Long term care - slight reassurance from Scott Burns

[imoldernu]

In the SOA (Society of Actuaries) page referenced, the complete paper by Anna Rappaport... (Caregiving ,Family, Health)... a 20 minute read, includes an excellent series of questions to be asked about CCRC's.
https://www.soa.org/Library/Monograp...aging-ltc.aspx

[Brat]

The Society of Actuaries has a great website. I was one of those kids who teethed on a slide rule, so to speak. I would have loved to be an actuary. Today the number crunching is done by software, the important skill is what to include in your variables and the reliability of your underlying assumptions.

We purchased a 'paid up' LTC insurance policy and at a certain level hope it was a waste of good money.

[braumeister]

Quote:

Originally Posted by Brat The Society of Actuaries has a great website. I was one of those kids who teethed on a slide rule, so to speak. I would have loved to be an actuary.

I had a good friend who became an actuary (several decades ago). He used to joke that an actuary was someone who wanted to be an accountant but didn't have the personality for it.

It was amazing to me that he said studying to become an actuary was the most challenging thing he had ever done. This from a guy who already had a Ph.D. in mathematics!

[Brat]

"Back in the day", as I recall, there was only one or two academic programs for future actuaries. Women and certain groups were not encouraged to apply. Not so today.

[athena53]

Quote:

Originally Posted by braumeister I had a good friend who became an actuary (several decades ago). He used to joke that an actuary was someone who wanted to be an accountant but didn't have the personality for it. It was amazing to me that he said studying to become an actuary was the most challenging thing he had ever done. This from a guy who already had a Ph.D. in mathematics!

I'll agree with that (although I've got only a BA in Math). Actuarial programs were just opening up to women when I started in 1975. One huge benefit of those exams was that they were graded anonymously (and still are). You know the material, you pass. They have no idea of your age, gender, ethnicity, etc. If you were willing to put in the work it was a great way to get highly-respected professional credentials.

[woodosgood]

If you are in the market for LTC Insurance and are considering a policy from Transamerica, I understand they are making changes to the inflation protection rider and raising premiums for new policies, effective 3/6/2015. So if you are going with Transamerica, get your application submitted by Friday to take advantage of current rates. This is not an endorsement of LTC insurance or Transamerica, just a fellow retiree passing along some potential money saving advice.