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Families providing care

When it comes to caregiving, it is always our first choice to rely on family members to provide care for us. Whenever the need for long-term care arises, infolongtermcare.org notes that American families prefer family and home caregiver rather than sending loved ones to long-term care facilities. According to Department of Health and Human Services, there are more than 65.7 million Americans providing care for an aging, ill or disables loved ones. Most of those involved are adult children who feel the need to give back to their parents who raised them, and one of things they can do to show their love is to show their sincere concern by personally providing the care they needed.

Daniel G. Alcorn (518) 346-2115

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39% of U.S. adults care for someone with significant health issues, up from 30% in 2010.

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Finding the Best Long Term Care Insurance

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Acquiring the best long term care insurance depends on the personal need of the people who want to purchase it. There are different long term care insurance policies and each and every one of them could be changed according to the needs of the person. Say you have a good health state and are well fitted but it is in your family lineage to have heart disease then you probably will need long term care in the future.

 

Investing in long term care insurance would be good for you so in case the heart disease strikes you, you will be ready and you will not have any more additional problems, regarding your health concerns, apart from the sickness you have. You will have the budget to get long term care that you need because your insurance will cover the expenses. You could also have your regular check-ups, support and assistance because it is included in your long term care insurance policy.

 

Since the policy could be modified to cater to your needs, you could also indicate in the long term care insurance policy how long you want to receive your long term care. You could specify the duration of time that you will need long term care. It will shorten the period of your long term care compared to receiving it the rest of your life after retirement age, but it lessens the expenses that you will have to pay for the long term care. If it seems that you will not need long term care that much, you could limit the long term care you purchase and make do without it for the other times. Remember that long term care is for assistance and treatment, and if you could perform tasks a little better after, or have someone else to help you without paying them, you could opt not to have it anymore.

 

Next is you also have to take note at what age you will have to start paying for the long term care insurance that you want. You could start surveying at a very early age but if you try to purchase one, some insurers might turn you down. It is because you have to qualify in the health requirements of long term care insurance. The insurer should be aware of you and your family’s medical history and your lifestyle which could affect your health as you grow older. You could read up or ask an agent regarding the matters of their long term care insurance and what qualifications they have.

 

In purchasing long term care insurance, the policies should not be compared to other people. Every person has different health state, lifestyle, medical background, and history of illnesses in their family, if there is any. Every person has different needs and each will be attended to differently as well. In getting the best long term care insurance there is, you always have to think of yourself, your needs, your health state, your lifestyle, and the budget that you have in buying the long term care insurance. Knowing what you need will limit the expenses and will allow you to save more and avoid spending on what you don’t really need.

 

References:

http://www.aaltci.org/long-term-care-insurance/learning-center/best-age-to-buy-long-term-care-insurance.php/

http://www.infolongtermcare.org/long-term-care-insurance-information/

http://www.rd.com/health/wellness/understand-your-genetic-heart-disease-factors/

Help! My LTC Insurance Premium Is Going Up

panicking

 

One of the challenges faced by long-term care insurance policy holder is the increase in ltci rates. A lot of people are on the verge of cancelling their policy because they think they can no longer afford it. However, cancelling your policy is a waste of money, and knowing that there is a great chance that you will be needing long-term care sooner or later, it can cost you your lifetime savings. There are ways on how to deal with climbing long-term care insurance rate rather than cancel you policies. Also, cancelling your policy and getting a new one could mean higher premiums because your age is a factor that affects the cost of ltci. You may opt to deal with the increase, you could either shorten your benefit period, lessen your daily benefit, lower the inflation rate or  take advantage of shared care rider if you have a spouse. In the end, keeping your ltci policy will still be worth it

The Long Term Care Guy Blog

Inflation, you can’t live with it, and economists say we can’t live without it.  But when you get a letter telling you that the cost of something you are paying for is going up, it’s not a pleasant experience.

There are several things you can do to mitigate a price increase on your LTC insurance policy, but lets first look at why it is going up.  The early policies, from the 80’s and 90’s were offered while this industry was in its infancy.  The insurance companies made several mistakes.  One in your favor is that the companies have learned that couples (who love each other) will take care of each other longer before calling in the hired help.  Thus couples discounts are larger now than they used to be.

One assumption that turned out to be incorrect was that over time, the insurance companies thought some percentage of people would simply drop…

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Why Long Term Care Insurance Information is Important for You to Know

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Nowadays, long term care insurance (LTCI) is definitely more costly than any other kinds of insurance. Thus, not everyone can afford getting it. Knowing some long term care insurance information might help you if you are really interested in getting a policy.

When you are young and you are interested in LTCI for your future needs, now is the best time to purchase a policy. This is because when the person is young the probability of him/her getting into a critical health condition or serious disease that will need long term care is in very low percentage. Consequently, it will be a lower annual premium for the person.

during the later years of your life is highly discouraged. Approval from your insurance company for your coverage will not be easy by then. The insurer needs to check first that you are physically and mentally healthy at the time of your purchase before it gives you complete long term care coverage.

Insurers based premiums on the age of the policyholders. In other words, age plays an important factor in determining how much your premium will be. The good news is that some companies give really good discounts. This is especially when you intended to get a policy not only for yourself but for your other family members. However, you really need to study their offer and how it will work for you. Reviewing long term care insurance information you know and their policy they presented you will really matter.

LTCI is an investment everyone is suggested to have. No one knows what will happen in the future and it is best that you are prepared for it. On the other hand, one should check his/her financial capabilities first before going into this policy. You definitely want to make an assurance that it will not cause you trouble with your finances later on.

It is best to assess one’s savings and assets first before making a decision to purchase a policy.  Keep in mind that basic necessities such as food, water, clothing and housing are vital in one’s life and these things should be in one’s main priorities. However, if you think you can afford to pay the premium on a monthly or annual basis and still not getting into trouble with your budget, then you can go on.

LTCI is for security purposes and something to lean on during the later years in one’s life. Preparing to invest for it during at the young age will be an ideal way to do since the premium is much lower.  Having LTCI policy will surely make your life much easier during the later years of your life when your ability to take care of yourself is not the same as before. This is a good way to grow old as you know that you can rely on to something when the tough gets going. If this triggers you to get a policy, it is better to acquaint yourself with relavant long term care insurance information first.

Are those who do not buy long term care insurance psychic?

Aging is inevitable and longevity is an unforeseen circumstance, so no one really knows how long we are going to live. With the crisis on aging, there is a greater risk that we will be needing long-term care at one point in our lives. We often ignore this issue and hoped that we will stay healthy and will not be needing ltc services for the rest of our lives so we would have something – perhaps an amount of money to family. But what if the need arrives sooner that we expected? Are we prepared for the consequences – financial and emotional devastation? There is no use saving all those money if we will end up drained by paying care out of pocket. The cost of long-term care can deplete a modest amount of savings or even your lifetime savings. So be sure to plan early and wisely, consider long-term care insurance as a secure back up plan.

Guide to Long-Term Care blog

People who do not buy long term care insurance must be psychic because they act with the certainty of knowing in the future “it won’t happen to them.”

What do you want your lifestyle be like when you are elderly and need care?
Are you deciding the fate of your estate based on facts or wishfull thinking?

Nursing home

When asked where do they want their “estate” assets to go to people almost always say to their heirs.  But the reality they are ignoring is that 90% of estates will be spent in this order*:
1. Nursing home
2. IRS
3. Children
4. Grandchildren
5. Charity

Even in light of the above probability for their estate plus the fact that the US DHHS (Medicare/Medicaid) statistics show that 70% of us will need long term care, and insurance claims show that 72% of women will need care, people are still clinging to the idea that they do not need insurance. Have you ever seen…

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Why you should care about long-term care insurance

Ignoring the importance of long-term care insurance may result to financial, physical and emotional devastation for you and your loved ones. Although a hot topic, a lot of people finds it unpleasant to discuss ltc especially with family members, when in fact, they plan on relying to families when the need for long-term care arises. If you are at risk of needing ltc services, planning is your best course of action, it only not secures financing future ltc needs, it also provides us with peace of mind that we will be given quality care when we need it, where we need it. Supposed you are afflicted with chronic illness and you need assistance in performing the activities of daily living, long-term care insurance is the best option you have. Ltci may not be able to take away the illness, but it can take away your worries.

Securing the Future

Preparing for one’s future is a responsibility that must not be ignored. While younger generations save up for a house or trip abroad, those in the prime of their lives should prepare for the inevitable day when they’re too old to take care of themselves. It would be a wise decision for anyone to invest in long-term care insurance.

Image Source: gaudette-insurance.com

Long-term care is a type of insurance that extends to services not usually covered by standard health insurance. It is generally acquired by people who are not sick yet are incapable of performing daily activities. It covers facilities for home care, adult daycare, assisted living, or nursing homes.

Benefits of long-term care insurance

Long-term care insurance pays for a private nurse or caregiver. Depending on the terms of the insurance, the person can have round-the-clock attention or only during certain periods of the day. The attendant helps the…

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Get Your Money’s Worth with Top Rated Long Term Care Insurance Companies

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There was a period in time where in the soda industry had a long time feud and people managed to get debates and almost the whole America was in on the trend. Why so much fuss over soda? No pun intended but simply because they were big names with established reputations. Regarding reputation and establishment, the same can be said about the top rated long term care insurance companies.

But why start this all off with this soda analogy? Simply because these two sodas or colas had been around for over fifty years in the market and have remained strong and have even reached other countries all over the world. The point is that an established name can go so far. Having established a long time ago is one thing but keeping established is what really makes them stand out from others.

To keep track with the soda analogy and relate it with long term care (LTC) and long term care insurance (LTCI) is a question of why bother with sodas when you can go for other beverages like juice, tea or coffee?  The answer would be to find the need for satisfaction. Different products lead to other forms of satisfaction but satisfaction itself has different categories. You just need the right drink to be quenched.

So why move from sodas to tea or coffee, simply because there is Medicaid and Medicare. Why would you need LTCI when Medicaid and Medicare are free? Two things will answer that and first would be the requirements followed by, and second, kinds of benefits. Medicaid offers free coverage for getting hospitalized but part of the requirements need the applicant to spend down assets and be declared as a person with disability. Not a convenient set of requirements if you ask anybody living within middle class. The requirements are difficult but the benefits are worse and have been observed underfunded.

On the other hand with Medicare, it can only give twenty days for full coverage but from day twenty one until the hundredth day, co-pay will be required. These circumstances will never occur with the top rated long term care insurance companies. LTCI ensures that insurance holders get nothing but top notch health care in terms of facilities as well as the people who would provide the services.

LTCI is known to be very flexible to adjust to the needs of the insurance holder and can also be used as an in house health care plan so you can avoid having to go to nursing homes and have everything setup for you at home. With LTCI, you wouldn’t have to bother with having to travel to get to nursing facilities for therapy sessions or treatments and these can all be brought to your house depending on the contract that you would be signing up for. People find this feature most convenient.

In closing, LTCI is not just a fancier version of custodial care. It offers more than both Medicaid and Medicare and it ensures that you get your hard earned money’s worth. You can definitely relax with what you can get from LTCI. Be sure to check out the top rated long term care insurance companies in your state for that feeling of ease and assurance during your retirement years.

 

Why Signup with LTC Insurance Providers?

Even though people have seen how long term care (LTC) and long term care insurance  (LTCI) have helped many Americans get over chronic diseases and have another chance at life, many still ask, why should they check out LTC insurance providers, even when there is Medicaid and Medicare available? Here are a few answers why signing up for an LTCI would be worth more than what you would expect.

When people reach the age of retirement, they usually think that they’ve saved up enough for everything that they will ever need and they’re all set. Wrong. Even if a person has saved up to a figure nearing or exactly around or a little bit over a million dollars in the bank, if ever they get a chronic disease, the rates of health care per month is around $3,000 to $4,500. Annually that’s roughly around $55,000. That amount does not include other expenditures like medication and use of facilities.

Being able to buy health insurance beforehand would save you thirty percent from what you would be spending for health care plus the miscellaneous of medication and facilities are also covered. That’s nearly forty percent savings which would leave you a total of $22,000 annually. Comparing the figures, it’s already obvious that you’ll be saving more with LTCI and be getting more with the benefits.

LTC insurance providers usually tell you how much the rates will be depending on your eligibility and policy. Most insurance companies are willing to give you a free quote just so you can put their company into high consideration. Just remember that getting LTCI prevents you from overspending and automatically keeps your family and friends lifted of the burden of having to shoulder the expenses.

One constant reminder for LTCI buyers is that to never forget or neglect to have your insurance policy contract fully explained to you by the LTCI representative. Even if you are a paying customer, it doesn’t excuse you from knowing exactly what you’ve just bought. It will save you the trouble of any changes with your monthly rates as some LTCI carriers may have this on their contracts.

Certain studies have shown that there is a seventy percent chance that everybody will need LTC at one point specifically around their retiring age. This means that the seventy percent equals to the chances that you have just secured the future of your health care after applying for an LTCI. This saves you from having to worry and experience stress with having to purchase health care individually.

There are many Americans who prefer not to get LTCI which is fine but this means that they constantly have to go to the doctor, be careful with their activities and try to keep in shape everyday for the rest of their lives. That seems possible except for the fact that they may have a medical history of a chronic disease then that would change everything and make them wish they had LTCI.

LTCI is expensive but it doesn’t mean that it’s not affordable. Based on the numbers, getting LTCI actually saves you money. Be sure to look into LTC insurance providers in your area and get yourself that peace of mind that you deserve.

 

Source:

http://www.cbsnews.com/8301-505146_162-39941511/long-term-care-insurance-vs-other-strategies-pros-and-cons/?tag=mwuser

 

 

 

Should I Self Insure for Long Term Care?

More often than not, our priorities change whenever the need for long-term care arises, even if you have modest amount of savings, it would still be a struggle to pay the cost of care out of pocket. Even if you have ample amount of money, it wouldn’t be wise to spend it all for long-term care expenses, having insurance coverage gives us leverage, so you don’t end up depleting lifetime savings.

The real value of having long-term care insurance is not only financial security, it also spare our family and loved ones from emotional and physical distress. It also provides us with variety of options on where we want to receive care.

Even if we have the funds to pay for all our future long-term care needs, wouldn’t it be wiser to put that money into something that would benefit the majority? Like leaving it to your children or other heirs? Remember that even home-based care which is the cheapest setting will still cost more than the average income of an American.

Assess your need for ltc,  educate and keep oneself informed on the issues, updates and general information of long-term care so you can check your options and choose the best policy for you.

Long Term Care Quotes – Do I Need Long Term Care?

 

 

Sadly, only a few people plan early for retirement. Some don’t even realize how important long term care planning is to retirement. What is long term care and do you need insurance to cover its services?

 

Long term care refers to services offered to elderly and disabled individuals. Long term care services include personal care assistance, housekeeping, medical and skilled nursing activities. With the high cost of care, it is important to prepare for the possible cost of these long term care services. Long term care insurance can help. You can even start at this moment and save money for long term care.

 

What Statistics Say About Long Term Care

 

Studies show that people are living longer and needing more and more assistance. Statistics also reveal that 70 percent of people age 65 and above will need some form of long term care assistance during their lifetime.

 

It is important to know that although the government can help, people should not solely to what the government can do. The administration is even encouraging people to buy long term care insurance. The most effective way to ensure your future is to study long term care insurance and compare rates. Having long-term care insurance gives you control over your finances in case you need it in the future.

 

What Is Long Term Care Quotes and How Can It Help You?

The insurance industry is a competitive world. Today, there are several insurance companies fighting for clients to sign up for their products. Some even revamp their marketing strategies to boost sales. One of their strategies is to improve their online campaign by installing a computation tool on their official website that will allow consumers to get an estimate amount of long term care insurance.

The long term care quotes estimator will ask several questions like your age, your marital status, your state of residence and your long term care preference. These are asked because these pieces of information will determine the cost of insurance. That is why it is important that you accurately answer the form so that you will receive precise estimation as well.

 

Moreover, the website will ask if they can call you and when is the best time for you to answer their call. They call not to force you to buy their products but to find out more about yourself. Like most insurance, they are interested to know about your health and family medical background. This will determine your risks of needing long term care.

 

The long term care insurance agent can also discuss with you about the different features that you can include in your plan like the inflation protection rider. This rider will protect your long term care plan against the increasing cost of care.

 

With so many long term care insurance companies today, it is important to find the right one that will offer you the best insurance products. Start looking for the best LTCi plans by requesting for a free long term care quote online.