Will Trice wrote:
- quote -

actually i thought about it,looked at the corrolation between my stocks
and the commodities and precious metals funds and agreed with the
idea..im glad we did it,the last few weeks have been wild in both
directions and the commodities funds actually cut the wild swings and
volitility of my mix down..now it pulls and pushes more ofton than not
and the drops arent as bad..

MATTY wrote:
- quote -

I thought the advice to buy into commodities was a little strange, too...

-Will

- quote -

As I stated earlier, I can NOT vouch for the stability of ANY nursing
facility, I can assure you that if there is an LTC policy in-force, meaning
that premiums are paid to date, that the benefit WILL be payable. As far
as "unwilling to pay", I can also assure you that "IF" the claim is legit,
and "IF" the terms of the CONTRACT have been met, that they will pay.
If they did not (and you are talking a paltry few hundreds of thousands),
that
the penalty from the Insurance Commissioners office would be much more.

They do NOT want any grief with the Insurance Dept.

Cal Lester CLU

Douglas Johnson wrote:
- quote -

I haven't researched the continuing care retirement homes to be able to
give you a precise answer. The local home I checked is underwater by
10% so there is some danger. (It's a nice place and I know of at least
one multi-millionaire living there). I think there is also a danger in
some insurance policies whose companies may go under or who are
unwilling to pay benefits. Some retirement homes may be exempt from
real estate taxes making the homes more attractive than living in
conventional house.

--
Ron

- quote -

A very good point. Since you are NOT dealing with an insurance company,
there is no help available from the Insurance Commissioner. I will be
looking
to see what additional answers you get....................
Cal Lester CLU

"Ron Peterson" <ron[at]shell.core.com> wrote:

- quote -

I worry about the care company going bankrupt and the resident losing the buy in
AND their residence. Is the buy in escrowed or is it a general obligation of
the care company?

-- Doug

"Elizabeth Richardson" <erichktn[at]worldnet.att.net> wrote in message
news:4YjPf.23832$J02.7871[at]bgtnsc04-news.ops.worldnet.att.net...
- quote -

Actually as I understand it here in Florida, it is BOTH. If you live there
for a short period of time (and I have no idea what that might be), then
S O M E , not all of the money is returned. The balance sinks into the
hole.

Cal Lester CLU

- quote -

I still find it extremely difficult to understand why someone would
wish to "give away over 200 grand" and S T I L L have to pay
a monthly fee.
Purchasing a "GOOD" LTC contract, one that utilizes the
"bucket of funds" approach, so that you can use any or all
of it for Home Care, Assisted Living &/or Nursing home care.
It should also contain an adequate "cost of living increase" benefit.


- quote -


In either case, there is still a need to "shop around" for a facility
where you would feel comfortable. HOWEVER, if you have
purchased a good LTC contract, you do it IF & When you need it.

Cal Lester CLU

Elizabeth Richardson wrote:
- quote -

Your heirs won't get anything, but they won't have to support your stay
in a nursing home. If a continuing care retirement home isn't
affordable to you and still leave something to your heirs, then you
will have to look at other options.

I was just mentioning one alternative to LTC insurance. Getting into a
CCRH may require that you be at least 62 years of age, so it's an
option that may not be open to everyone.

--
Ron

"Ron Peterson" <ron[at]shell.core.com> wrote in message
news:1141746687.598548.6200[at]i39g2000cwa.googlegroups.com...
- quote -

If it is like buying a condo, when you die will your heirs be able to sell
it and get your money back? Or is it more like dropping money down a hole?

Elizabeth Richardson

"MATTY" <mathjak107[at]aol.com> wrote in message
news:1141722469.550823.24970[at]u72g2000cwu.googlegroups.com...
- quote -


It is NOT neccessary to do as you have described. I have written
a number of times about the fact that there are companies out there
that offer a "TEN PAY PLAN".
That is a contract upon which you make a single payment or
pay for either ten years. At that time, the contract is PAID-UP
IN FULL, benefits will remain IN-FORCE, and the premiums
can never be increased, because there are NO FURTHER PREMIUMS
to be paid.



i figured all you
- quote -

It is entirely possible that one of you might need coverage for
a longer period of time. Also you just might NOT want to shift
those assets (because it is the wrong time).


..the
- quote -

Obviously you are in fairly good heath at this time (otherwise the
subject is mute), and should be able to qualify at an INEXPENSIVE
rate. They are correct in that the older you get the less insurable
you become. The optimum time to buy is age 55.

Cal Lester CLU

Cal wrote:
- quote -

The buy-in is like buying a condo and you will no longer need your
present house which may fund that buy-in.

That situation allows you to make friends and have social support even
if you get moved into nursing care.

- quote -

If you have LTC insurance, you will still need to find a nursing home
or assisted living arrangements depending on your health.

--
Ron

"MATTY" <mathjak107[at]aol.com> wrote in message
news:1141722469.550823.24970[at]u72g2000cwu.googlegroups.com...
- quote -

The planners are right, in that you may not qualify for insurance later on.
But, as you are just wanting to shift assets, I guess it doesn't matter. For
what it's worth, in my state, current care in a nursing home costs about
$4000/month, more if Alzheimer's care is needed. The cost goes up nearly
every year. If both of you will need care, will you have the $300,000 plus
its likely to cost? For us, we decided insurance is cheaper.

Elizabeth Richardson

my wife and i are featured in money magazine this month (march) in the
portfolio makeover article,,the article is also up on cnn money
website..anyway one of the issues the planners and i were at odds with
was ltc..i felt i may want to self-insure instead of paying into a plan
that may raise us an endless amount over the years...i figured all you
need to do is cover your-self for 3-4 years to shift assets ..the
planners felt it was a bad idea..they felt the states were trying to
push the time frame farther and farther out and if they do you may not
qualify later on for insurance because of health issues that may crop
up...im still undecided about this issue..for now ill review it again
in say 5 years as im only 53

< snipped> Husband and I are looking at CCRCs with a target move ~ 5 years hence.
- quote -

You do not say how old each of you are, nor your general medical condition.
If you are 70 or under, and in relatively decent health, why pray tell would
you "give away $230,000 to #265,000??????????????????

Even if you are in poor health, I would assume that you could still buy
some form of LTC, for a great deal less....

Cal Lester CLU

Cal wrote:
- quote -

Husband and I are looking at CCRCs with a target move ~ 5 years hence.
The only community in our state that offers a time-unlimited assisted
living and/or skilled nursing care where the state inspections are very
good (see Medicare's Nursing Home Compare site) charges $2,412/mo with
an ~$230,000 buy-in for a 904 sq ft residence for ONE person ($841/mo
+$35,000 for the second person). Comprable communities that charge
based on services needed are about $1,000/mo less.

(snipped)


- quote -

The best time in most case's seesm to be arounf the age of 55.
This is most effective if one decides to take advantage of one
of the 10 pay contracts...........

- quote -


I was refering to the number of years that one would be
required to pay premiums. In the 10 pay contract, IF ALL
premiums are paid on time (or in advance), then after the
tenth year NO FURTHER PREMIUMS ARE REQUIRED.
Therefore, the company can NOT increase any future premium.


As to the legnth of coverage, the safest obviously ia a
LIFETIME benefit contract. Most contracts offer a number
of options, 2yr., 3yr., 5yr. & lifetime.
Cal Lester CLU


- quote -

Cal wrote:
- quote -

I was considering moving to Florida, but my nephew that was living
there decided that he wasn't going to be able to afford a home there
(Sarasota) and moved back here (to the upper midwest).

That sounds economical, but it depends on the details.

After a brief web search, I see those facilities are scarce, but I
thought that the buy in was of the order of $300,000 for a two bedroom
unit which probably depends on the age and health of the new residents.

I look at the financial statement of one of the better facilities in my
community and found that they have $40 million in assets and $45
million in liabilities, which may not be too bad, but I see some risk
in going in one of those facilities.

- quote -

How early in life does the LTC contract need to be to get good rates?

- quote -

I would prefer 10 year coverage over 3 or 5.

--
Ron

Look over your right shoulder.
Kings Point in Tamarac.
Cal


"John Radgosky" <jradgosky[at]yahoo.com> wrote in message
news:1141277538.837727.303770[at]j33g2000cwa.googlegroups.com...
- quote -

Hello Cal ...

Where in Florida are you? I'm in Fort Lauderdale.

Fingers crossed we have an easier hurricane season this year, eh?

John Radgosky


======================================= MODERATOR'S COMMENT:
We assume he is asking from a financial planning perspective.