There is a problem when seniors cannot qualify for long-term care insurance. To qualify for this type of insurance you need to be in relatively good health. With very good health you can even get substantial discounts on long-term care insurance.
Reverse mortgages can help seniors who own homes by giving them the money to help pay for long-term care or anything that they wish. They use the equity in their homes which they are not required to pay back for as long they live in their homes.
The advantage of using the money from a reverse mortgage is that the seniors can tap into the equity of their homes, uses the funds to help with the cost of long term care and be able to stay in their homes longer, too.
The reverse mortgage helps the milliions of senior home owners on a fixed income recover some of the their spending power and financial security.
The reverse mortgages are govenment insured loans called FHA Home Equity conversion Mortgages (HECM).
For more information on long-term care financing, planning or reverse mortgages, call 949-854-3001 or visit LongTermCareInsurancePros
Monday, January 18, 2010
Monday, January 4, 2010
Long-Term Care Insurance Costs Rise About 2 Percent
A study by the American Association for Long-Term Care Insurance measured costs for top selling long-term care insurance policies that provided approximately $115,000 in current benefits, with protection increasing yearly as the individual ages.
The study showed that costs for long-term care insurance have risen about 2 percent compared to the prior year.
According to the study, costs can vary by as much as 60 percent from one insurer to the next. Experts advise consumers to compare policies or work with a long-term care insurance specialist with access to multiple insurers who can determine the most benefits for the lowest cost.
The cost of long-term care insurance is directly related to how much protection you purchase, the age you first apply, your health at the time of application and assumptions that vary from one insurer to another.
According to the association, more than half of all individual applicants are between 55 and 64, and one-third purchase a daily benefit of between $100 and $149. Most opt for an optional inflation growth rider that increases the potential pool of available benefit dollars each year.
The cost analysis priced typical coverage for individuals ages 55 and 65. The study reports that a 55-year-old married individual purchasing $172,000 in current protection will pay about $20 a week ($1,084 per year) by qualifying for available good health discounts. By age 65, they'll likely pay $63 a week ($3,275 per year) because costs increase with age and one must buy more coverage to keep pace with inflation, the report concludes.
The study showed that costs for long-term care insurance have risen about 2 percent compared to the prior year.
According to the study, costs can vary by as much as 60 percent from one insurer to the next. Experts advise consumers to compare policies or work with a long-term care insurance specialist with access to multiple insurers who can determine the most benefits for the lowest cost.
The cost of long-term care insurance is directly related to how much protection you purchase, the age you first apply, your health at the time of application and assumptions that vary from one insurer to another.
According to the association, more than half of all individual applicants are between 55 and 64, and one-third purchase a daily benefit of between $100 and $149. Most opt for an optional inflation growth rider that increases the potential pool of available benefit dollars each year.
The cost analysis priced typical coverage for individuals ages 55 and 65. The study reports that a 55-year-old married individual purchasing $172,000 in current protection will pay about $20 a week ($1,084 per year) by qualifying for available good health discounts. By age 65, they'll likely pay $63 a week ($3,275 per year) because costs increase with age and one must buy more coverage to keep pace with inflation, the report concludes.
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