If i was in usa i would think i would want either 250k minimum set aside to self insure or a gold plated ltc plan which would cost equivalent amount in annual premiums. Living in canada shaves years off your fire date
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How do you figure that? You don't really think that your health insurance and LTC insurance are "free" in Canada do you.... you (collectively) pay for it just like we do, just in a different form.
I am curious though which country has more early retirees. I'd be surprised if it was substantially different.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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08-17-2015, 12:20 PM
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#133
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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For non-US readers, I want to say that just because you do not have money does not mean they will throw you out on the sidewalk to die. The state will pay for nursing home cost for indigent people, but you must pay your money first. In other words, you cannot expect to leave your stash to your offsprings, while the state picks up the cost of the nursing home. Some posters want more comfortable arrangements or nicer nursing homes, and there the sky is the limit.
I think other countries also have means-tested elderly care, meaning it is limited to the indigent. Or if it is open to all, I suspect that most people would want to pay extra to get beyond the basic accommodations. "All you can eat" is just too expensive for health care for any country. Of course, I may be all wrong here.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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08-17-2015, 02:01 PM
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#134
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Thinks s/he gets paid by the post
Join Date: Apr 2012
Location: Nashville
Posts: 2,506
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Quote:
Originally Posted by NW-Bound
For non-US readers, I want to say that just because you do not have money does not mean they will throw you out on the sidewalk to die. The state will pay for nursing home cost for indigent people, but you must pay your money first. In other words, you cannot expect to leave your stash to your offsprings, while the state picks up the cost of the nursing home. Some posters want more comfortable arrangements or nicer nursing homes, and there the sky is the limit.
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It is also worth noting that the majority (I think) of states have filial responsibility laws that enable them to sue seeking reimbursement from one or more of your children if they so choose. Granted, to date, these laws have not been aggressively enforced, but that may be changing.
__________________
OMY * 3 2ish Done 7.28.17
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08-17-2015, 04:09 PM
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#136
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2009
Posts: 9,343
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Quote:
Originally Posted by Corporateburnout
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I cant say with any honesty that I am disappointed my state isn't one of those 29 states.
Sent from my iPad using Tapatalk
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08-17-2015, 04:21 PM
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#137
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Moderator Emeritus
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,731
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Quote:
Originally Posted by Mulligan
I cant say with any honesty that I am disappointed my state isn't one of those 29 states.
Sent from my iPad using Tapatalk
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Looks like Texas is in the same category.
__________________
*********Go Yankees!*********
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08-17-2015, 04:25 PM
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#138
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2009
Posts: 9,343
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What is interesting about the list, is you would be hard pressed to find any "Red" or "Blue" pattern from it.
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08-17-2015, 04:34 PM
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#139
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Posts: 3,083
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It would be cheaper to fly to the Philippines and have 10 maids serve you night and day for the price of these nursing homes.
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08-17-2015, 04:48 PM
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#140
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2014
Posts: 7,050
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If 1 spouse goes in the nursing home the other can remain in their home until the first spouse dies or until the 2nd spouse goes into a nursing home then Medicaid can use the home to pay back what Medicaid has paid. Been through this a few times with relatives, etc.
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