Senator Herb Kohl (D-Wis) is the chairman of the Aging Committee. As the chairman of the Aging Committee, he has gained a familiarity with many of the pressing health care issues that affect seniors and all Americans. He has been pushing for health reform to include improvement to our long-term care system.
Our nation’s population is aging at an unprecedented rate, and with every passing year, more elderly Americans find themselves in need of long-term care.
Senator Kohl feels that we must protect those consumers who are making an effort in advance to plan for the costs of their own long-term care. Partnership programs have been initiated in many states encouraging residents to purchase Long-Term Care insurance in an attempt to lessen the burden of Medicaid (MediCal) costs on state budgets.
Sen. Edward Kennedy’s (D-Mass.) Community Living Assistance Services and Supports Act (CLASS) supports a $50/day benefit for long-term care after being vested in the system for 5 years. $50/day is a start but, hardly enough to cover the costs. Senator Kennedy envisions a whole new market of supplemental LTCi policies that consumers would be urged to buy in order to complement the bill’s coverage.
Planning ahead while younger and healthier is key to keeping your premiums reasonable. I advise clients to get something in place that is affordable while the discounts are still available.
As time goes I will keep you posted on the options the government is considering with the growing long-term care issue.
In the meantime, if you are between the ages of 45-75, it is wise to not wait for the government, but learn what your options are and get a long-term care plan in place.
By putting a plan together you will know where the money will come from when long-term care is needed.
Thursday, July 23, 2009
Wednesday, July 15, 2009
Long Term Care Insurance Partnership Programs
States which offer Long-Term Care Partnership policies have a public/private arrangement between long-term care insurers.
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.
The "Partnership" plans help state residents plan for future long-term care needs without depleting all of their assets to pay for care. They are designed to encourage and reward state residents for planning ahead for future long-term care needs.
Only a Partnership approved policy can help pay for the care you may need and provide you with lifetime asset protection, so that even if you use all your policy benefits and need to apply for Medi-Cal or MediCaid benefits, you will not be forced to spend everything you have worked for on long-term care.
If you don't have long-term care insurance for yourself, your spouse or your loved ones, I urge you to meet with a long-term care specialist who can more completely describe the Partnership-approved policies and discuss which policy could best meet your needs.
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.
The "Partnership" plans help state residents plan for future long-term care needs without depleting all of their assets to pay for care. They are designed to encourage and reward state residents for planning ahead for future long-term care needs.
Only a Partnership approved policy can help pay for the care you may need and provide you with lifetime asset protection, so that even if you use all your policy benefits and need to apply for Medi-Cal or MediCaid benefits, you will not be forced to spend everything you have worked for on long-term care.
If you don't have long-term care insurance for yourself, your spouse or your loved ones, I urge you to meet with a long-term care specialist who can more completely describe the Partnership-approved policies and discuss which policy could best meet your needs.
Tuesday, July 7, 2009
Obama Backs Efforts for Long-Term Care Insurance
President Barack Obama is backing efforts to create a new government program to provide long term care insurance as part of the broader health care overhaul.
The voluntary insurance program — sponsored by Massachusetts Democratic Sen. Edward M. Kennedy — would pay a modest daily cash benefit of at least $50 that people could use for in-home services or nursing home bills.
Health and Human Services Secretary Kathleen Sebelius said in a letter to Kennedy that the administration supports the program because it would help elderly and disabled people stay in their own homes. But the Congressional Budget Office is questioning the program's long-range solvency.
In a letter to Kennedy released Tuesday, Health and Human Services Secretary Kathleen Sebelius said that Obama believes the long-term care program is an "innovative" idea that should be "part of health reform."
"Enactment of this important legislation would expand resources available to individuals and families to purchase long-term services and supports to enable them to remain in their own homes in the community," Sebelius wrote.
Senator Kennedy's idea, known as the Community Living Assistance Services and Supports Act or CLASS Act for short envisions workers and their spouses enroll in the long-term care insurance program for a monthly premium of $65. People would have to pay premiums (become vested) for at least five years before they could claim benefits and they would have had to be working at least three of those years.
Beneficiaries would qualify for assistance if become disabled and unable to perform at least two or three basic activities such as bathing or dressing.
Because of the five-year vesting period for benefits, congressional budget analysts estimate the program would run a fat surplus in its first 10 years. Soon after that, it would get swamped by claims.
To keep the program financially solvent through 2050, the government would have to raise premiums significantly, to $85 a month, and keep benefits at the $50 daily minimum, the budget office said. And even with those measures, the program might still increase the deficit.
It is important that long-term care is being addressed, but how realistic is the government when in 2009 they are putting on the table a $50/day benefit to help cover expenses in the home. At 2009 rates, the average caregiver has an hourly rate of $18-20/hour. Fast forward 10 years and this $50/day benefit will not provide you with 2 hours of care.
Is this really solving your Long-Term Care problem? Is it good planning to wait to see what the government will sign into law?
Consult a Long-Term Care Specialist to see what your options are TODAY!
The voluntary insurance program — sponsored by Massachusetts Democratic Sen. Edward M. Kennedy — would pay a modest daily cash benefit of at least $50 that people could use for in-home services or nursing home bills.
Health and Human Services Secretary Kathleen Sebelius said in a letter to Kennedy that the administration supports the program because it would help elderly and disabled people stay in their own homes. But the Congressional Budget Office is questioning the program's long-range solvency.
In a letter to Kennedy released Tuesday, Health and Human Services Secretary Kathleen Sebelius said that Obama believes the long-term care program is an "innovative" idea that should be "part of health reform."
"Enactment of this important legislation would expand resources available to individuals and families to purchase long-term services and supports to enable them to remain in their own homes in the community," Sebelius wrote.
Senator Kennedy's idea, known as the Community Living Assistance Services and Supports Act or CLASS Act for short envisions workers and their spouses enroll in the long-term care insurance program for a monthly premium of $65. People would have to pay premiums (become vested) for at least five years before they could claim benefits and they would have had to be working at least three of those years.
Beneficiaries would qualify for assistance if become disabled and unable to perform at least two or three basic activities such as bathing or dressing.
Because of the five-year vesting period for benefits, congressional budget analysts estimate the program would run a fat surplus in its first 10 years. Soon after that, it would get swamped by claims.
To keep the program financially solvent through 2050, the government would have to raise premiums significantly, to $85 a month, and keep benefits at the $50 daily minimum, the budget office said. And even with those measures, the program might still increase the deficit.
It is important that long-term care is being addressed, but how realistic is the government when in 2009 they are putting on the table a $50/day benefit to help cover expenses in the home. At 2009 rates, the average caregiver has an hourly rate of $18-20/hour. Fast forward 10 years and this $50/day benefit will not provide you with 2 hours of care.
Is this really solving your Long-Term Care problem? Is it good planning to wait to see what the government will sign into law?
Consult a Long-Term Care Specialist to see what your options are TODAY!
Sunday, June 7, 2009
Long-Term Care Planning Helps Manage Retirement
Retirement today can last for many more years than it did in the past. In the old days, retirement lasted 7-10 years, so the cost of health insurance was more manageable. Retirement can last decades especially with the help of medical science and the new prescription drugs which keep us alive longer. But, living longer comes with a price.
Health care can cost a retiree about $250,000 during their retirement years. This is for the medical expenses such as office visits, prescriptions and surgery. This does not take into account the need for long-term care.
Even though Congress is discussing a limited national long-term care program, it does not come close to offering comprehensive care over a number of years, in the setting of your choice.
The cost of long-term care insurance varies significantly from one insurer to another. That is why you want to talk to a knowledgeable long-term care specialist with access to more than one company.
Find out more about Long-Term Care at LongTermCareInsurancePros
Health care can cost a retiree about $250,000 during their retirement years. This is for the medical expenses such as office visits, prescriptions and surgery. This does not take into account the need for long-term care.
Even though Congress is discussing a limited national long-term care program, it does not come close to offering comprehensive care over a number of years, in the setting of your choice.
There is an underlying message:
- You will live a long time.
- You will probably need care before you pass away.
- This need for care may last several years.
The cost of long-term care insurance varies significantly from one insurer to another. That is why you want to talk to a knowledgeable long-term care specialist with access to more than one company.
Find out more about Long-Term Care at LongTermCareInsurancePros
Thursday, June 4, 2009
Confidence in Long-Term Care Insurance Act of 2009
Chairman Herb Kohl (D-WI) has introduced a bill S.1177, the Confidence in Long-term Care Insurance Act, which will include curbs on premium spikes, ensure that agents receive training and make it easier for consumers to compare policies.
This bill aims to improve consumer protections for purchasers of long term care insurance and suggests that there is a profound recognition by the federal government of the important role of private long-term care insurance.
The State Partnerships for Long-Term Care Program, a program which allows individuals to purchase a long-term care insurance policy and qualify for Medicaid benefits without depleting all of their assets. This program is a win-win as consumers are afforded a first layer of protection through their private long-term care insurance policy, enjoy the flexibility and choice it offers, backed by the state Medicaid (MediCal, in California) program should they exhaust the benefits of their private long-term care insurance policy and otherwise qualify for Medicaid benefits.
This new legislation will provide a uniform way of handling claims, transferring policies between states and increasing premiums. Long-term care insurance should reflect standards set by the National Association of Insurance Commissioners.
A long-term care specialist has the additional education and training (LTCP, CLTC) necessary to assist you in your long-term care financing, planning and insurance.
What is Long-Term Care?
This bill aims to improve consumer protections for purchasers of long term care insurance and suggests that there is a profound recognition by the federal government of the important role of private long-term care insurance.
The State Partnerships for Long-Term Care Program, a program which allows individuals to purchase a long-term care insurance policy and qualify for Medicaid benefits without depleting all of their assets. This program is a win-win as consumers are afforded a first layer of protection through their private long-term care insurance policy, enjoy the flexibility and choice it offers, backed by the state Medicaid (MediCal, in California) program should they exhaust the benefits of their private long-term care insurance policy and otherwise qualify for Medicaid benefits.
This new legislation will provide a uniform way of handling claims, transferring policies between states and increasing premiums. Long-term care insurance should reflect standards set by the National Association of Insurance Commissioners.
A long-term care specialist has the additional education and training (LTCP, CLTC) necessary to assist you in your long-term care financing, planning and insurance.
What is Long-Term Care?
Tuesday, May 26, 2009
Life comes in Phases...It is Never Too Early for Long-Term Care Planning
We can look at our lives in Phases.
Phase 1- This is the phase where you are working and accumulating wealth with your paychecks. You are making choices about what you do with your money.- Phase 2- With the money you earned or are earning, you either have or are building assets.
- Phase 3- The choices you made or are making throughout your life determine the enduring phase of your life- how will you live out your life, can you continue to enjoy your lifestyle, and what legacy will you be leaving.
Long-Term care planning and insurance can help protect you in each phase of your life. It will provide you with the comfort of knowing that your assets-and those of your loved ones- are protected from unforeseen events.
Planning in the early Phases of your life while you are younger, healthier and more likely to be insurable will save you substantially on your premium payments. Why? When it comes to buying long-term care insurance, good health is a real advantage.
I look forward to helping you with your Long-Term Care Planning. Call me at 949-854-3001 or email me at dane@LongTermCareInsurancePros.com
Friday, May 22, 2009
Long-Term Care Insurance and The Procrastination Game
Why is procrastination so closely associated with long-term care planning and insurance?
Nobody ever wants to imagine themselves in a situation where they are going to need help with the activities of daily living.
The activities of daily living are really the activities we do every day and take for granted. They are simple tasks like eating, dressing and getting in and out of a chair. No one wants to picture themselves in that situation. So, what does one do….Procrastinate.
There is way of reducing the anxiety that is produced when approaching the subject of Long-Term Care planning and insurance. It is important to consult and get the information from a Long-Term care specialist with designations in long term care financing and planning (LTCP and CLTC).
The information will be presented to you in a manner that you will be able to understand and ask questions as it pertains to you and your family. Long-term care insurance is not a “one size fits all” product. It is important for you and the long-term care specialist to communicate what is important to you when designing a plan. The long-term care specialist will also be honest and forthright and telling you if this type of coverage makes sense for your individual financial situation.
Procrastination can be the most costly enemy when it comes to purchasing long-term care insurance. As you age, the premiums go up and as you age your health begins to decline. So, the bottom line procrastination can increase your premiums or you may not qualify for the coverage due to your health.
For more information and a free, no obligation quote comparing all the top carriers call 877-GO-4-LTCi. or visit LongTermCareInsurancePros
Nobody ever wants to imagine themselves in a situation where they are going to need help with the activities of daily living.
The activities of daily living are really the activities we do every day and take for granted. They are simple tasks like eating, dressing and getting in and out of a chair. No one wants to picture themselves in that situation. So, what does one do….Procrastinate.
There is way of reducing the anxiety that is produced when approaching the subject of Long-Term Care planning and insurance. It is important to consult and get the information from a Long-Term care specialist with designations in long term care financing and planning (LTCP and CLTC).
The information will be presented to you in a manner that you will be able to understand and ask questions as it pertains to you and your family. Long-term care insurance is not a “one size fits all” product. It is important for you and the long-term care specialist to communicate what is important to you when designing a plan. The long-term care specialist will also be honest and forthright and telling you if this type of coverage makes sense for your individual financial situation.
Procrastination can be the most costly enemy when it comes to purchasing long-term care insurance. As you age, the premiums go up and as you age your health begins to decline. So, the bottom line procrastination can increase your premiums or you may not qualify for the coverage due to your health.
For more information and a free, no obligation quote comparing all the top carriers call 877-GO-4-LTCi. or visit LongTermCareInsurancePros
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