The California Partnership for Long-Term Care (Partnership) is dedicated to educating Californians on the need to plan ahead for their future long-term care and to consider private insurance as a vehicle to fund that care.
The California Partnership for Long-Term Care is an innovative program of the State of California, Department of Health Care Services in cooperation with a select number of private insurance companies. These companies have agreed to offer high quality policies that must meet stringent requirements set by the Partnership and the State of California. These special policies are commonly called "Partnership policies".
Partnership policies take the guesswork out of ensuring you purchased a quality policy. In addition to many other consumer protection features, Partnership policies offer the special benefit of Medi-Cal Asset Protection.
Long Term Care Insurance Pros is licensed through the State of California to represent the different companies and their partnership plans.
Simplify your Long-Term care planning with a Long-Term Care Specialist
If you have an immediate question, give Dane a call at 949-854-3001 or 877-GO-4-LTCI or send an email to dane@LongTermCareInsurancePros.com
Monday, March 31, 2008
Wednesday, March 26, 2008
Long-Term Care Insurance and Genetic Testing
It seems like a futuristic movie scene when there is talk about genetic testing to determine health insurance coverage or Long-Term care insurance. Some states are prohibiting the use of genetic testing for this purpose. Some of the obvious ramifications of genetic discrimination include higher premiums, rejection of insurance, or cancellation of existing policies.
So, what is genetic testing?
Genetic tests can predict risk for devastating diseases like Alzheimer's and certain cancers. The tests, which analyze DNA, RNA and chromosomes, only indicate risk and cannot confirm whether or not somebody will actually get a disease. The markers found in our genes do not indicate that we have or will have these diseases. The experts are saying that they can combine your genetic markers with your environmental indicators to find your odds for getting some of these diseases.
These tests are not regulated and are not even fully accurate. They are in the infant stages of understanding the genetic codes and insurance companies should not make decisions based on the tests because it is all so preliminary.
Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI) makes a good point. He says that it is the genetic testing itself that is encouraging people to purchase long term care insurance. If you found out that you have 5 out of 7 genetic markers for a stroke and you don’t exercise or eat right, you might be more apt to go out and buy a long-term care insurance policy.
When looking into long-term care planning, it is important to consult with a Long-Term Care Insurance Specialist
So, what is genetic testing?
Genetic tests can predict risk for devastating diseases like Alzheimer's and certain cancers. The tests, which analyze DNA, RNA and chromosomes, only indicate risk and cannot confirm whether or not somebody will actually get a disease. The markers found in our genes do not indicate that we have or will have these diseases. The experts are saying that they can combine your genetic markers with your environmental indicators to find your odds for getting some of these diseases.
These tests are not regulated and are not even fully accurate. They are in the infant stages of understanding the genetic codes and insurance companies should not make decisions based on the tests because it is all so preliminary.
Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI) makes a good point. He says that it is the genetic testing itself that is encouraging people to purchase long term care insurance. If you found out that you have 5 out of 7 genetic markers for a stroke and you don’t exercise or eat right, you might be more apt to go out and buy a long-term care insurance policy.
When looking into long-term care planning, it is important to consult with a Long-Term Care Insurance Specialist
Saturday, March 22, 2008
Why Employers should offer Long-Term Care Insurance
The biggest reason cited by employers on why they offered Long-Term Care insurance is their desire to offer leading edge benefits.
Employer sponsored Long-Term Care insurance is increasing anywhere from 8 to 30 percent from year to year (1987-2000).
They also give some great reasons for employers to offer long term care insurance:
1. Retention of employees.
2. It is a critical component of retirement planning.
3. Gives employees a sense of security about their future.
4. Ease the care-giving burden.
The burden to the caregiver can cause reduction in productivity from a business standpoint. Some policies offer benefits to caregivers. Again, this resource is a bit old (2000). But while the data may be stale, the points are all still (if not more) valid today.
For more information on how your employer (or if you are an employer) can add the benefit of Long-Term Care insurance, contact a Long-Term Care Specialist
Employer sponsored Long-Term Care insurance is increasing anywhere from 8 to 30 percent from year to year (1987-2000).
They also give some great reasons for employers to offer long term care insurance:
1. Retention of employees.
2. It is a critical component of retirement planning.
3. Gives employees a sense of security about their future.
4. Ease the care-giving burden.
The burden to the caregiver can cause reduction in productivity from a business standpoint. Some policies offer benefits to caregivers. Again, this resource is a bit old (2000). But while the data may be stale, the points are all still (if not more) valid today.
For more information on how your employer (or if you are an employer) can add the benefit of Long-Term Care insurance, contact a Long-Term Care Specialist
Sunday, March 16, 2008
Is Long Term Care Insurance Deductible?
The Internal Revenue Service (IRS) has announced increased deductibility levels for long-term care insurance policies purchased in 2008. According to Jesse Slome, Executive Director of the American Association for Long-Term Care Insurance (AALTCI), “Millions of small and mid-sized business owners are still unaware that the cost of long-term care insurance protection for themselves and their spouse may be fully tax deductible."
“Tax advantaged long-term care insurance is one of the few remaining significant tax-savings benefits for owners and self-employed individuals," AALTCI's Director states. "Discounts for small groups are increasingly available for businesses, even those with 10 or fewer employees."
The 2008 deductible limits under Section 213(d)(10) for eligible long-term care premiums includable in the term ‘medical care’ are as follows:
Attained Age Before Close of Taxable Year & Max. Limit
40 or less: $ 310
More than 40 but not more than 50 $ 580
More than 50 but not more than 60 $1,150
More than 60 but not more than 70 $3,080
More than 70 $3,850
For more information on Long-Term Care Financing and Planning, contact a Long-Term Care Specialist or call 949-854-3001 or 877-GO-4-LTCi (464-5824)
“Tax advantaged long-term care insurance is one of the few remaining significant tax-savings benefits for owners and self-employed individuals," AALTCI's Director states. "Discounts for small groups are increasingly available for businesses, even those with 10 or fewer employees."
The 2008 deductible limits under Section 213(d)(10) for eligible long-term care premiums includable in the term ‘medical care’ are as follows:
Attained Age Before Close of Taxable Year & Max. Limit
40 or less: $ 310
More than 40 but not more than 50 $ 580
More than 50 but not more than 60 $1,150
More than 60 but not more than 70 $3,080
More than 70 $3,850
For more information on Long-Term Care Financing and Planning, contact a Long-Term Care Specialist or call 949-854-3001 or 877-GO-4-LTCi (464-5824)
Thursday, March 6, 2008
Dementia- An Unwelcome Intruder
An article in the Orange County Register on March 5, 2008 is one that families go through with or without the support of friends. The wife of 35 years and her two teenage sons were facing the changes in her husbands behavior. Before she knew his diagnosis, she found it hard not to be angry with his new persona and his personality changes.
The very confortable life they lived as a family would be changed forever. She is no longer a stay-at-home mom, her role is now head of household. His illness progressed to the point that he now resides in an assisted living residential home near the family home.
The wife said "Thank God we have long-term care insurance. In addition, she recommends anyone going through this should find a good support group and a good neurologist or psychiatrist.
She suggests calling the Alzheimer Association to get connected with support groups and doctors. This family (even with teen age sons) did Long-Term care planning and purchased long-term care insurance. At least they had the insurance to cover this long-term care event. It doesn't change the fact that her husband has changed forever, but a relief that the assets the family has are protected.
Simplify Your Long-Term Care Planning with a Long-Term Care Specialist!
The very confortable life they lived as a family would be changed forever. She is no longer a stay-at-home mom, her role is now head of household. His illness progressed to the point that he now resides in an assisted living residential home near the family home.
The wife said "Thank God we have long-term care insurance. In addition, she recommends anyone going through this should find a good support group and a good neurologist or psychiatrist.
She suggests calling the Alzheimer Association to get connected with support groups and doctors. This family (even with teen age sons) did Long-Term care planning and purchased long-term care insurance. At least they had the insurance to cover this long-term care event. It doesn't change the fact that her husband has changed forever, but a relief that the assets the family has are protected.
Simplify Your Long-Term Care Planning with a Long-Term Care Specialist!
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