So often, I have clients who do not completely understand what Long-Term care is. Many think that it is having been hospitalized. In some cases, long-term care can occur after a hospital stay if the patient health is not improving.
When you think of a hospital stay, you may have an operation or an ailment such as pneumonia. These conditions may vary well improve and you can go on taking care of yourself. Long-Term care comes in when you have a situation where you need help with the activities of daily living.
These activities are eating, bathing, dressing, transferring, incontinence and walking. Long-Term care is needed when you have a chronic illness or disability that causes you to need assistance with Activities of Daily Living. Your illness or disability could include a problem with memory loss, confusion, or disorientation. (This is called Cognitive Impairment and can result from conditions such as Alzheimer's disease.)
In 2008, about nine million Americans over the age of 65 will need long-term care services. By 2020, that number will increase to twelve million. Most people who need long-term care are age 65 or older, a person can need long-term care services at any age. Forty (40) percent of people currently receiving long-term care are adults 18 to 64 years old.
No one knows when they will require assistance, but the chances of needing care increase as we age. Medical science, new prescription drugs help us live longer today.
You are younger and healthier today than you will ever be. This is the right time to look more closely at a good long-term care plan. Speak with a Long-Term Care insurance specialist today!
Friday, April 17, 2009
Saturday, April 11, 2009
Long-Term Care Insurance Carriers Change with the Times
I just returned from an independent Long-Term Care producers conference held in Barcelona, Spain. A number of the top carriers were in attendance. Of course, the different companies all want you to sell their product.
In listening to the companies spokesman, the same point seems to be made across the board. The companies are coming up with new plans that fit today's consumers in regards to lifestyle and health qualifications. In some cases, the carriers have actually loosened up their underwriting guidelines to make long-term care insurance available to more people.
Among the fastest growing products are the Life + Long-Term Care combination Products.
There is more talk about long-term care planning than ever before because there is a greater need for long-term care. We are all living longer thanks to the advances of medical science. Baby boomers will start turning 65 in 2011. Between 2000 and 2040 the number of older adults with disabilities will more than double.
An independent Long-Term Care Specialist is able to help you determine what the best long-term plan is best for you and your family. He has access to many different carriers and the products they have whether it be long-term care insurance or a hybrid product with a long-term care rider.
For more online articles and resources, visit LongTermCareInsurancePros
In listening to the companies spokesman, the same point seems to be made across the board. The companies are coming up with new plans that fit today's consumers in regards to lifestyle and health qualifications. In some cases, the carriers have actually loosened up their underwriting guidelines to make long-term care insurance available to more people.
Among the fastest growing products are the Life + Long-Term Care combination Products.
There is more talk about long-term care planning than ever before because there is a greater need for long-term care. We are all living longer thanks to the advances of medical science. Baby boomers will start turning 65 in 2011. Between 2000 and 2040 the number of older adults with disabilities will more than double.
An independent Long-Term Care Specialist is able to help you determine what the best long-term plan is best for you and your family. He has access to many different carriers and the products they have whether it be long-term care insurance or a hybrid product with a long-term care rider.
For more online articles and resources, visit LongTermCareInsurancePros
Sunday, March 22, 2009
Wednesday, March 18, 2009
Long-Term Care Insurance Feels Better Than Ever
It doesn't occur to me to read my Long-Term Care insurance policy just for fun, but with these tough economic times, I have found comfort in knowing that it is there and the benefits are growing.
Most feel that long-term care planning is an unpleasant topic. The thought of being old and chronically ill is a subject that is easily set aside. The truth of the matter is it is best to put a plan in place before a life crisis occurs. Why? While you are younger and healthier, the chances of getting long-term care insurance is greater. You many even benefit from the discounts available for preferred health.
Many are now part of the "sandwich generation" in between caring for aging parents and still actively involved with your own children. These realities help contribute to my appreciation of long-term care insurance policies. In addition, my grown children have a great appreciation of our long-term care insurance policies.
The uncertainty in the economy and the financial markets also make reading your long term care insurance policy a bit more enjoyable. Your lifetime maximum is one clearly defined number, no decimal points, share prices or "depending on market performance" caveats in the summary of coverage. It also feels nice to read the words "Inflation protection."
The best advice is to schedule an appointment with a Long-Term Care Insurance Specialist. You will receive a free, no obligation "side by side" quote from the top carriers in the industry.
Most feel that long-term care planning is an unpleasant topic. The thought of being old and chronically ill is a subject that is easily set aside. The truth of the matter is it is best to put a plan in place before a life crisis occurs. Why? While you are younger and healthier, the chances of getting long-term care insurance is greater. You many even benefit from the discounts available for preferred health.
Many are now part of the "sandwich generation" in between caring for aging parents and still actively involved with your own children. These realities help contribute to my appreciation of long-term care insurance policies. In addition, my grown children have a great appreciation of our long-term care insurance policies.
The uncertainty in the economy and the financial markets also make reading your long term care insurance policy a bit more enjoyable. Your lifetime maximum is one clearly defined number, no decimal points, share prices or "depending on market performance" caveats in the summary of coverage. It also feels nice to read the words "Inflation protection."
The best advice is to schedule an appointment with a Long-Term Care Insurance Specialist. You will receive a free, no obligation "side by side" quote from the top carriers in the industry.
Tuesday, March 3, 2009
Long-Term Care Insurance is Different than Investments
You would have to be living in a cave not to know that a number of financial institutions that were the giants of the industry are in the state of collapse. As a result, many are questioning whether long-term care insurance is worth the paper on which it is printed. It is understandable that one look at this financial mess with a jaded eye.
Let me explain that even though investments and long-term care insurance may both be part of a financial plan, they offer different benefits and risks.
Stocks and bonds are issued by a corporation and their value depends on the financial health of the company.
A long-term care insurance policy is absolutely a different animal. Insurance is regulated by each state and the regulators require that insurance companies put aside money (called "reserves") to help make sure that future claims can be paid. In addition, regulators restrict how these reserves can be invested,
It is important that policyholders understand that their insurance contract is backed by more than just the promise and goodwill of an insurer. There is actually money put aside to make sure claims can be paid.
As in the case of AIG, the policyholders are safe. Even in the worst case scenario where an insurer becomes insolvent or is unable to pay its claims, here comes the state's guaranty fund. Insurance contracts are regulated by the Division of Insurance (DOI) in the state where the contract was originated.
Insurance offers guarantees backed up by reserve funds and guaranty funds. You do not get this with your financial investments.
In a world of increasing uncertainly in so many areas, it's a another reason to make sure a long-term care insurance policy is part of your financial plan.
I can answer any questions or discuss your particular situation. You can contact me at 949-854-3001 or email dane@LongTermCareInsurancePros.com
Let me explain that even though investments and long-term care insurance may both be part of a financial plan, they offer different benefits and risks.
Stocks and bonds are issued by a corporation and their value depends on the financial health of the company.
A long-term care insurance policy is absolutely a different animal. Insurance is regulated by each state and the regulators require that insurance companies put aside money (called "reserves") to help make sure that future claims can be paid. In addition, regulators restrict how these reserves can be invested,
It is important that policyholders understand that their insurance contract is backed by more than just the promise and goodwill of an insurer. There is actually money put aside to make sure claims can be paid.
As in the case of AIG, the policyholders are safe. Even in the worst case scenario where an insurer becomes insolvent or is unable to pay its claims, here comes the state's guaranty fund. Insurance contracts are regulated by the Division of Insurance (DOI) in the state where the contract was originated.
Insurance offers guarantees backed up by reserve funds and guaranty funds. You do not get this with your financial investments.
In a world of increasing uncertainly in so many areas, it's a another reason to make sure a long-term care insurance policy is part of your financial plan.
I can answer any questions or discuss your particular situation. You can contact me at 949-854-3001 or email dane@LongTermCareInsurancePros.com
Friday, February 13, 2009
Long-Term Care Insurance Makes Sense in a Tough Economy
It's a tough economic world out there, but it is possible to avoid financial ruin by staying on the right path. It is important to plan for what can be the largest financial risk one could face in the future.
Long-term care could be devastating to anyone's retirement plans. It is also an area that is usually not in the fore front of the financial plan.
I cannot emphasize enough how important it is to plan ahead for any health-related costs thay may crop up, including those for any aging parents you may be taking care of in the near future.
A nursing home can easily cost $75,000 or more a year and Medicare does not cover long-term care. A caregiver providing home health care costs between $15-$20 an hour depending on the training and location of the caregiver.
Long-Term care insurance is probably one of the best expenditures you can make if you are trying to reduce the rishe of running out of money in retirement. With the costs of health care rising, you can run out of a huge chunk very quickly.
Long-Term care insurance helps to manage this potentially huge risk and transfer the risk to an insurance company.
A professional independent long-term care specialist can help determine if this type of insurance makes sense for you and your particular situation. The insurance isn't for everyone and everyone doesn't always qualify for it.
If you are thinking about it, do not hesitate. Get educated and then make an informed decision. You will be happy one way or another after you have addressed what most people find depressing. That is DENIAL!
Let's face it, we are all healthier today than we will be tomorrow and if you plan on living a long life, then some type of long-term care is in your future.
For more articles and resources, visit LongTermCareInsurancePros
Long-term care could be devastating to anyone's retirement plans. It is also an area that is usually not in the fore front of the financial plan.
I cannot emphasize enough how important it is to plan ahead for any health-related costs thay may crop up, including those for any aging parents you may be taking care of in the near future.
A nursing home can easily cost $75,000 or more a year and Medicare does not cover long-term care. A caregiver providing home health care costs between $15-$20 an hour depending on the training and location of the caregiver.
Long-Term care insurance is probably one of the best expenditures you can make if you are trying to reduce the rishe of running out of money in retirement. With the costs of health care rising, you can run out of a huge chunk very quickly.
Long-Term care insurance helps to manage this potentially huge risk and transfer the risk to an insurance company.
A professional independent long-term care specialist can help determine if this type of insurance makes sense for you and your particular situation. The insurance isn't for everyone and everyone doesn't always qualify for it.
If you are thinking about it, do not hesitate. Get educated and then make an informed decision. You will be happy one way or another after you have addressed what most people find depressing. That is DENIAL!
Let's face it, we are all healthier today than we will be tomorrow and if you plan on living a long life, then some type of long-term care is in your future.
For more articles and resources, visit LongTermCareInsurancePros
Wednesday, February 4, 2009
Long-Term Care Insurance and How Underwriting is Important to the Application Process
Underwriting as it relates to insurance is evaluating the risk and exposures of potential clients. The underwriters decide how much coverage the client should receive, how much they should pay for it, or whether even to accept the risk and insure them. Essentially, underwriting is the acceptance of risk in return for payment. This is the reason that your good health buys your policy. Without reasonably good health, purchasing a long-term care policy is not possible.
The function of the underwriter is to acquire—or to "write"—business that will make the insurance company money, and to protect the company's book of business from risks that they feel will make a loss. In simple terms, it is the process of issuing the long-term care insurance policies.
Each insurance company has its own set of underwriting guidelines to help the underwriter determine whether or not the company should accept the risk. The information used to evaluate the risk of an applicant for insurance will depend on the type of coverage involved.
The following are the underwriting procedures used by the company.
The first step in underwriting after the application is received is where the applicant lists his or her relevant personal health history and authorizes the insurance company to examine their medical records.
Next, the carrier will schedule a phone health interview that lasts for about 15-20 minutes. This is to assure the carrier that the applicant does not have any cognitive problems.
The carrier will often request a copy of the medical records from the applicant’s primary care physician to verify the person’s overall health. The records from a specialist may also be requested as well.
The biggest delay in this underwriting process is in the request for medical records. Sometimes the doctor’s office does not process the record quickly. Once the carrier receives the medical records, a final underwriting decision usually follows very quickly.
A long-term care specialist can match you up with the carrier and a plan that best fits your health and budget.In conclusion, health determines the way underwriters look at each potential client. Having one particular ailment may not be an issue with one carrier but may be with another carrier. Additionally, if a client has more than one illness, the combination may cause them to either be uninsurable or have the premium increased or rated up.
When learning about long-term care insurance, it is important to consult with a long-term care specialist. Usually, a long-term care insurance specialist has additional education and training (LTCP, CLTC) in long-term care financing and planning. An independent specialist can match the carrier to your own particular needs and budget without being bias toward anyone company.
For a great online source for articles and resources on long-term care financing and planning, visit LongTermCareInsurancePros
The function of the underwriter is to acquire—or to "write"—business that will make the insurance company money, and to protect the company's book of business from risks that they feel will make a loss. In simple terms, it is the process of issuing the long-term care insurance policies.
Each insurance company has its own set of underwriting guidelines to help the underwriter determine whether or not the company should accept the risk. The information used to evaluate the risk of an applicant for insurance will depend on the type of coverage involved.
The following are the underwriting procedures used by the company.
The first step in underwriting after the application is received is where the applicant lists his or her relevant personal health history and authorizes the insurance company to examine their medical records.
Next, the carrier will schedule a phone health interview that lasts for about 15-20 minutes. This is to assure the carrier that the applicant does not have any cognitive problems.
The carrier will often request a copy of the medical records from the applicant’s primary care physician to verify the person’s overall health. The records from a specialist may also be requested as well.
The biggest delay in this underwriting process is in the request for medical records. Sometimes the doctor’s office does not process the record quickly. Once the carrier receives the medical records, a final underwriting decision usually follows very quickly.
A long-term care specialist can match you up with the carrier and a plan that best fits your health and budget.In conclusion, health determines the way underwriters look at each potential client. Having one particular ailment may not be an issue with one carrier but may be with another carrier. Additionally, if a client has more than one illness, the combination may cause them to either be uninsurable or have the premium increased or rated up.
When learning about long-term care insurance, it is important to consult with a long-term care specialist. Usually, a long-term care insurance specialist has additional education and training (LTCP, CLTC) in long-term care financing and planning. An independent specialist can match the carrier to your own particular needs and budget without being bias toward anyone company.
For a great online source for articles and resources on long-term care financing and planning, visit LongTermCareInsurancePros
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