Long-Term Care Insurance Keeps Up in Troubled Times

We are all trying to keep up in troubled times, Prices of just about everything seem to be going up, house values are down and everyone is aware of the financial crisis our economy is in.

Consumers are taking a closer look at spending habits and making the most of their earnings and savings. Some seniors may have an easier time living more frugally than younger generations.

In these belt-tightening times, it may be tempting to drop the "extras" to save money. Some items (like your insurance) should not be considered "extras."

It is important to remember, life's risks do not go away...meaning while it's important to watch what you spend, insurance protection is an area where you don't want to cut corners. The chances of getting cancer, having a heart attack or needing long-term care do not go away just because the economy has troubles.

During these tough economic times, the protection your insurance provides is even greater.
Any Questions? Or give me a call at 949-854-3001.

A Long-Term Care Specialist can answer any of your questions or concerns.

Long-Term Care Insurance-Where is it When You Need it?

I cannot tell you how often I get a call from a distraught husband, wife, life partner , children or nieces or nephews of people they love. The call usually goes something like this.

• “My wife has been having trouble managing the household chores, shopping, etc. and just staying organized.”
• “My husband just came back from the Doctor’s office and was diagnosed with early stages of Alzheimer’s. “
• “ I think my mother is ready for a nursing home, she just can’t stay alone anymore.”
• “My uncle needs some assistance, I think an assisted living facility would be the right choice for him.”

The next question is always “I would like to learn about and purchase Long-Term Care Insurance for _______________.”

I am always sad to advise the client that long-term care insurance is not available to their loved ones in the above situations. It’s the equivalent of calling your local insurance agent as you are running out the door when your house is burning down.

Where is the insurance when you need it?

I guess that’s what insurance is. According to the English dictionary, insurance is summed up by these definitions.
1. Insurance: Legal contract that protects people from the financial costs that result from loss of life, loss of health, lawsuits, or property damage. Insurance provides a means for individuals and societies to cope with some of the risks faced in everyday life.

2. Financial Protection against loss or harm: an arrangement by which a company gives customers financial protection against loss or harm such as theft or illness in return for payment premium

3. Money paid by an insurance company: The sum of money that an insurance company pays or agrees to pay if a specific undesirable event occurs.

4. Means of Protection: An act, measure, or provision that gives protection against an undesirable event or risk

Why do we have insurance?

In life, losses are sometimes unavoidable. People may become ill and lose income or savings to pay off medical bills. Individuals or their relatives may die of illness or accidents. People’s homes or other property may suffer damage or theft. People also may accidentally cause injury to others or damage to the property of others.

No one knows in advance when a loss will occur or how serious that loss will be. The uncertainty surrounding potential losses is known as risk. Insurance offers a way for people to replace risk with known costs—the costs of buying and maintaining insurance policies.

Long-Term Care insurance is available with substantial health discounts so it is important to obtain this type of coverage when you are still in good health.

According to the American Association for Long-Term Care (AALTCI) the following is the percentage of Long-Term Care Insurance applicants who qualify for good health discounts or are declined coverage.
Percentage of Long-Term Care Insurance Applicants Who Qualify For Good Health Discounts

Age 40 to 49 --- 63.2%
Age 50 to 59 --- 51.5%
Age 60 to 69 --- 42.2%

Percentage of Applicants Declined Coverage (Individual Policies)
Age 50 to 59 --- 13.9%
Age 60 to 69 --- 22.9%

A good place to start getting information is talking to a Long-Term Care Specialist who represents multiple long-term care insurers. The costs vary and acceptable health conditions vary among the top carriers.

Long-Term Care Insurance Online Competitive Quotes

One of the great ways to get best deals on long term care insurance and home health care is to get and compare quotes online from an independent Long-Term Care Specialist. An independent specialist can give you multiple quotes from all the top carriers. The carriers differ in what they offer in terms of benefits and additional options. A specialist will get the quotes to be as close to an "apples to apples" comparison.

As a matter of fact, getting your LongTermCareInsurancePros quotes online automatically gives you savings. This is because you are actually helping insurance companies to lower their cost in getting new clients by getting you online.

Doing business over the Internet is reducing driving to and from your agents office. It is a win-win for everyone. It is convenient to conduct business from the comfort of your home.

LongTermCareInsurancePros has a special screen sharing program where you can log into the specialists computer and and interact in creating the best long-term care insurance policy for you and your family. You can even see side by side comparison from the different companies.

For more information and articles on Long-Term Care Planning and insurance you can visit LongTermCareInsurancePros

Long-Term Care Insurance Covered by Time Magazine

A recent article in the September 15, 2008 of Time Magazine discusses the benefits of buying Long-Term Care Insurance at younger ages.

According to the article, more than half of folks in their 50s qualify for a good-health discount, and only 14% are denied coverage. But just 42% of those in their 60s get the discount,while 23% are denied coverage.

Consult with an independent Long-Term Care Specialist who can shop around for the best rates and carriers for your situation.

Here is what affects the price of your policy:

• Your Age
• Daily or Monthly Benefit
• Length of coverage
• Waiting period
• Inflation protection

It is recommended that you "lock-in" your long-term care insurance premiums with your good health and take care of this valuable planning as soon and as inexpensively as possible.

You can find articles and more information on Long-Term Care planning or a ask for Free Comparative Side by Side Quote at www.LongTermCareInsurancePros.com

Call me for a free consultation and personalized comparison at -877-GO-4-LTCi (464-5824)

Long-Term Care Insurance-Can A Reverse Mortgage Be Right for You?

Reverse mortgages have been battered in the media recently, but reverse mortgages are often the perfect solution for cash-strapped seniors. The dollars that come in from reverse mortgages can be the difference between paying basic bills such as food and utilities, and even certain medical expenses or not.

Reverse mortgages are designed for people 62 and over. They enable you to have a bank buy back your home while you’re still living in it. You have to pay the money back (plus interest) when you vacate or sell the home, and there are fees involved. Still, these mortgages do have a place, and they're rapidly finding it.

Here's what you need to consider before you (or your parents) commit to a reverse mortgage:

Your age. These mortgages aren't for everyone, but the older you are, the more likely you are to benefit from one. For one, you probably have more equity in your home. But the other reason is this: Banks calculate the payout based on not only the value of your home, but your age and average expected length of life.

Your situation. A reverse mortgage probably isn't for you if you're not planning to stay in your home for a long time, so consider that upfront. Then think about other factors related to both your current and future lifestyle. People get these loans for a variety of reasons. Some do it to finance an active lifestyle in their retirement, others because the home needs to be repaired or updated with health care equipment or to help with the rising costs of health care.

Learn how the loans work. Most reverse mortgages require no repayment as long as you live in your home. The loan must be repaid in full, along with interest, when the last living borrower dies, sells the home or moves away.

Understand the lender’s role. A lender – typically a bank – will provide you with a loan in an amount ranging from 20 percent to 60 percent of your home’s equity. In exchange, the lender will receive a portion of your home’s value when you die or sell the home.

Choose a payment preference. The loan can be paid to you in three ways: as a lump sum, in regular monthly or quarterly installments, or as a line of credit you can tap as needed.

Know your responsibilities. Borrowers are responsible for property taxes, insurance and home repairs. Your loan could become due and payable in full if you fail to meet those responsibilities.

Assess neighborhood real estate prices. Over time, a reverse mortgage whittles away at the home equity you built up over the years. But if you live in an area where home prices have a history of rising, your home’s equity could continue to go up despite your reverse mortgage. It goes without saying, though, that you can never count on such increases to last forever. As evidence, just consider the housing slump and accompanying foreclosure fallout sweeping real estate markets across the United States.

The reverse mortgage can be an excellent financial planning tool for seniors from all walks of life. It can enhance their retirement years by providing some extra income to help provide seniors with a lifestyle of their choice. They can be used as part of their estate or legacy planning.

For more information on long-term care financing and planning, visit LongTermCareInsurancePros. and download a Free Ebook.

What is Your Suitability, Insurability for Long-Term Care Insurance

Prudential Financial newly issued 2008 Long-Term Care Cost of Care research report is a valuable resource for consumers seeking information to help them make informed decisions about their long-term care needs. The study found an increase in the average cost of long-term care ranging from 5 percent to 13 percent, varying by type of service, in the past two years alone.

Prudential's Cost of Care study sheds light on the State-specific average costs associated with nursing homes, assisted living facilities, and home health care services. National average cost of Assisted living facility care is more than $100/day or $3241 per month or about $37,000 per year. the cost of a private room in a nursing home has reached $217/ day or $79,205 annually. Home health care rates have also risen to an average of $21/ hour for an increase of 5-10 percent over the rates two years ago.

The fact is, without proper planning, the annual cost of long-term care can quickly deplete even a sizable nest egg. Many of us do not want to think about 'that time' when we may need care in an assisted living facility, a nursing home, or at home care. It makes good sense that you consider the costs now and implement a financial plan today to help ensure you receive the quality of care you desire.

To determine the suitability of long-term care insurance for your unique situation, the costs of long-term care insurance and your insurability, contact me at 949-854-3001 or email at dane@longtermcareinsurancepros.com

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Checklist for Choosing the Best Long-Term Care Facility

Let’s suppose you have properly done all of your long-term care financing and planning. You have either purchased long-term care insurance or have a bundle of money readily accessible to pay for your long-term care needs.

With the right long-term care plan in place, there won’t be the stress and strain of trying to liquidate property or stocks at a time where you may incur losses or pay a hefty tax bill.

With that said, it is now time to look for a long-term care facility. In order to help make an educated decision of which facility is best, here is checklist of questions you should ask yourself when visiting the facilities. The checklist is broken down into different areas of importance regarding the facility and its amenities.

For the complete checklist Visit The Best Questions to Ask

For more inforamtion on Long-Term Care planning and Long-Term Care insurance, consult with a Long-Term Care Specialist (LTCP, CLTC).