Long-Term Care Planning Helps Manage Retirement

Retirement today can last for many more years than it did in the past. In the old days, retirement lasted 7-10 years, so the cost of health insurance was more manageable. Retirement can last decades especially with the help of medical science and the new prescription drugs which keep us alive longer. But, living longer comes with a price.

Health care can cost a retiree about $250,000 during their retirement years. This is for the medical expenses such as office visits, prescriptions and surgery. This does not take into account the need for long-term care.

Even though Congress is discussing a limited national long-term care program, it does not come close to offering comprehensive care over a number of years, in the setting of your choice.

There is an underlying message:

• You will live a long time.
• You will probably need care before you pass away.
• This need for care may last several years.

It is important to plan now for where you want to receive that care and who will pay the bill. The problem with planning when you are young and healthy is that "It just doesn't feel urgent." It is sensible to put a plan in place when you are not in crisis mode so that you can make good and sound choices.

The cost of long-term care insurance varies significantly from one insurer to another. That is why you want to talk to a knowledgeable long-term care specialist with access to more than one company.
Find out more about Long-Term Care at LongTermCareInsurancePros

Confidence in Long-Term Care Insurance Act of 2009

Chairman Herb Kohl (D-WI) has introduced a bill S.1177, the Confidence in Long-term Care Insurance Act, which will include curbs on premium spikes, ensure that agents receive training and make it easier for consumers to compare policies.

This bill aims to improve consumer protections for purchasers of long term care insurance and suggests that there is a profound recognition by the federal government of the important role of private long-term care insurance.

The State Partnerships for Long-Term Care Program, a program which allows individuals to purchase a long-term care insurance policy and qualify for Medicaid benefits without depleting all of their assets. This program is a win-win as consumers are afforded a first layer of protection through their private long-term care insurance policy, enjoy the flexibility and choice it offers, backed by the state Medicaid (MediCal, in California) program should they exhaust the benefits of their private long-term care insurance policy and otherwise qualify for Medicaid benefits.

This new legislation will provide a uniform way of handling claims, transferring policies between states and increasing premiums. Long-term care insurance should reflect standards set by the National Association of Insurance Commissioners.

A long-term care specialist has the additional education and training (LTCP, CLTC) necessary to assist you in your long-term care financing, planning and insurance.

What is Long-Term Care?