Long-Term Care Insurance Combination Products

Combination or linked-benefit products, which insure muliple risks (life insurance and long-term care insurance) are not new; they have just not gained a foothold in mainstream America--until now.
Baby boomers are showing interest in these products as they head toward retirement and worry about their retirement income, long-term care and leaving a legacy. Combination products provide the answer to these needs.
The most attractive combination product is Life insurance and Long-Term care insurance. It is important to understand that these policies will pay out a death benefit or long-term care benefits, but usually not both. This combination product produces a win-win situation; either you use the long-term care benefit or someone receives the life insurance benefit.
For some this product provides an acceptable answer to the question "What if I don't need Long-Term Care?
In addition, it provides a great solution to:

• Older, affluent clients who have looked into Long-Term Care insurance but decided against it.
• Upper-middle income and mass-affluent preretirees who have not looked into Long-Term Care insurance but do have a primary need for life insurance.
• Single individuals who might need Long-term care and don't have family to look after them.
• Adult children who would be buying the product for their parents, as the children would benefit one way or the other.

It is important to know what is best for you and your family. You can simplify your Long-Term care planning with a Long-Term Care Specialist. Look for an independent agent that represents the top carriers.
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When is the Best Time to Get Long-Term Care Insurance?

So often I get inquiries from people wanting long-term care insurance for their ailing parent. This inquiry is usually coming to me when the parent is already in need of care. it is at a time when the parent's health prevents them from applying for Long-Term Care insurance.

The child who is now becoming the caregiver for his/her parent (Sandwich Generation) while still taking care of his/her own family acknowledges that the parent should have looked into Long-Term care insurance years ago.

This is when the light goes on and they begin to inquire whether or not it is too early for them to look at long term care planning. They admit they should have had conversations with their parents about money and healthcare long before the crisis occurred. Now, they want to prevent this from happening within their own immediate family.

So when is the best time for one to get Long-Term Care insurance?

Long-term care insurance is a product that catches the attention of seniors, but the ideal time to buy it is actually when you’re in your early 50s and in good health. At that point, premium costs are lower, and you’re less likely to have a pre-existing condition that disqualifies you.

The need for Long-Term care can occur at any time of life. It is important to consult with a Long-Term care Specialist when designing a long-term care plan. An independent agent will help you find the company that is best suited for your situation.

Simplify Your Long-Term Care Planning with Long Term Care Insurance Pros

The California Partnerhship for Long-Term Care

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

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

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

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)

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!