Choosing the most appropriate elimination period of the long-term care insurance (LTCi) policy requires careful consideration. The elimination period refers to a specific period of time before the Long-Term Care insurance policy will begin to pay benefits or reimburse the cost for covered care to the insured that has become eligible to receive them. Meanwhile, you will be responsible for paying the full cost of your long-term care during the elimination period. This is also called the waiting or deductible period.
It is important to choose the elimination period that you are comfortable with throughout the life of the policy--which may cover several decades. A long-term care specialist can design a plan including which is the best elimination period depending on your own personal situation. If you have significant assets, you may opt for a longer elimination period. This will also lower your premiums.
During your long-term care consultation, your long-term care specialist will explain how different carriers count their elimination period days. Depending upon each carriers definition, some policy's elimination period may begin sooner than others.
No matter what the elimination period is, the premium that you will be paying must be affordably comfortable. A long-term care specialist will be able to help design the best plan while still keeping it affordable. Having some insurance is better than not having any coverage.
The bottom line is...when the time comes to collect on your long-term care insurance policy, any amount will be greatly appreciated.
For More information: http://www.LongTermCareInsurancePros.com
Friday, August 21, 2009
Thursday, August 13, 2009
Women Benefit More from Long-Term Care according to AALTCI
The American Association for Long Term Care Insurance (AALTCI) has released a new consumer guide for insurance and financial professionals that specifically addresses issues and options facing women.
Findings from the "Woman's Guide to Long Term Care Insurance Protection," indicate that women who are older than 65 comprise 980,000 nursing home residents in the U.S. This is compared to only 337,000 men in that age group.
According to the Association’s Executive Director Jesse Slome, women benefit more from owning long term care insurance, as two-thirds of all insurance benefits are paid to women, 41 percent to single women and 25 percent to married women.
In terms of single men, this demographic accounts for just 12 percent of claim benefits, 22 percent for married men. “Each have very specific planning needs and issues," Slome explains. "Married women face a likelihood of providing care for their spouse, who typically is older, or facing a very significant annual bill for care."
Having a long-term care plan in place before an event occurs helps preventing one spouse from becoming the primary caregiver. Caregiving on a full time basis takes its toll on the family and caregiving often times reducing the health of the caregiver.
Simplify Your Long-Term Care Planning with a Long-Term Care Specialist!
Findings from the "Woman's Guide to Long Term Care Insurance Protection," indicate that women who are older than 65 comprise 980,000 nursing home residents in the U.S. This is compared to only 337,000 men in that age group.
According to the Association’s Executive Director Jesse Slome, women benefit more from owning long term care insurance, as two-thirds of all insurance benefits are paid to women, 41 percent to single women and 25 percent to married women.
In terms of single men, this demographic accounts for just 12 percent of claim benefits, 22 percent for married men. “Each have very specific planning needs and issues," Slome explains. "Married women face a likelihood of providing care for their spouse, who typically is older, or facing a very significant annual bill for care."
Having a long-term care plan in place before an event occurs helps preventing one spouse from becoming the primary caregiver. Caregiving on a full time basis takes its toll on the family and caregiving often times reducing the health of the caregiver.
Simplify Your Long-Term Care Planning with a Long-Term Care Specialist!
Sunday, August 2, 2009
Long-Term Care and Some Aging Myths
I came across some interesting myths on aging. No one likes to think about getting old and not being able to do everything we did when we were younger. The truth of the matter is we can age gracefully when we maintain good health and exercise habits and acknowledge that we may not be able to do at 50 what we did in our 20's. With this said we can still enjoy life at all ages.
Aging Myths:
• 70% older adults feel they are in good health.
• Americans who live to be 65 can expect to live on the average of 18 more years.
• Older women are less likely to be married than older men.
• There are 32 males per 100 females for seniors over the age of 90.
• A person who has a warm, sociable and outgoing personality at 20 is likely to be the same at 80.
• The median personal income for persons 65+ in 2003 was $14,495.
• The 65 - 74 age group has a higher net worth than both 55 - 64 and 75+ age groups.
• In 2000, 70% of Americans age 65+ had completed high school.
Aging Myths:
• 70% older adults feel they are in good health.
• Americans who live to be 65 can expect to live on the average of 18 more years.
• Older women are less likely to be married than older men.
• There are 32 males per 100 females for seniors over the age of 90.
• A person who has a warm, sociable and outgoing personality at 20 is likely to be the same at 80.
• The median personal income for persons 65+ in 2003 was $14,495.
• The 65 - 74 age group has a higher net worth than both 55 - 64 and 75+ age groups.
• In 2000, 70% of Americans age 65+ had completed high school.
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