Do You Really Need Insurance?

Discussion in Life & Health Insurance started by Real Money • Apr 14, 2012.

  1. Real Money

    Real MoneyNew Member

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    One of the largest medical costs you’re likely to incur in your lifetime is long-term care. This means that someone has to live with you or that you require round-the-clock care. This type of care is very expensive.
    For care outside of the home, a private room in a nursing home can cost over $75,000 a year. Long-term care insurance, while not cheap, can reduce that burden.
    As with everything else, this type of insurance has its benefits and drawbacks. Have you considered long-term care insurance in your retirement planning? Increasing numbers of insurance companies are beginning to offer this product with a wide range of options, so you have many choices.
    The biggest criticism of these policies has been their cost. However, this insurance can save you a tremendous amount of money in medical expenses.
    When looking for a policy you’ll have several choices:

    1. Daily benefit amount. This is the maximum amount the policy will pay per day for care. You can typically choose from $50/day to $500/day. Policies often specify a maximum monthly amount instead. This is nice because you can then opt to receive more care on some days and less on others.

    2. Different amounts in different settings. Some policies will let you choose the different benefit amounts for different settings. Maybe you feel comfortable with $100/day at home but would rather have $150/day in a long-term care facility.

    3. Maximum Lifetime Benefit. This is the maximum the policy will pay out over your lifetime. There are some policies with unlimited total benefits.

    4. Comprehensive or facility care. Some insurance only covers care that you receive in a long-term care facility. Other policies are considered to be “comprehensive” and allow for a wider range of services. Most insurance sold today is comprehensive, but be sure to check before you sign on the dotted line.
    * Facility care policies are still available for those who feel confident that their family and friends are willing and able to care for them at home.

    5. Additional benefits: As with other types of insurance, there are many other options or “riders” that can be added to the basic coverage.
    * Inflation Protection is a popular option. If you’re unlikely to need to care until far in the future, this is worth looking into. How much are health care costs going to rise in the next 25 years? Likely a lot. There are many types of Inflation Protection, so be sure of what you’re actually getting.

    Here are some additional costs that long-term care insurance may or may not cover. Do your research!
    * Modification of your home. This would include augmentations like ramps and grab bars.
    * Transportation to doctor’s appointments.
    * Training a relative or a friend to provide personal care properly.
    * In-home medical equipment.

    Some policies will even pay your friends or family members to provide care to you. These payouts tend to be rather small and may only cover the cost that the care provider actually incurs. While most policies will not provide payment under these circumstances, some offer cash payment for each day you’re in the care of a non-medical professional.
    Long-term care insurance is something every person should seriously consider. The cost of the policy can be high, but the cost of not having a policy can be catastrophic. Even a 65 year-old millionaire can run out of money in a hurry should he require long-term care.
    These policies tend to have more options and exceptions than other types of insurance, so be sure to really do your research or sit down with an insurance agent that you trust. However you go about your investigation, it’s never too late to start looking into long-term care insurance.
     
  2. Pat

    PatWell-Known Member

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    Long term care coverage is important not only for older people but for everyone. Have your ever thought about who cares for a person that has been in an automobile accident? They go into a rehab care center which can be covered by a long term care policy or paid in cash.

    I agree with the above post it is never too late to start looking into long term care coverage.
     
  3. Mrs. Rogers

    Mrs. RogersActive Member

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    While I know that this is something that I definitely may need one day it's just so painful to even start looking through companies and rates. It's just depressing thinking that we'll all pass away one day and I guess that this really makes you think about it.
     
  4. prescott911

    prescott911New Member

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    I live in Massachusetts where it is illegal for you NOT to have insurance, it is a poor law that contradicts the constitution and should be over-ruled just like Obama's health care plan. I hope that NEVER goes through!

    People should have the right to choose whether they want insurance or not! RON PAUL 2012! Saw him in Rhode Island on Wednesday!
     
  5. dexterlablab1

    dexterlablab1Active Member

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    Sometimes, I question this as well. Mostly because god forbid something DOES happen to you, these "insurance" companies give you a hard time about getting what is meant to be YOUR money to begin with.
     
  6. Parker

    ParkerWell-Known Member

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    This can be avoided by researching insurance companies and finding a great insurance agent. AM Best Company ratings all types of insurance companies. They rate insurance companies on their stability, their likelihood to pay, etc.
     
  7. GrandmaHugme

    GrandmaHugmeMember

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    I am 66 years old and have some medical problems that, so far, have been covered by Medicare. Before I retired, I worked for Detectives investigating Insurance Fraud and realized then why insurance companies keep raising their premiums for different types of insurance coverage. Fraud is everywhere - from the doctors billing for services never rendered, to claimants falsifying their injury or damages to their homes. And don't forget the insurance company's themselves, who can operate without conscience and have agents who "add on" coverages that a client does not need, i.e. an elderly man with pregnancy coverage, etc.

    But do you need insurance? Although hospitals cannot turn away a person with a "life threatening" injury / illness, they can discharge you earlier than they would if you had coverage. Doctors who specialize in cancer treatments can refuse you as a patient and the cost of some drugs / treatments would soon devour your savings. Think about having at least the basic coverage, ok?
     
  8. GrandmaHugme

    GrandmaHugmeMember

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    I DO NOT KNOW WHY THIS POSTED TWICE...!

    I am 66 years old and have some medical problems that, so far, have been covered by Medicare. Before I retired, I worked for Detectives investigating Insurance Fraud and realized then why insurance companies keep raising their premiums for different types of insurance coverage. Fraud is everywhere - from the doctors billing for services never rendered, to claimants falsifying their injury or damages to their homes. And don't forget the insurance company's themselves, who can operate without conscience and have agents who "add on" coverages that a client does not need, i.e. an elderly man with pregnancy coverage, etc.

    But do you need insurance? Although hospitals cannot turn away a person with a "life threatening" injury / illness, they can discharge you earlier than they would if you had coverage. Doctors who specialize in cancer treatments can refuse you as a patient and the cost of some drugs / treatments would soon devour your savings. Think about having at least the basic coverage, ok?
     
    #8Apr 26, 2012
    Last edited: Apr 26, 2012
  9. Esperahol

    EsperaholActive Member

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    Insurance is exactly what it says. Sure you might not need it or you might need it only for the small things, but you should have it just in case because life happens and it isn't always pretty. Something you should also think about is supplemental insurance like Aflac as it can help make-up the difference between long-term disability and the actual cost of things.
     
  10. hunysukle

    hunysukleActive Member

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    I read in a magazine the other day that you don't need life insurance when you're young. However, lots of life insurance agents still try to sell life insurance to young people because they want more money.
     
  11. Pat

    PatWell-Known Member

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    Very good information. One thing I would like to add, Long Term Care is not just for the old. If you are in a car accident or get sick and need more care than what is given in the time frame you are allowed in the hospital and need to have care after you are released long term care can be your answer to how you will get that care. You may not have family that can help out.
     
  12. dconklin

    dconklinActive Member

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    Honestly, I don't get any insurance that I do not need. My kids have health insurance, but for the longest time I didn't. I used to save up the money that I would have put into the insurance each week and it was amazing how much was in my pocket after saving it. Figure my last employer's insurance was I believe almost $100 a week for just me with high deductibles and also high copays. For me it made more sense to just not have it. It would have cost me $400+ a month out of my check and then not pay for a yearly visit to the Dr between copays and deductible. It is no wonder many people do not have health insurance. They can't afford to pay for something that barely pays for anything anyway! Now I am getting a little older and I have been considering the health insurance, but it still just doesn't seem worth the cost that I will have to pay each month now since I am self employed.
    Life insurance would be just for nobody to have the burden of paying for a funeral.
     
  13. Colbert

    ColbertNew Member

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  14. Parker

    ParkerWell-Known Member

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    A young person who has no children and has no one is dependent on his/her income probably doesn't need to buy life insurance. Still, it's best to buy insurance when you're young because that's when you're the healthiest. The healthier you are the lower your premium. If you work with a good agent, you can even get a paid-up policy.
     
  15. Parker

    ParkerWell-Known Member

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    Disability insurance would cover these types of situations.
     
  16. Mrs. Pirz

    Mrs. PirzExpert

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    My husband and I have life insurance through the Veteran's Affairs office and I have to say its a weight off our shoulders knowing how well our daughter will be covered should anything happen to us. Its also affordable coverage but I am assuming its more affordable for Veterans - one of the benefits
     
  17. footballtim

    footballtimActive Member

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    There is more to it than that. People who do not have insurance cause health care prices to go up. Hospitals that have the decency to take them in despite them having no insurance end up losing a lot of money if the patient cannot eventually make payments. I'm not saying that I have any sympathy for the financial status of the hospitals, I don't. I am also not saying that hospitals should not take in the uninsured, they should.

    With Obamacare, everyone will have insurance, even if they cannot afford it. People under a certain income level will be exempt from having to pay for insurance. Instead, they will have to apply for a government funded program.

    The problem that the republicans have with this is that they do not want the government to help in any way. They refer to any help as a hand-out. Once again, the republican health care plan is: DON'T GET SICK.
     
  18. Pat

    PatWell-Known Member

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    True disability insurance can cover some of the situations if you qualify. Long Term Care does not have the need to meet the qualifications as much as disability insurance does and everyone can not get disability insurance. It does depend on the type of work you do, whether or not the insurance company will cover you at a price that you are willing to pay.
     
  19. Esperahol

    EsperaholActive Member

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    This is true. I once worked with a man who unfortunately had a very bad accident in his 20s and has since required a wheelchair plus long-term care at a nursing facility. Things happen and that is why there is "insurance". And of course, there is always the problem of getting sick. Nobody can predict what might turn up in an exam and if you don't have some sort of net beneath you... well.
     
  20. mark.1

    mark.1New Member

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    Fiend Life & Health insurance has a lot of benefits i am sharing some of them.
    Risk Recover: Life today is full of uncertainties; in this scenario Life Insurance ensures that your loved ones continue to enjoy a good quality of life against any unforeseen event.
    Protection against rising health expenses: Life Insurers through riders or stand alone health insurance plans offer the benefits of protection against critical diseases and hospitalization expenses. This benefit has assumed critical importance given the increasing incidence of lifestyle diseases and escalating medical costs.
    Assured income through annuities: Life Insurance is one of the best instruments for retirement planning. The money saved during the earning life span is utilized to provide a steady source of income during the retired phase of life.
     
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