John Hoffmire: How to cover the cost of long-term care

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  • SC Matt Chapin, SC
    Sept. 28, 2016 8:27 a.m.

    @Marxist:

    "1) Discretionary income (half the population lacks it), "

    Add up things that are already bought with "discretionary money" such as cable TV, smartphone data plans, cigarettes, alcohol, eating out, and a whole raft of other things, and the number isn't anywhere near "half."

    It's just that way too many people would rather be able to snapchat now than support themselves in retirement.

    @Lou:

    "Long story made short, the system that I loved so much gutted me of my five rental properties, savings, 401K and almost everything I had ever worked for. "

    This display our biggest weakness with insurance, now and before Obamacare. Before because there were policies with such limits. Now because covering this unlimited risk has made policies VERY expensive and people making $35k/year have "insurance" with a $10k deductible.

    Yeah, they won't go bankrupt due to a huge medical bill. Instead, they'll go bankrupt because they can't buy insurance for something big while also paying for the routine stuff out of pocket.

  • LOU Montana Pueblo, CO
    Sept. 28, 2016 4:49 a.m.

    To all you hardcore-capitalist-republicans the system of savings and investing goes up in smoke in a matter of a couple of months if you get sick!
    Prior to Obamacare and the changes in the laws (the previous system that you love so much, the one that denies children healthcare or life time limits on coverage) that system of insurance and healthcare was a huge joke! If you got seriously ill, from no fault of your own, you could easily rack up medical costs of one million dollars in less than a year.

    I WAS a diehard capitalist. I went in for a knee replacement, no big deal, and found out I had cancer. Long story made short, the system that I loved so much gutted me of my five rental properties, savings, 401K and almost everything I had ever worked for. It was all gone in less than a year. Had I not went back to work still sick we would have lost our home. What a life changing experience! All this was before Obamacare. Had we had the laws on the books from Obamacare we would not have lost anything and the insurance companies would have had to pay what they are suppose to pay!! Read it again.

    This is a reality check I would not wish on anyone.

  • marxist Salt Lake City, UT
    Sept. 27, 2016 10:30 p.m.

    @SC Matt "Start saving for retirement long before you get there, and it will be easier. The earlier you start, the easier it will be. "

    This is good advice, but to work a number of other things have to work: 1) Discretionary income (half the population lacks it), 2) No prolonged unemployment, else savings wipeout (it's happened to many), and 3) no economic crashes (not realistic as we well know).

    Capital;ism doesn't work for most people.

  • SC Matt Chapin, SC
    Sept. 27, 2016 3:07 p.m.

    @Educator:

    "I bet if we give handouts to the rich and invade the Middle East again health care would become affordable again! Right repubs?"

    As long as we're using generalizations, here's mine. "Liberals want a government handout, taxing the young family of four to pay for the care of the old guy with hundreds of thousands of dollars worth of investments."

    When you tax Peter to pay Paul, you can always count on the support of Paul."

    But instead of a generalization, how about truth? And here's the truth: The magic of compound interest. That's how to cover the costs of long term care.

    Start saving for retirement long before you get there, and it will be easier. The earlier you start, the easier it will be.

    I'm going to have to pay for somebody's long term care, either mine or yours. I'd rather pay for mine and let you pay for yours. I'll save and invest. You do it in the way that makes sense to you.

  • The Educator South Jordan , UT
    Sept. 27, 2016 10:05 a.m.

    I bet if we give handouts to the rich and invade the Middle East again health care would become affordable again! Right repubs?

    Get Educated

  • Ranch Here, UT
    Sept. 27, 2016 7:05 a.m.

    "... the average cost for a one-bedroom unit in an assisted living facility approaching $42,000 a year in the U.S.,"

    --- With a median household income in the mid-fifties, 42,000 would be well over the after-tax income of most families.

    How to cover the cost of long term care? (1) Die young, (2) don't get sick.

  • marxist Salt Lake City, UT
    Sept. 27, 2016 7:03 a.m.

    Capitalism doesn't want people to be able to retire, evidenced by the gutting of pensions systems, let alone have long term care. The prospects for boomers are grim indeed.