Personal Retirement Funds

[smellthejeta]

I don't like debt either, and have none, except for a small mortgage at 4.875%. I have the money to pay off that mortgage, but I don't-- because paying off low interest debt with money that is earning at a higher rate is financially stupid.

May I ask where you have your money such that it is earning more than your mortgage rate? I current have some dough stashed aside in an account paying 4.0% APY and am looking to do better.

 

[PC800]

Skilled Nursing Care is care given to someone when the Condition WILL get better. Rehabbing of a knee replacement for example. LTC DOES NOT COVER THIS!!!

Your'e right that the rehabbing of the knee replacement wouldn't be covered, but for the wrong reasons. It's a bad example, here's a better one: I fall off my motorcycle and end up in the hospital. They get me patched up, and my medical policy pays. But, I can't feed myself, dress myself, bathe myself, etc., and I'm going to need IV's, catheters, and other services that can only be provided by skilled personnel. They ship me off to the rehab center.

After the appropriate waiting period (mine is 30 days), my LTC policy *will* kick in to cover the skilled nursing care I'll be receiving until I'm well enough to perform the basic functions myself. Here's a direct quote from the plain language explanation of benefits provided with my John Hancock LTC policy:

"Skilled nursing care, which is ordered by a doctor and provided by qualified personnel such as registered nurses or professional therapists. Such care is designed to treat a medical condition from which you're expected to recover."

Note, this is not on the exclusions page, it's on the benefits page.

Now, maybe the policies you sell don't cover such things, I don't know. But mine, and many others, do.

 

[Dangerkitty]

Then you must live in the State of New York. They have the craziest insurance laws so much so that many Insurance Companies such as AFLAC, GE, John Hancock and Allstate all have totally seperate departments that only work within that State. At AFLAC the New York division is treated as a totally different company.

I have never seen nor read where a John Hancock LTC policy pays for Skilled Nursing care. And I sell for John Hancock.

The only explanation that I can give is that you must live in New York. Either that or you are an internet troll trying to yank my chain.

Wouldn't be the first time.

 

[PC800]

May I ask where you have your money such that it is earning more than your mortgage rate?

I'm afraid my method probably won't work for you at present interest rates: my IRA's (I have both Roth and traditional) are invested in a series of "laddered" Certificates of Deposit-- and several of the CD's in the traditional IRA were purchased eight, nine, and ten years ago, when rates were higher (the highest I have right now is paying 7.35%). When they mature, it may make sense to pay off the mortgage rather than roll them over, depending on what interest rates do.

The most recent CD's are only paying 4 to 5%-- but they're in a Roth, so the earnings are tax-free-- which means that's a better deal than paying off my mortgage, which (after taxes) is costing less than 4%.

 

[PC800]

The only explanation that I can give is that you must live in New York. Either that or you are an internet troll trying to yank my chain.

Neither one. The policy I have is the same one offered to federal employees and retirees in all 50 states.

If you do a Google search for "skilled nursing care"+"long term care insurance", you get a lot of sites that mention "skilled nursing care" as something LTC covers, so I find it hard to believe it's that unusual.

If policies sold in your state don't include skilled nursing care, maybe it's your state that's out of sync with everybody else!

 

[Dangerkitty]

Neither one. The policy I have is the same one offered to federal employees and retirees in all 50 states.

If you do a Google search for "skilled nursing care"+"long term care insurance", you get a lot of sites that mention "skilled nursing care" as something LTC covers, so I find it hard to believe it's that unusual.

If policies sold in your state don't include skilled nursing care, maybe it's your state that's out of sync with everybody else!

Then the only other conclusion that I can come to is that we are arguing semantics. Skilled care vs unskilled care.

 

[psysicx]

With IRA's and 401K's its very easy to retire a millionaire if you start early.

 

[JohnDoe]

Back to the attempt at some usefull info here.......

Any more recommendations on roth ira companies? I was about to start a vanguard and noticed they now have a $3000 minimum to start.

And no, I don't care about skilled or unskilled home care.....

 

[PC800]

Then the only other conclusion that I can come to is that we are arguing semantics. Skilled care vs unskilled care.

According to my benefits brochure, skilled care is, "A higher level of daily nursing and rehabilitative care (such as injections, catheterizations, and dressing changes) provided by trained medical professionals, including nurses, doctors, and physical therapists."


An LTC policy should cover both skilled and unskilled care. Supporting that contention (and leading me to believe such policies are widely available) is this, from an online "How To Choose An LTC Policy" page (emphasis mine):

"Long term care is covered completely or in part by long term care insurance. Most plans let you choose the amount of the coverage you want, as well as how and where you want to use your benefits. A comprehensive plan includes benefits for all levels of care, custodial to skilled."

 

[kingairyahoo]

Back to the attempt at some usefull info here.......

Any more recommendations on roth ira companies? I was about to start a vanguard and noticed they now have a $3000 minimum to start.

And no, I don't care about skilled or unskilled home care.....

...post number 45 on page 3 gives some options