Sorry you’re having such major issues

I looked through that list of “can’t-do’s” and was just amazed you’ve put up with them for so long. I also would hesitate to go with either of the major national banks you mentioned – you already know of my profound hatred for Chase so I won’t go on that tirade. I have pretty much the same feelings about BofA for some similar reasons. But have you considered a national credit union? DH has had his money with Boeing Employee Credit Union forever, which is a regional credit union based here, and he never had any of the issues you mention with travel outside the state. Heck, he was spending money hand over fist in Manhattan a number of years ago when we went to a family reunion. Pbcloans.com – no credit check needed for online payday loans and there’s got to be some regional credit unions down there, particularly since Texas touts itself as the second biggest state, which you could tap into. Also, it used to be that a lot of these credit unions were restricted to employees only, or their family members, but that requirement has been lifted for a lot of banks. One more thing – there is a national credit union network, such that if you have membership at one credit union, you can do most of your banking at ANY credit union within that network. So for instance, out here, I have an account with Qualstar Credit Union (a very small state credit union for employees of certain companies), and then the Boeing Employees CU. I can go to a branch of either, and do my banking for that other CU. Hope that makes sense.

After all the issues I had with Chase, and a few similar issues with BofA, I’ll never bank at a regular “bank” again. I’m a credit union gal from here on out. But in any case, I hope you find something that works for you.

I would look into the % of inflation protection

How the elimination period is calculated – days (calendar or business) or weeks. The maximum lifetime benefit and whether or not it can be interrupted. Any cash benefits and how they are dispersed if needed.

The original question asked of me was whether or not the Premium was guaranteed, and upon looking at my information, the premium is indeed a lifetime guaranteed premium so while I’m starting off younger than recommended with a policy, I can’t complain.

I think for me, since I just have one child (and lately she’s not dependable), it is important that my policy can be used for in-home care, not just for facility placement. Coverage for me is 100% for both home health care and assisted living facility. This could quite possibly mean that I can stretch my lifetime benefit longer by resisting incarceration as long as possible.

I went to my insurer with a list of requirements for my policy, and crafted a policy which would meet my specifications. I understand that I will be able to tweak the policy over time and if there is a cost differential I can make those modifications as well.

A friend here in California

was just moved into her third facilitity, has a horrible variety of alzheimers. Her daughter cared for her for years and when her own health was impacted badly by the stress the three children moved her into the first. The disease has progressed to a really sad state. This last home is $9,000.00 a month. She’s 95.

We have not yet gotten long term care insurance and am concerned

as well, about the questions like “what if I don’t qualify later due to health?” Dh and I both had a mother who had alzheimers for a number of years before passing. My maternal grandpa also had it so it seems there is some predisposition to it on that side. Dh’s mom had an aunt who seemed to have had it as well. We don’t want to wait to late to get it and not be able to qualify due to alzheimers or other illnesses, etc. We have only one dd, now 26, who will not be able to care for us physically due to her own physical issues. Dh is 57 and I am 51 so we are too far off the recommended age. I am anxious to read what others have done.

On another note, dh did take a positive financial step. He got us an umbrella policy for us. It covers anything that happens at home that is unrelated to work. He opted for $1 million in coverage. It was about $450/yr. for it. That will make us rest better. There is someone who is over at our home from time to time who used to be a friend and is now someone we tolerate. We are concerned he could be one who looks for ways to make “free” money if you kwim. He is not the reason we bought it though. We felt we needed it regardless of whether he is at our home or not.

Dh also shopped around for auto insurance on his truck which is part of our business. The ins. he had was going up enough to make him look around. He found some at Geico where we have our personal vehicles. They shaved quite a bit off State Farm. I think it was about $1000/year that we saved. That savings came about even with increasing the payouts we have for medical, etc.

Well..

if you’re already incapacitated by 50 or 60 its not a waste and since we don’t ever know when we might not be able to perform 2 or more activities of daily living, I don’t think its too much to consider earlier. There is no set age when one can start receiving long term care in an assisted living community. When you have no one else to care for you and you don’t want to encumber your children, its good to have in your arsenal of smart financial decisions.

I agree that you should have inflation protection on your policy and what I like about my policy is the cash benefit I can receive of 35% of my coverage no questions asked. This will save people from making that vile error of reverse mortgaging.

I look at insurance – the entire spectrum- as better to have and not need, than to need it and not have it.

Another 401K question, and another question

A short time ago I asked a question about 401K contributions through my husband’s work. Currently 9% is taken out. It’s been that way for a while even though we have a $2800 debt, the debt came last Nov. So my question at the time was should we cut back on the 401K contributions in order to pay off the debt faster. The consensus from the group was no. And I agree. But at the time someone brought up that DR recommends adding to a company 401K to whatever the company will match. Well hubby’s work used to match up to 9%, but we’ve found out that is not true, The came up with a “new improved” system. It totally sucks for everyone involved except them! They are only matching 20 cents per dollar, and I am not sure to what % They are calling it an incentive program where if regions meet the “quota” set for them (by corporate of course) then they get more matching…as well as other compensation. Well they set the bar way too high and there is no way this region can meet their quota.

So my question is, what does DR recommend as far as 401K. Should we continue at 9% with the goal of 15%? Should we only contribute upto whatever % the company will match? What do we do to fund the rest of the percentage?

Also, I am confused about emergency fund so I hope someone can help. Are we to have $1000 emergency fund AND 3-6 months of living expenses? We have a $1500 ER fund (I’ve found we need to have higher than $1000 due to the cost of living here) and are starting to slowly build our living expenses fund since our $2800 is interest free for the life of the loan. I know not what DR suggests, but a year and a half ago my hubby was laid off and was out of work for 6 months. To feel a little safer, we feel that is what we need to do. Anyway, I just want to know are these two separate accounts?

In any case, READ YOUR POLICY CAREFULLY!

My mother paid for many years and is still paying premiums for her LTC insurance. Her policy was purchased in the days before “Assisted LIVING” was in vogue. Her policy covers “NURSING HOME CARE”.
Essentially, assisted living is similar in cost and care of nursing homes, but enables the patient to enjoy more independence while still being cared-for and watched-over 24/7. It took 11 months to get the LTC Insurance to pay anything for her care, so we paid out-of-pocket $44,000.00 and even then, the LTC is only paying $45 a day for assisted living, when her policy would pay $90 a day for nursing home care. Problem is that she has Alzheimer’s but is not bad enough to qualify for nursing home care, and she would HATE giving up her assisted living apartment and all of the activities that they provide.
Also, if she were in a nursing home, the quarterly insurance premiums would cease.
My dealings with the LTC Ins. Co. has been very frustrating. I went to an Elder Care lawyer about Mother’s situation, and the lawyer basically said that there is no way to force them to pay their fair share. For myself and my husband, we plan to save as much as possible and pay our own way rather than purchasing LTC Ins.
If anyone has had any luck getting a LTC co. to pay full benefits for assisted living even though their policy reads “nursing home care”, PLEASE contact me.

I’m referring to daily care for the elderly

nursing homes, assisted living, nursing services in the home when the elderly cannot care for themselves anymore and need someone to take care of them. It does not cover medical services just the care of the patient for daily living. It has to be started when they are still relatively in good health, probably not perfect health because not many seniors are in perfect health. If someone is diagnosed with Alzheimer’s or something, it is too late to get the coverage, but if something runs in the family that leaves the person unable to care for themselves, it would be important to have. We think that what my FIL died from is genetic, so my husband has a chance of getting it, so I would get the insurance for him.