The Caregiving Years
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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
Wednesday, January 28, 2009
Long-Term Care Insurance-Your Quick Guide
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?
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?
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.
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