Here is a quick guide to Long Term Care Insurance:
It's what you must know about LTC to move you off the fence and into learning about what it is and what it can do for you and your family.
I know that most do not find the subject of insurance that interesting and nobody likes to think about Long-Term Care. But, here are some quick facts.
• Long-Term Care can happen to you. I am sure you hear about it every day. As we get older, all of us may need help and a stroke, Alzheimer's or even a bad fall can leave you debilitated and unable to care for yourself.
• If you need long-term care, you will probably have to pay for it out of own savings. If you are legally impoverished, government programs like Medicaid may cover your nursing home care.
• The bill for Long-Term Care is not cheap. According the Met Life Cost of Care Survey in 2007, the national average daily rate for a private room in a nursing home is $213 or $77,745 annually. The rate for a caregiver is around $18-$20 hour which adds up to thousands of dollars a month.
• Long-Term care insurance can be an affordable alternate to using your savings to pay for care. However, it's not right for everyone. People that already have severe health conditions may not qualify for coverage and if you are retired, with less than $70,000 in savings, purchasing insurance is probably inappropriate.
With all this being addressed, your Long-Term Care planning will be simplified with a Long-Term Care Specialist. He will help choose the carrier that will get you the best rate in designing a Long-Term Care plan that fits your needs.
Do you have a plan?
Give me a call or send an email to dane@LongTermCareInsurancePros.com to get started.
Got more Questions?
Wednesday, January 28, 2009
Thursday, January 8, 2009
A Simple Case for Long-Term Care Insurance
A recent article in the New York Times makes a great case for purchasing Long-Term care insurance.
The article describes in great detail the situations where men "default" into becoming primary caregivers, largely because no prior thought or conversation was given to long-term care financing and planning.
Here’s how the article starts:
“ When Peter Nicholson’s mother suffered a series of strokes last winter, he did something women have done for generations: he quit his job and moved into her West Hollywood home to care for her full time.
Since then, he has lost 45 pounds and developed anemia, in part because of the stress, and he is running out of money. But the hardest adjustment, Mr. Nicholson said, has been the emotional toll.
“The single toughest moment was when she said to me, ‘And now who are you?’ ” he said. “My whole world just dropped. That was the pinnacle of despair.””
An important question is: If Mr. Nicholson’s mother had purchased affordable long-term care insurance while she was able, how differently would this situation have turned out?
Learn about your options when doing your Long-Term Care Planning with a free consultation.
The article describes in great detail the situations where men "default" into becoming primary caregivers, largely because no prior thought or conversation was given to long-term care financing and planning.
Here’s how the article starts:
“ When Peter Nicholson’s mother suffered a series of strokes last winter, he did something women have done for generations: he quit his job and moved into her West Hollywood home to care for her full time.
Since then, he has lost 45 pounds and developed anemia, in part because of the stress, and he is running out of money. But the hardest adjustment, Mr. Nicholson said, has been the emotional toll.
“The single toughest moment was when she said to me, ‘And now who are you?’ ” he said. “My whole world just dropped. That was the pinnacle of despair.””
An important question is: If Mr. Nicholson’s mother had purchased affordable long-term care insurance while she was able, how differently would this situation have turned out?
Learn about your options when doing your Long-Term Care Planning with a free consultation.
Wednesday, January 7, 2009
Long-Term Care Insurance helps Plan for A Secure Financial Future
I must share with you some of the flippant comments I have received from friends as well as potential clients when asked what their plans were for providing for long-term care.
"I'll just overdose"
"I'll shoot myself"
"When I will need long-term care, it won't matter, because I won't have a clue"
"I took care of my kids, they can take care of me"
Over the years, many people have given me these types of answers. I have to wonder, what are they thinking or the truth is they really don't want to think about it. Therefore, they think its funny just to be flippant about such an important part of life where you may need help with your daily activities.
Sometimes we have to face up to tasks that may not be pleasant such as:
- Your Wills (who will get what and will I insult someone)
- Your Trusts Your Health Care directives
- Your Long-Term Care Plan
It is true, that you become uncomfortable thinking and planning for that day that you may not be the same as you are today. So, while you are healthier today than you will ever be, it is time to plan.
To simplify your Long-Term Care Planning, consult with a Long Term Care Specialist. It will give you insights that will make the process more palatable. It will also let you know if Long-Term Care insurance makes sense and is affordable.
A good long-term care plan is beneficial to you and to your family.
Find out more about Long-Term care.
Friday, January 2, 2009
Long-Term Care Insurance Top Questions for 2009
As we welcome a new year filled with hope and promise, I thought it would useful to address the most Frequently Asked Questions concerning Long-Term Care Financing and Planning.
In addressing these questions, you will improve your knowledge of what Long-Term care is and what you can do to provide the best solution for you and your family.
The Top Questions:
In addressing these questions, you will improve your knowledge of what Long-Term care is and what you can do to provide the best solution for you and your family.
The Top Questions:
- What is Long-Term Care?
- When is the right time to buy Long-Term Care Insurance?
- What should the Policy cover?
- How do you make sure the insurer will be around when you need the coverage?
- Won’t Medicare pay for Long-Term care?
- What are the Partnership plans?
- Can’t I just invest the money?
These questions and more can be answered specifically for you, your spouse or partner and any other family members involved with a FREE consultation with a Long-Term Care Specialist
Monday, December 22, 2008
Long-Term Care Insurance-An Unbiased Opinion
It's never too early to look into Long-Term Care Financing and Planning. You may not like the prospect of ever needing any assistance with your simple daily activities. Needing assistance does also not mean the end of a productive life. Many older adults that receive assistance with the activities of daily living may still enjoy many activities like playing bridge, book clubs, spending time with their families just to name a few.
Long-Term Care insurance can provide for in-home care, assisted living and nursing home care. Having a plan in place is the equivalent of planning for your next vacation. Don't you want to be the one to make the decision of how and where you will receive your care when the time comes?
It is important not to "stick your head in the sand" when it comes to planning for long-term care. It is a responsible thing to do for you and for your family.
You need to investigate the insurance company carefully before buying a long-term care policy. You should consult with a Long-Term Care insurance Specialist, one with additional education and training in Long-Term Care Planning. An independent agent can compare multiple carriers without being bias toward any one company.
For additional education and a good online source Visit: LongTermCareInsurancePros
Long-Term Care insurance can provide for in-home care, assisted living and nursing home care. Having a plan in place is the equivalent of planning for your next vacation. Don't you want to be the one to make the decision of how and where you will receive your care when the time comes?
It is important not to "stick your head in the sand" when it comes to planning for long-term care. It is a responsible thing to do for you and for your family.
You need to investigate the insurance company carefully before buying a long-term care policy. You should consult with a Long-Term Care insurance Specialist, one with additional education and training in Long-Term Care Planning. An independent agent can compare multiple carriers without being bias toward any one company.
For additional education and a good online source Visit: LongTermCareInsurancePros
Saturday, December 13, 2008
Long-Term Care...It's a Women's Issue!
The Women’s Institute for Financial Education gives a good overview of why long term care is a crucial financial and emotional issue for women;
Women, especially, bear the brunt of these care costs. Because women live longer than men, they require lengthier care as they age, and because women often assume responsibility for their family’s health and welfare, the task of caring for elderly parents, an ill spouse, or disabled brothers and sisters usually falls to us. With long-term care insurance, you can get the assistance you need and your loved ones deserve.
Longevity and social expectations tend to shift the burden of care as well as the need for care to women. Because of this, insurance for long term care an important issue to consider in the financial planning and protection. Remember that planning for long-term medical care is just another part of a continuous lifelong financial plan. An Long-Term Care insurance specialist can assist you in exploring whether Long Term Care insurance is appropriate for you and your family.
Women, especially, bear the brunt of these care costs. Because women live longer than men, they require lengthier care as they age, and because women often assume responsibility for their family’s health and welfare, the task of caring for elderly parents, an ill spouse, or disabled brothers and sisters usually falls to us. With long-term care insurance, you can get the assistance you need and your loved ones deserve.
Longevity and social expectations tend to shift the burden of care as well as the need for care to women. Because of this, insurance for long term care an important issue to consider in the financial planning and protection. Remember that planning for long-term medical care is just another part of a continuous lifelong financial plan. An Long-Term Care insurance specialist can assist you in exploring whether Long Term Care insurance is appropriate for you and your family.
Saturday, December 6, 2008
Long-Term Care Insurance-Helps Supplement Retirement Savings
With the collapse of the stock market, the once healthy nest eggs have left baby boomers and many retirees unable to pay for long-term care costs. It may take years to recoup the losses to their stock portfolio. The average cost for a year’s stay in a nursing home is $77,000.00. Older investors may now be short of funds for costly long-term medical care if their health fails.
Many retirees and workers nearing retirement have counted on retirement savings to effectively self insure against health-care expenses that are not covered by Medicare, such as at-home care, assisted-living and nursing home facilities.
This is a good time to take a first or second look at long-term care insurance. When looking into long-term care insurance, it is important to consult with a long-term care specialist. An independent agent who represents the top carriers will show no bias toward one company or another.
Many retirees and workers nearing retirement have counted on retirement savings to effectively self insure against health-care expenses that are not covered by Medicare, such as at-home care, assisted-living and nursing home facilities.
It important to purchase long-term care insurance when you are young and in reasonably good health. Most people are not aware of the health underwriting that goes along with applying for this insurance. This has to be part of your retirement planning. This is insurance that will not be utilized for 20-30 years from the time you first purchased it.
There are many factors that need to be considered before applying for long-term care insurance. In most cases, if you are in reasonable good health you can expect to be approved for long-term care insurance. Some of the most common reasons why a person could be declined for long-term care insurance include health conditions such as: multiple sclerosis, Parkinson’s disease, AIDS, ALS (Lou Gehrig’s disease), Alzheimer’s or dementia, muscular dystrophy and certain aggressive and metastatic cancers.
A knowledgeable long-term care specialist will be honest in assessing your candidacy for long-term care insurance with regard to your individual health condition. He/she will know the differences between the carriers. What one carrier may allow, another carrier will automatically decline.
It important to consider that your health rating buys long-term care insurance, but your money pays for it. Without good health, you may not be able to get long-term care insurance at any price.
For more articles and resources, Visit LongTermCareInsurancePros
Many retirees and workers nearing retirement have counted on retirement savings to effectively self insure against health-care expenses that are not covered by Medicare, such as at-home care, assisted-living and nursing home facilities.
This is a good time to take a first or second look at long-term care insurance. When looking into long-term care insurance, it is important to consult with a long-term care specialist. An independent agent who represents the top carriers will show no bias toward one company or another.
Many retirees and workers nearing retirement have counted on retirement savings to effectively self insure against health-care expenses that are not covered by Medicare, such as at-home care, assisted-living and nursing home facilities.
It important to purchase long-term care insurance when you are young and in reasonably good health. Most people are not aware of the health underwriting that goes along with applying for this insurance. This has to be part of your retirement planning. This is insurance that will not be utilized for 20-30 years from the time you first purchased it.
There are many factors that need to be considered before applying for long-term care insurance. In most cases, if you are in reasonable good health you can expect to be approved for long-term care insurance. Some of the most common reasons why a person could be declined for long-term care insurance include health conditions such as: multiple sclerosis, Parkinson’s disease, AIDS, ALS (Lou Gehrig’s disease), Alzheimer’s or dementia, muscular dystrophy and certain aggressive and metastatic cancers.
A knowledgeable long-term care specialist will be honest in assessing your candidacy for long-term care insurance with regard to your individual health condition. He/she will know the differences between the carriers. What one carrier may allow, another carrier will automatically decline.
It important to consider that your health rating buys long-term care insurance, but your money pays for it. Without good health, you may not be able to get long-term care insurance at any price.
For more articles and resources, Visit LongTermCareInsurancePros
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