Do you have a well thought out plan in the event you will need long-term care?
Or are you like the majority of people who just do not want to think about it?
Will you end up needing home care, a nursing home or severely depleting your financial resources?
We find that one thinks about it when an unexpected event takes place which unfortuately casts a dark shadow on one's ability to make a Long-Term care game plan.
The odds of needing Long-Term care are staggering and the cost can be even more so. Many Americans hold the mistaken belief that Medicare and Medicare Supplemental Insurance will cover Long-Term Care but at best, Medicare will only cover a part or all of the first 100 days of care. The lions share of all Long-Term Care costs is paid out of your own pocket. Once those assets have been spent down to the applicable poverty level an individual may qualify for Medicaid...a government Long-Term Care program.
Against this backdrop, Long-Term Care Insurance (LTCI) has become one of the fastest growing insurance products in the country. Fortunately LTCI can be designed to fit almost any budget. Most LTCI policies share some common features you should know and should be looking for:
1. Benefit Amount: How much will the policy pay?
2. Benefit Triggers: When will the policy pay benefits?
3. Inflation Protection: Will the purchasing power increase?
4. Level of Care: Are Custodial and Intermediate Care covered, along with Skilled Nursing Care? Is Home Health Care covered?
As with any form of insurance, the policy is only as good as the ability of the insurance company to pay your claim. Check out the financial strength and reputation of the insurance company and seek counsel from a Long-Term Care Specialist. An independent agent can be objective in designing a plan that will fit your lifestyle as well as your budget.
For great information and to answer your questions, visit http://www.LongTermCareInsurancePros.com or for immediate answers call 949-854-3001.
Tuesday, February 26, 2008
Sunday, February 17, 2008
Long-Term Care Insurance and Baby Boomers
Erroneously one in 4 baby boomers believe they have coverage for long-term care expenses, according to new survey data released by America's Health Insurance Plans (AHIP). The survey also found that many baby boomers have misconceptions about who pays for long-term care services, and they have not thought about purchasing long-term care insurance.
They aren't taking into consideration in their retirement planning the expenses needed for long-term care. They may be missing the opportunity to protect themselves, their families and their legacy.
The new survey shows that even among baby boomers nearing or at the age of 60--when concerns about the potential impact of long-term care on retirement savings might be most prominent in their minds--only 1 in 4 say they are "very familiar" with long-term care insurance.
In addition, 41 percent say they have not had any discussions about long-term care in the past 12 months. Thirty percent of baby boomers thhink they have long-term care coverage, but according to the National Association of insurance Commissioners, only about 5.2 million American own such coverage. Even if all thos covered were baby boomers, which they are not, that would only account for 6.6 percent of the baby boomer population. This means that 25 percent of baby boomers erroneously think they are covered for long-term care expenses.
The majority of baby boomers think Medicare or other health insurance will pay for their long-term care. the survey shows that 54 percent of baby boomers think Medicare will pay for their long-term care services. Forty-four percent believe that other health insurance will pay. Even half of those who say they have long-term care insurance believe Medicare will pay for care.
Simplify your Long-Term care Planning with a Long-Term Care Specialist
A private telephone interview will have you compare Long-Term Care Insurance Quotes and Plans from you own PC.
They aren't taking into consideration in their retirement planning the expenses needed for long-term care. They may be missing the opportunity to protect themselves, their families and their legacy.
The new survey shows that even among baby boomers nearing or at the age of 60--when concerns about the potential impact of long-term care on retirement savings might be most prominent in their minds--only 1 in 4 say they are "very familiar" with long-term care insurance.
In addition, 41 percent say they have not had any discussions about long-term care in the past 12 months. Thirty percent of baby boomers thhink they have long-term care coverage, but according to the National Association of insurance Commissioners, only about 5.2 million American own such coverage. Even if all thos covered were baby boomers, which they are not, that would only account for 6.6 percent of the baby boomer population. This means that 25 percent of baby boomers erroneously think they are covered for long-term care expenses.
The majority of baby boomers think Medicare or other health insurance will pay for their long-term care. the survey shows that 54 percent of baby boomers think Medicare will pay for their long-term care services. Forty-four percent believe that other health insurance will pay. Even half of those who say they have long-term care insurance believe Medicare will pay for care.
Simplify your Long-Term care Planning with a Long-Term Care Specialist
A private telephone interview will have you compare Long-Term Care Insurance Quotes and Plans from you own PC.
Wednesday, February 13, 2008
Long-Term Care Insurance-A No Nonsense Video
I just came across this well done video...
Who Cares: Kiplinger's No- Nonsense Look at Long-Term Care," a consumer education video sponsored by the long-term care department of John Hancock Life Insurance Company, has won an Aegis Award for excellence in film and video.
To view the video Click Here Scroll down to Kiplinger's No-Nonsense Look at Long-Term Care.
For more immediate information and a quote visit LongTermCareInsurancePros
With the aid of a Long-Term Care Specialist, your Long-Term Care planning can be simplified
Who Cares: Kiplinger's No- Nonsense Look at Long-Term Care," a consumer education video sponsored by the long-term care department of John Hancock Life Insurance Company, has won an Aegis Award for excellence in film and video.
To view the video Click Here Scroll down to Kiplinger's No-Nonsense Look at Long-Term Care.
For more immediate information and a quote visit LongTermCareInsurancePros
With the aid of a Long-Term Care Specialist, your Long-Term Care planning can be simplified
Sunday, February 10, 2008
Be Prepared For Long-Term Care
Congratulations, baby boomers; up to 3 million of the 76 million of you will celebrate your 100th birthday.
Today's centenarians have become the poster children for what scientists call the "longevity revolution," which has added more than 30 years to life expectancy in the past 100 years.
How well you live during those extra years will depend on how well you've planned for the ordinary cost of living longer and the extraordinary cost if you need long-term care.
We all know the value of buying life insurance — it's there for a rainy day or to protect the people we love from the financial impact of a premature death. Yet, how well have you protected those same people in the event that you don't die? How well have you protected your retirement income, and the emotional and logistical burden of caring for you in the event that you are no longer able to care for yourself due to physical limitations or some form of dementia?
Americans are in denial about the oncoming crises in the costs of care. A recent poll indicated that 59 percent of baby boomers are concerned about the growing cost of care, yet 72 percent have made no plans, maybe because we believe that Medicare or Medi-Cal will pay. Think again. Maybe Medi-Cal will, if you've become financially impoverished and want to stay at a Medi-Cal-funded nursing home. If you want to maintain your choices and stay out of a nursing home, your only options are to spend your own assets or buy long-term care insurance.
According to results of Genworth Financial's "2007 Cost of Care Survey," the average national cost of care in nursing homes, assisted-living facilities and home-based care has increased 15 percent since 2004. The survey said the average daily rate of private nursing home care is $204. The cost of assisted living can be close to the same, and even a home healthcare provider averages $19 an hour. As the costs grow an average of 5 percent a year, will you be able to shoulder these expenses on your own?
Although the majority of people who require long-term care are over the age of 65, 40 percent are between the ages of 18-64, so don't think that you're "too young" to be in care. When considering the purchase of long-term care insurance, understand that you will need to meet medical qualifications, and even a bad diagnoses can make coverage unavailable. Although once you've been approved for a policy, it is "guaranteed renewable," and no changes in your health can affect your coverage. Waiting too long may mean losing your "insurability" due to pre-existing health conditions. Because the premiums are based on your current age, waiting may also mean paying higher premiums. Other factors in determining premiums are health, marital status and the amount of coverage you purchase.
The product is not suitable for everyone. If you have to make substantial changes in your lifestyle to pay your premiums, it isn't for you. Like any insurance product, it is for those who have something to protect and something to lose. The product is suitable for anyone who wants to avoid an unintended invasion of their portfolio and those who want to maintain their independence, their choices and help their kids fulfill their promise that they'll never put you in a nursing home.
This isn't a do-it-yourself product. Meet with a long-term care insurance specialist so they can pick the most appropriate plan at an affordable premium.
Today's centenarians have become the poster children for what scientists call the "longevity revolution," which has added more than 30 years to life expectancy in the past 100 years.
How well you live during those extra years will depend on how well you've planned for the ordinary cost of living longer and the extraordinary cost if you need long-term care.
We all know the value of buying life insurance — it's there for a rainy day or to protect the people we love from the financial impact of a premature death. Yet, how well have you protected those same people in the event that you don't die? How well have you protected your retirement income, and the emotional and logistical burden of caring for you in the event that you are no longer able to care for yourself due to physical limitations or some form of dementia?
Americans are in denial about the oncoming crises in the costs of care. A recent poll indicated that 59 percent of baby boomers are concerned about the growing cost of care, yet 72 percent have made no plans, maybe because we believe that Medicare or Medi-Cal will pay. Think again. Maybe Medi-Cal will, if you've become financially impoverished and want to stay at a Medi-Cal-funded nursing home. If you want to maintain your choices and stay out of a nursing home, your only options are to spend your own assets or buy long-term care insurance.
According to results of Genworth Financial's "2007 Cost of Care Survey," the average national cost of care in nursing homes, assisted-living facilities and home-based care has increased 15 percent since 2004. The survey said the average daily rate of private nursing home care is $204. The cost of assisted living can be close to the same, and even a home healthcare provider averages $19 an hour. As the costs grow an average of 5 percent a year, will you be able to shoulder these expenses on your own?
Although the majority of people who require long-term care are over the age of 65, 40 percent are between the ages of 18-64, so don't think that you're "too young" to be in care. When considering the purchase of long-term care insurance, understand that you will need to meet medical qualifications, and even a bad diagnoses can make coverage unavailable. Although once you've been approved for a policy, it is "guaranteed renewable," and no changes in your health can affect your coverage. Waiting too long may mean losing your "insurability" due to pre-existing health conditions. Because the premiums are based on your current age, waiting may also mean paying higher premiums. Other factors in determining premiums are health, marital status and the amount of coverage you purchase.
The product is not suitable for everyone. If you have to make substantial changes in your lifestyle to pay your premiums, it isn't for you. Like any insurance product, it is for those who have something to protect and something to lose. The product is suitable for anyone who wants to avoid an unintended invasion of their portfolio and those who want to maintain their independence, their choices and help their kids fulfill their promise that they'll never put you in a nursing home.
This isn't a do-it-yourself product. Meet with a long-term care insurance specialist so they can pick the most appropriate plan at an affordable premium.
Monday, February 4, 2008
Realistic Financial Planning Considers Long-Term Care insurance
As time goes by it is more and more important to know the facts about your long term care insurance options. That’s because the cost of long term care continues to rise rapidly.
The average cost of nursing home care in the US is currently more than $70,000 per year. While the cost of healthcare is different in areas across the country, in certain areas of the country it can be as high as $100,000 per year. A long-term care event can cost a family hundreds of thousands of dollars.
The truth is the costs can sometimes be worse than that, because a nursing home stay usually only comes after a person has received home health care services for a fairly long time. This means that your resources will very likely have been depleted even before dedicated long term care is needed.
The average cost of nursing home care in the US is currently more than $70,000 per year. While the cost of healthcare is different in areas across the country, in certain areas of the country it can be as high as $100,000 per year. A long-term care event can cost a family hundreds of thousands of dollars.
The truth is the costs can sometimes be worse than that, because a nursing home stay usually only comes after a person has received home health care services for a fairly long time. This means that your resources will very likely have been depleted even before dedicated long term care is needed.
Sunday, February 3, 2008
Finding the Right Long-Term Care Insurance Plan
There was a time when buying long term care insurance was fairly easy and pretty cut and dry. Times have changed for this particular type of insurance and anyone considering buying it would do well to spend some time investigating carriers and coverage levels as well as premiums.
Generally speaking, the cost for a nursing home resident today is about $71,000 annually, which works out to around $200 a day. The cost for non-resident, assisted living comes in at around $32,000 a year, or $88 dollars a day. In both cases, that is a lot of money over the course of time.
The major reason people want to buy long term care policies is so they can protect their assets in the event they need to pay for nursing home occupancy, assisted living expenses, or home care expenses. Those who do not have this type of insurance are often forced to liquidate their assets in order to get the care they need.
For many people this means selling the home, cashing in on retirement funds, and depleting savings accounts. On average, if you have more than $300,000 in personal assets, you may want to look into long term care insurance as a means of protecting yourself.
The age in which you purchase these types of policies is important. A person who is fifty-years-old may pay $2,000 for a policy, while a seventy-year-old may end up paying as much as $8,000 or more for the same policy.
Your physical condition is also important. If you suffer from certain forms of mental conditions such as schizophrenia or dementia, or if you are wheelchair bound, you may not even be able to get coverage. All in all, the younger you are when you get the policy and the better your health, the lower your premiums will be.
The truth is there are fewer companies offering this type of insurance today than there were some years ago. At one time there were over one hundred companies offering long term care policies, now there are only five or six.
If you believe that you need this insurance, you should try to get coverage only with a well-established company that has a history of being in business for at least fifteen years and has faithfully served its long term care policyholders. You will also need to check and make sure that the company has not had to raise its premiums drastically. These increases in premiums often occur when companies begin to pay out on policies that they wrote years ago and that they did not accurately price.
Researching what your options in long term care insurance will take time, so the sooner you begin the better. You should not sign up for any plan until you have had time to look into several plans.
As an added precaution, you may want to speak with a Long-Term Care Specialist to get some tips on how to best approach this time of life.
Generally speaking, the cost for a nursing home resident today is about $71,000 annually, which works out to around $200 a day. The cost for non-resident, assisted living comes in at around $32,000 a year, or $88 dollars a day. In both cases, that is a lot of money over the course of time.
The major reason people want to buy long term care policies is so they can protect their assets in the event they need to pay for nursing home occupancy, assisted living expenses, or home care expenses. Those who do not have this type of insurance are often forced to liquidate their assets in order to get the care they need.
For many people this means selling the home, cashing in on retirement funds, and depleting savings accounts. On average, if you have more than $300,000 in personal assets, you may want to look into long term care insurance as a means of protecting yourself.
The age in which you purchase these types of policies is important. A person who is fifty-years-old may pay $2,000 for a policy, while a seventy-year-old may end up paying as much as $8,000 or more for the same policy.
Your physical condition is also important. If you suffer from certain forms of mental conditions such as schizophrenia or dementia, or if you are wheelchair bound, you may not even be able to get coverage. All in all, the younger you are when you get the policy and the better your health, the lower your premiums will be.
The truth is there are fewer companies offering this type of insurance today than there were some years ago. At one time there were over one hundred companies offering long term care policies, now there are only five or six.
If you believe that you need this insurance, you should try to get coverage only with a well-established company that has a history of being in business for at least fifteen years and has faithfully served its long term care policyholders. You will also need to check and make sure that the company has not had to raise its premiums drastically. These increases in premiums often occur when companies begin to pay out on policies that they wrote years ago and that they did not accurately price.
Researching what your options in long term care insurance will take time, so the sooner you begin the better. You should not sign up for any plan until you have had time to look into several plans.
As an added precaution, you may want to speak with a Long-Term Care Specialist to get some tips on how to best approach this time of life.
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