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Financial lessons from my family's experience with long-term care insurance

whitecoatinvestor.com

21–30 of 210 posts

Re: Financial lessons from my family's experience with long-term care insurance

#21

There are three things a nation needs to accept about universal health care: (1) It’s expensive (2) Everybody has to pay (3) The government’s gotta run it

It’s not a matter of acceptance. We can’t accept the cost of anything consistently growing at a rate faster than GDP. That’s just math, not ethics or political choice theory or anything else. Health care cost growth is going to slow one way or the another.

Re: Financial lessons from my family's experience with long-term care insurance

#22
post #8

Earlier quoted context omitted.

>The government’s gotta run it But there are plenty of countries with functioning healthcare systems that are private? The Swiss, for instance. Moreover depending on what counts as "government’s gotta run it" (paying for it? administering it? actually providing care?) you can argue that the German or even Canadian systems aren't government run, at least to some degree.

So why don't we see Republican Americans advocating to adopt the Swiss system which provides universal coverage at a lower per capita cost?

Because Republican Americans tend to overwhelmingly think "government bad, private business good". Even the "small-c conservatives".

Re: Financial lessons from my family's experience with long-term care insurance

#23

There are three things a nation needs to accept about universal health care: (1) It’s expensive (2) Everybody has to pay (3) The government’s gotta run it

Computers and software used to be extremely expensive about 30 years ago, yet private industry advanced the state of the art and brought the prices down.

There seems to be very little talk about making medical education cheaper and more accessible. Why wouldn't it be cheaper if we had more MDs and nurses? What if we made it easier to become an MD ?

The insurance system is a cartel and they are greedy. However the regulations (upheld by the government) enable it.

Re: Financial lessons from my family's experience with long-term care insurance

#24
post #8

Earlier quoted context omitted.

>The government’s gotta run it But there are plenty of countries with functioning healthcare systems that are private? The Swiss, for instance. Moreover depending on what counts as "government’s gotta run it" (paying for it? administering it? actually providing care?) you can argue that the German or even Canadian systems aren't government run, at least to some degree.

So why don't we see Republican Americans advocating to adopt the Swiss system which provides universal coverage at a lower per capita cost?

If you only ever look at the way a system works at a specific point in time you only observe it at that point in time.

America has had multiple attempts at solutions for healthcare over the years, each started with good intent and then waylaid by various causes to produce what we have right now.

A sibling comment mentions political compromise to pass the ACA, as an example of this.

Another example is that HMOs were started with inherent goodness, but got “corrupted” (in my mind) by profit seeking.

To directly answer your question: a core tenet of the Republican tent is minimal government involvement in day to day lives of the citizenry. Ergo, the Swiss system won’t work because it involves a lot of bureaucracy. Republicans link bureaucracy to cost, and feel this is not an appropriate use of tax payers dollars.

The holes in this political doctrine are not part of my answer here fwiw. Please no “but…” comments to that end :)

Re: Financial lessons from my family's experience with long-term care insurance

#25
post #17

I wonder if moving his father to an assisted living facility at some point will be a better option. I have little experience with this topic so I am genuinely curious.

In my experience, these facilities are all in crisis. They can't find people to staff the facilities and provide care and when they do, they can't afford to pay them.

My father has a neurodegenerative disorder and we've struggled to find a place that will provide consistent care. My mother, a retired nurse, is the one who tends to do a significant amount of the work to feed, clean, and otherwise care for him despite paying over $10k/month. It's infuriating.

Re: Financial lessons from my family's experience with long-term care insurance

#26
post #7

There are three things a nation needs to accept about universal health care: (1) It’s expensive (2) Everybody has to pay (3) The government’s gotta run it

Americans are perfectly conditioned to instinctively and aggressively deny all three. :(

Hey now. America is a broad spectrum of people — some of us are heretical and believe governments have a role in everyday life, some of us believe the opposite.

Re: Financial lessons from my family's experience with long-term care insurance

#27

There are three things a nation needs to accept about universal health care: (1) It’s expensive (2) Everybody has to pay (3) The government’s gotta run it

It’s not a matter of acceptance. We can’t accept the cost of anything consistently growing at a rate faster than GDP. That’s just math, not ethics or political choice theory or anything else. Health care cost growth is going to slow one way or the another.

Watch what happens to the GDP if they don’t tackle the health care problem. You think it’s expensive now? Negotiating drug prices isn’t going to solve the problem. Having “health insurance” isn’t going to work when an AI decides whether your illness warrants saving you.

You all need to think about what’s going to happen to you when you can’t move anymore. Will you have enough money? Triple it. Maybe 6x it. Only the rich will be able to live healthy unless you’re diligent about your own health or strike it rich in an IPO.

Re: Financial lessons from my family's experience with long-term care insurance

#28
post #9

There are three things a nation needs to accept about universal health care: (1) It’s expensive (2) Everybody has to pay (3) The government’s gotta run it

Government does not have to run it. Gokernment needs to ensure it is run well but there is no reason they have to run it.

Oversight doesn’t work, look at the finance markets.

Re: Financial lessons from my family's experience with long-term care insurance

#29

Delay, deny, defend --- this is the insurance industry's modus operandi. Insurance is the only industry where customers are the enemy.

I wrote a longer response but deleted it as it was just a personal anecdote. Suffice it to say I'll never buy LTC insurance or participate in any elder care such as "assisted living" or "nursing care." It's all (IMO) engineered to drain old people of their assets before they die. Providing care is nowhere on the list of motivations of anyone involved.

I could not agree more. My father has a neurodegenerative disorder that requires 24 hour care. He did tons of research and purchased LTC insurance decades before he was diagnosed. Experiencing first hand how difficult and predatory both the insurance company and the care facilities are has made it so I will never put my own children through it. My plan is to just euthanize myself when the time comes.

Re: Financial lessons from my family's experience with long-term care insurance

#30
My youngest and I were discussing how removing zoning barriers to ADU (in-law suites) can be a big win for families and small win for housing in general.

In short, build an efficiency apartment on family property for an alone-living relative. Family can better provide support; the relative's residence goes back into the housing supply.

The municipality provides usual construction inspections but doesn't prevent the construction for non-pragmatic reasons.

ref: https://duckduckgo.com/?t=h_&q=zoning+to+allow+ADU%2C+in-law...

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