Tag Archive | LTCI

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

ltc

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.

 

 

 

 

 

 

 

 

Caregivers Trials and Tribulations

As the aging population increases, the demand for long-term care services increases as well, so is the demand for caregivers. A big percentage of individuals providing care are family members of long term care dependents, and a lot of baby boomers are relying on loved ones and family members to provide care for them as well. The reason for this is because family members do not require salary unlike licensed caregivers, home care is also cheaper compared to other long-term care settings.

AARP conducted a research on caregivers and caregiving and results showed that there may be fewer caregivers in the coming years due to the increasing demand for long term care. One reason is the increase in longevity and the current living situation of most men and women who may either be divorced or childless. However, if you only rely on family members, you might not be receiving appropriate and quality care when and where you need it due to financial constraints. And even if you have ample amount of savings, you can easily deplete it if you will be needing care for several years.

 

Reference:

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

http://www.aarp.org/

The Long Term Care Guy Blog

The New York Times recently reported that caregiving is set to become the number one profession in the USA by the year 2020, overtaking retail.

This tells us there are a tremendous number of people caring for an individual needing long-term-care (LTC) services.  Whether they are working as a professional caregiver, or are caring for a family member, the stress is similar.  Today I am referring to an April 1 article in the USA Today newspaper concerning the depression that comes from doing this work.

The article mentions that 64% of those caring for disabled veterans have jobs.  On average, they miss about a day of work each week.  Twenty-eight percent quit work due to their caregiving duties.  Sixty percent say they are under constant financial strain.  Many of these caregivers are aging themselves and worry what will happen to the loved ones they care for when they can no…

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How Long Term Care Quotes Help You Choose Long Term Care Insurance

Many people still find it difficult to decide if they need long term care insurance or not. Although, long term care insurance provides more extensive coverage than government funded long term care insurance, still people are thinking twice. Possibly, because they do not understand how important long term care is and the topic about needing nursing home or home health care assistance is not something people enjoy talking about.

 

Long Term Care Facts

 

But, if you will look at the reality, seventy percent of people age 65 and older will need some type of long term care during their lifetime and this is not something that should be ignored.  That is why it is important to plan ahead and you can start by requesting for a free quote online.

 

Requesting For Free Quotes

 

Long term care quotes are offered by different insurance companies that specialize in LTCi products. It is part of their advertising strategy. By requesting your free quote online, you can compare prices from different insurance providers. You can also plan ahead and check if long term care insurance can fit in your budget.

 

How To Compare Policies

 

To help you decide, go to different websites offering LTCi and request for free quote. Put side by side each plan’s premium, benefit period and elimination period. The premium refers to how much you need to pay each month or year. The benefit period, on the other hand, is the minimum amount of time the policy will last.

 

Moreover, look for the maximum daily, weekly or monthly benefit. The elimination period is the duration of time you will need to pay for covered services before the coverage kicks in. A 90-day elimination period means that once you’re approved to use the policy, you will pay for care for 90 days before the plan begins to pay benefits. You also need to determine how much you can afford for long-term care insurance, and generally how much coverage you’d like to buy.

 

Once you obtained your long term care estimate and you have compared all these factors, you can now decide what insurance company you will sign up to. When you choose a product, make sure that you choose the plan that makes the most sense for you. That is the reason it is important to answer all questions in the free quote application request tool honestly. You also need to provide your medical history.

 

Truly, long term care insurance products are expensive. However, you need long term care insurance because it will protect you and your family from financial burden. Remember that long term care costs are rising each year. If you will not plan now, then expect to pay long term care costs out of your own pocket  or out of from your own savings account. The question is, where do you want to use your lifetime savings? Do you work all your life so that you can retire happily or retire with debts? If you want to retire worry free then plan for long term care now.

 

References:

 

http://www.infolongtermcare.org/long-term-care_information/

http://www.aaltci.org/

http://www.ehow.com/how_6718330_compare-long_term-health-insurance-companies.html

The Changing Cost of Long Term Care Rates

Long term care rates are the actual cost that will be covered by an insurance policy which includes the cost of a nursing home, facility where they conduct assisted living, or even in-house care. All of these factors may still vary because as time goes by, the cost of these factors are steadily growing, that is why the rate of a long term care will never be the same as the years goes by. Another way that a rate of a long term care may vary is to what kind of other services are included in your policy, and if you managed to get a discount from your insurance company.

If you are already informed to what is the current long term care rates, you can adjust and prepare it properly so that the long term care insurance that you are trying to purchase will meet your future needs. You should ask the insurance company about their past rates and if possible, give you an idea on how much is the future cost is going to be. If it is based on past costs, you can determine the future cost by getting a percentage off the annual premium. Insurance companies, who focus more on providing long term care, will already know what the values you are asking for, if they know where you live.  But just to make sure, it is advisable that you also do your own checking and research if they gave you the correct values and if it is true based on where you live.

Moreover, the rate of the policy you are going to buy will greatly vary depending on what kind of service is included in your insurance policy and what kind of long term care facility you are going to use, whether it is in a nursing home, assisted living facility or in-house care. The more services included in your policy and the higher the cost to cover your long term care, the higher your premium is going to be. The fact that it is still not yet for certain on what kind of care you are going to need in the future, it is best that you base your policy on a full time nursing facility care so that you will feel confident that what you are going to receive in the future, whatever happens, you will get enough care you can get.

In conclusion, the long term care rates will always vary depending on the person who is purchasing the said policy because there are a lot of different factors that will affect its cost, like the kind of care facility that is going to be utilized, the rate will also depend on your age and current medical records because the younger you are and the healthier you are when you get your policy, the higher your discounts is going to be. There are a lot of other factors that will change the long term care rates, but one thing is for certain, that no matter what the cost is, LTCi will definitely make your retirements days a lot relaxing and easier.

 

How to avoid high Long Term Care Insurance Costs

The cost of care annually is estimated at $80,000 to $90,000 without long term care insurance (LTCI). This is what the majority of American population are often confused with. Some misunderstand that LTCI costs as much but what it actually does is save you from overspending on health care. The rate of care does not have to be a burden once you learn further about long term care insurance cost.

LTCI can costs as much as half of what care would be without health care insurance but it can still get lower by knowing what to look out for before purchasing a policy. You might think that taking the time to choose the right benefits will save you money and that is correct. Just make sure that it does not take you too long to purchase and the reason for that is one of the pre-requisites of cheaper LTCI rates is younger age. You don’t have to wait for your seniority to come before you apply for LTCI.

Even at a later age and you have saved up to a million, without LTCI, it would still be considered insufficient since there are still medications and other costs that no one can predict. A million or two can only be enough to sustain your health care needs for about ten years whereas with an LTCI, you can have the same length of coverage but a fraction of the costs.

Saving money for LTCI is a great investment and it does not need to get complicated if you can follow the tips on staying healthy and applying early so that once an LTCI agent evaluates your current status, you’ll be eligible to receive the lowest rates and wider set of benefits available. Make sure in asking about long term care insurance costs, give every detail about your health so that you would know what kind of policy you can set up and what types of benefits you will be needing once you have reached your retirement years.

Younger and healthier applicants get offered of policies costing only of roughly around $400 to $600 for the premium simply because of acquiring the policies at an age that would take the LTCI vendor about 30 to 40 more years before they have to cover for the health plan and receive care. Other people have policies ranging from $1000 to $8000 annually because of the two things that was neglected; old age and further evolved diseases.

Again, LTCI may look costly but with the right approach and looking out for the pre-requisites, you don’t need to worry about extremely high premiums or limited range of benefits. Inflation does not even have to be a problem once you have applied for LTCI because once you have purchase the product, it will no longer be affected by the inflating rates.

Do yourself a favor now and save yourself from the worries of tomorrow. Get to know more about long term care insurance costs today.

 

Advantages Of Using A Long Term Calculator

Using a long term calculator to compute for the cost you are going to pay for your monthly premium is going to be easier rather than just looking at estimated values that are still not accurate. It is best that you already know the cost of what the premium is going to be so that you can prepare for it properly. You can also compare prices you got from different insurance companies or even quotes you got from the internet before purchasing your long term care insurance policy.

Knowing everything there is to know before buying your long term care insurance is important because just purchasing and not thinking about will only end up in you paying more than the usual instead of saving money and getting the best but cheapest policy available for you. LTC insurance rates vary from person to person, and from company to company, there is no definite value available out there, insurance policy is not like an item in a grocery store where there are specific prices already for it. There are a lot of factors in determining the final computation of the rate of your insurance policy using a long term calculator. One of which is the age were when you are purchasing the said policy, the younger you are, and the cheaper the premium is going to be. The reason behind this is because when you are still young, you are still in the prime of your health where the insurance companies based their quotations for the rate they are going to give you. You are not going to be considered as a high risk person in terms of your health condition by the company.

If you are going to add additional services in your insurance policy, your rate will also change and will charge for additional payments if you choose to do this. Other factors in changing the cost of your policy is the kind of service you choose to get. It could either be in a nursing home, assisted living facility or in house nursing care. Each kind of service will have a different charge, and depending on what other services you add, like extra medical equipment and other medical supplies, will be a factor in changing the cost of the long term care insurance policy you are trying to purchase.

In conclusion, the factors that can vary the cost or rate of your long term care insurance policy are a lot. And each long term care policy is going to be different from person to person, depending on what company they chose to purchase their policy in. Computing for the outcome of the computation of your desired long term care policy is complicated because of the factors that could change the rate of it, but if you are using a long term calculator, your computations will not only be accurate, but will also be much easier compared to just computing it manually, where you might commit mistakes that would only make it much harder to check where you made that mistake.

 

Sources:

Elder Care Insurance: Is it Really That a Priority?

If you’re parents are within the ages of 59 to 61, there is a big possibility that they are still in control with their lives. However, when they move past that age range, that’s where they develop conditions and chronic illnesses. This is the stage that makes them dependent on you or other people for their LTC care needs. Is elder care insurance really a priority in the present? It is and is becoming a great concern for our country’s aging population. As the number of our country’s elderly increases, there is a need to improve the system of insuring and caring for the elder.

 

Cost of caring for the elder constantly increases – The cost of caring for the elderly increase as time passes. It is expected by the year 2030, the costs of long term care services would have increased four times. If this does happen, majority of elderly Americans would have to face the challenge of finding the resources to cover the costs of their LTC needs. They could opt to either self-insure if they have at least $5 million in savings. Another option is to apply for Medicare or Medicaid for limited long term care coverage.

 

Start early to avoid expensive premiums – When it comes to elder care insurance, it’s always beneficial if your plan ahead. This means that you don’t have to sign up for LTC insurance coverage while you are young (though it would be a good way to start). You plan out first the things that you would need as you age. Nursing home facility vs. living in your own home. Home health aide vs. daily custodial care. There are some of the things that you would need to keep in mind as you start planning and eventually enrolling yourself with long term care insurance and coverage.

 

Understanding everything before you sign the policyOnce you have stepped up with your LTC planning, it’s now time for your go enroll yourself for LTCI coverage. But just before you sign your name along the dotted line; it would be a good practice to review the policy that you are getting for yourself. You have to be aware of the premiums that you have to pay, the daily benefits you are entitled to, the services that are covered or excluded in the plan etc. When you know and understand even the fine print in your policy, growing old wouldn’t be such a bad idea.

 

Elder care insurance is becoming more of a necessity than a luxury for most elderly Americans. As the number of elderly Americans increase, the need for long term care coverage should be treated with grave importance. As the costs of caring for the elderly increases, learn and start early with long term care planning. Once you have outlined your LTC needs and just before you sign the policy, make sure that you know and fully understand even the coverage, benefits and even the fine print in your LTCI policy.

References:

http://blogs.marketwatch.com/encore/2013/07/01/paying-for-elder-care-with-life-insurance/

http://www.infolongtermcare.org/long-term-health-care-seniors/

http://seniorhealth.about.com/library/eldercare/bl_apact5.htm

http://www.bostonglobe.com/business/2013/06/11/beware-fine-print-and-red-tape-long-term-care-insurance-policies/hCDUORONy9BXbriyX2p28I/story.html

http://www.nytimes.com/2013/03/26/your-money/expense-and-emotions-affect-decisions-about-long-term-care.html?pagewanted=all&_r=0

http://money.msn.com/health-and-life-insurance/3-kinds-of-long-term-care-coverage