Long Term Care Expert | Long Term Care Insurance

How To Decide On Long Term Care Insurance Coverage

The costs associated with nursing home and home health care are simply immense. If you require extra insurance for this kind of care, long – term care insurance is the right thing for you. Long term care is a very tough subject to contemplate. We can say that these are quite exclusive realities for most of the individuals. If you are of age 65 or above then you definitely require long term care insurance. You need to plan ahead and decide whether to make use of Medicaid, savings or a simple long term care insurance policy. In this article, we are going to talk about how to decide on long term care insurance for superior results.

Here are some key items you want to consider when choosing a policy:

Evaluate whether you require long term care insurance policy. If you don’t have any property or assets to safeguard, consider whether Medicaid would be capable of meeting your long term care requirements. Medicaid reimburses for nursing home and home medical care for those individuals with rather low incomes and incomplete assets. Get in touch with your local Medicaid firm for information specific to your condition.
Now, you need to decide how much you can afford to spend for this type of insurance plan, and approximately how much coverage you’d like to buy. For instance, if you are equipped with some assets you’re willing to pay on long term care, you might wish to buy less coverage. You got to take into consideration how much nursing home costs in your locality or the locality where you’re planning to apply.
Now, you must get in touch with insurance firms for a long term insurance care quote. If you have complete access to this insurance policy through a former or current employer, you need to get a quote from that plan. If the firm you talk to insists on a private visit by a professional agent, either make an appointment instantly or move on to another firm. However, you need to be firm on not filling out an application during a primary appointment.
The next thing that you must do is to review the apt insurance quotes. You got to compare every plan’s premium, advantage period, elimination period and maximum benefit. The benefit period is the apt amount of time the insurance policy will last.
You must confirm that every insurance plan covers home health care, nursing facility care, assisted living and adult day care. Also affirm that the coverage plan has inflation protection, which will enhance your advantages every year to keep up with the inflation process.
Another important thing for you to do is to apply for the plan that makes the most amount of sense. You need to properly answer all the application questions. Besides, all these things you also need to offer a medical history, contact information and a list of prescriptions. The insurance firm will definitely ask for your medical reports as an integral part of the decision making process.
At last, you need to review your insurance policy if you’re approved for insurance coverage. You need to affirm when you can utilize your benefit. Proper research is required in this regard and therefore you need to carry out an extensive online research regarding long term care insurance.

So, this was all about how to decide on long term care insurance in detail. You need to contact a professional insurance agent in order to know more about this insurance policy. Once you start following proper steps and tips you will definitely secure better results for your future. I must tell you that evaluating your long term care policy is of utmost importance. You really need to do it in the best possible way.

Evaluation of long term care policy

First of all, you must compare qualification criteria. Most of the plans permit the insured to qualify for benefits if they lose the capability to execute two or more daily living activities.
Now, you need to compare covered services. Some of the plans offer more liberal benefits for home care than others.
Now, you got to compare inflation protection features carefully.
The next thing that you must do is to compare maximum daily benefits in the most appropriate manner.
Compare exclusionary periods carefully.
Compare riders and benefits obtainable for spouses.
Compare the overall history of premium rate increases.
At last, you must compare premium rates.

So, we can see that the evaluation of long term care insurance is quite important. You need to research hard and generate the best possible results. Read this article carefully for further information. It could be of great help and guidance to you. Have fun and enjoy yourself.

About 80 million baby boomers are reaching the age of retirement

About 80 million baby boomers are reaching the age of retirement, which will significantly burden following generations by withdrawing health care entitlement funds. A recent survey shows that 42% of seniors are worried about their retirement savings, and are not aware of the true costs of long term care related services. Americans significantly underestimate the amount of funds needed to finance their expected long term care needs raises many concerns about how this population will be care for. Local, state and federal governments must start making changes now to prepare the current caregivers and baby boomers so that the 80 million baby boomers do not use all the financial assets of the following generations. Seniors eligible for Medicaid services are forced to spend all their assets down to poverty levels so that they must qualify. Experts agree that now more than any time in our nations history is the need for long term care insurance.

Public Long Term Care Program

For the first time in U.S. history, a public long term care program is in the works, a part of the well being laws President Obama signed into regulation earlier this year. However with many details yet to be worked out, it could be too soon to tell how much affect it’ll have.

Often known as the Neighborhood Living Help Services and Helps, or CLASS, Act, it is designed to help people plan forward for when they’re disabled or frail and want help to remain unbiased so long as possible.

It is meant to supplement different funding sources comparable to personal savings, family care giving and private long term care insurance.

The voluntary, government-administered program – which will likely be financed by premiums, not tax dollars – is anticipated to work like this:

If an organization agrees to participate, employees shall be automatically enrolled in this system until they decide out. Those that are self-employed or whose employers choose not to participate will have the ability to enroll by way of a distinct mechanism.

All participants should pay month-to-month premiums for five years, have some sort of employment for three of those first 5 years, and have a qualifying incapacity earlier than they’re eligible to receive the benefit.

The benefit amount is anticipated to be at least a median $50 a day and will rely upon the diploma of a recipient’s impairment. The money can be utilized for home-primarily based providers, technology and residential retrofitting, assisted residing or nursing-dwelling care. No medical underwriting is required, and there are not any lifetime benefit limits.

The Congressional Price range Workplace estimates month-to-month premiums will average $123, or about $1,500 a year. The Division of Well being and Human Providers is anticipated to set laws by October 2012, with enrollment beginning shortly thereafter.

As we speak, many individuals who want long run care should impoverish themselves before changing into eligible for Medicaid, which is disproportionately oriented towards nursing-residence care, mentioned Judy Feder, senior fellow on the Heart for American Progress in Washington, D.C.

Long term care insurance coverage historically has been a tricky sell. About 8 million Americans have a non-public long run care policy. “Individuals don’t need to think about it,” stated Jason Mericle, President of LongTermCareInsure.com, which sells private long term care insurance.

Still, some consultants are skeptical the new benefit will make much difference. The program may very well be good for working individuals who already know they have health problems that will make them uninsurable in the non-public market.

However the cash profit won’t be ample to cover most people’s needs as a result of home-care aides run about $20 an hour, while nurses and bodily therapists typically cost at least five times as much.

The upside is the public benefit and private policies won’t offset one another, so you’ll sign up for and gather from both.

Not like the CLASS profit, individual non-public insurance policies offer reductions for good health and for spouses or partners.

“The actually difficult impediment is going to be getting businesses on board, as a result of it can require an unlimited educational effort on their part to make folks conscious” of the brand new benefit.

Since the program is voluntary, participation needs to be broad and enrollment easy to make the insurance pool sufficiently big to work.

It’s a must to have a giant take up but you are not going to get massive takeup, as a result of CLASS is barely an excellent deal for people who know they are going to need care.

LongTermCareInsure.com Simplifies the Long Term Care Insurance Process

LongTermCareInsure.com — a nationwide Long Term Care insurance broker– simplifies the process of comparing long term care insurance quotes from multiple carrier’s at the right price. Traditionally, consumers met with an insurance broker in person, and tried to compare confusing quotes from multiple carriers. Now LongTermCareInsure.com offers easy online quotes and online LTC insurance calculators.

LongTermCareInsure.com provides long term care insurance information, quotes, and answers to all your questions. Compare rates from the best long term care insurance companies such as John Hancock, Mutual of Omaha, and Genworth Insurance companies. Our website is the most thorough and consumer friendly for information about long term care insurance, calculators, states costs tables, and complete answers to all your questions. Upon completing the long term care insurance quote you will receive a confirmation email and a phone call within 24 hours to review all your options and compare rates from different long term care insurance companies. Upon acceptance of your quote we can begin the process to provide you with the most cost effective long term care insurance.

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Long Term Care Insurance Basics

What is long term care insurance?

Long term care insurance is an economical way to help you protect your assets — and your loved ones — against the high cost of long term care. It will give you the control and security to help cover the cost of long-term care services and the independence to choose where to receive care.

Individuals and Families should consider Long Term Care Insurance if they want to:

Protect retirement assets and savings
Be proactive and responsible for reducing or eliminating the burden of care and assistance from family members
Maintain independence and control to choose where to receive long term care

Long term care insurance provides personal care, homemaker services, skilled nursing care, and physical therapy. Care can be provided at your home, adult family homes, assisted living facilities, and nursing homes. Depending on your long term care insurance policy and condition, varying amounts of care can take place in a variety of locations, and can range from a few hours per week at home to round-the-clock care in a nursing home.

Why do people buy long term care insurance?

According to The America’s Health Insurance Plans, 2007 National Survey, states people purchase long term care insurance for the following reasons:

Minimize their financial exposure and take responsibility for protecting their assets
Avoid being a burden on loved ones
Enhance their choices and independence – to receive care in the setting they prefer

Who needs long term care insurance?

Most families benefit from the protection a long term care insurance policy offers. It is the most cost effective way to protect you and your family from the high cost of long term care. It allows you and your family to secure savings and your family’s future.

It is difficult to know if and when you will require long-term care. Various studies provide us with statistics on why people need long term care insurance:

The lifetime probability of becoming disabled in a minimum of two activities of daily living or of being cognitively impaired is 68% for people age 65 and older.¹

By 2050, the number of people using paid long-term care services in any setting (e.g., at home, residential care such as assisted living or skilled nursing facilities) will likely double from the 13 million using services in 2000, to 27 million people. This estimate is influenced by growth in the population of older people in need of care.²

In 2002, the percentage of older persons with moderate or severe memory impairment ranged from about 5% among persons aged 65-69 to about 32% among persons aged 85 or older.³

¹ AARP. Beyond 50.2003: A Report to the Nation on Independent Living and Disability, 2003, (11 Jan 2005).
² U.S. Department of Health and Human Services, and U.S. Department of Labor. The future supply of long-term care workers in relation to the aging baby boom generation: Report to Congress. Washington, DC: Office of the Assistant Secretary for Planning and Evaluation, (2003). <http:aspe.hhs.gov/daltcp/reports/ltcwork.htm> (20 Jan 2005)
³ Federal Interagency Forum on Aging-Related Statistics. Older Americans 2004: Key indicators of well-being, Federal Interagency Forum on Aging-Related Statistics. Washington, DC: U.S. Government Printing Office, 2004.

When should you buy long term care insurance?

The cost of long term care insurance is based on your age and health when you apply. The younger and healthier you are when the policy is issued, the more affordable your long term care insurance policy will be.
The long term care insurance coverage a person buys for their future will also help protect them today. If an accident or illness occurred today (e.g. stroke, heart attack, serious illness), which required you to need long term care, owning a long term care insurance policy would provide benefits to pay for some or all the cost of long term care.

By being proactive in your 40s and 50s and purchasing long term care insurance, you can reduce the uncertainty of later years and maintain control over important long term care decisions, your assets, and your family’s future.

Are you already covered?

Many individuals mistakenly believe their long term care needs are already covered. However, long term care assistance is not usually paid for by health or disability insurance. In addition, government programs like Medicare and Medicaid do not cover long term care costs over long periods of time.

How would you pay for long term care if the need arose?

Medicare is a federal program that provides hospital and medical insurance to individuals age 65 or older, along with certain ill or disabled individuals. Home health care benefits are only available under certain conditions.

In general, Medicare might pay up to 100 days of care in a skilled nursing facility per benefit period – 100% for the first 20 days. From days 21-100 Medicare requires a co-payment. Benefits only become available after a three day hospital stay, if skilled care is needed.

Medicaid coverage is predominantly based on income and assets, and in a majority of states typically only covers care received in approved nursing homes. In states where Medicaid does cover home based long term care expenses, it is done on a restricted basis.

Personal income and assets, including your home, are frequently used to cover long term care costs, which can have a significant impact on savings.

Family members often assume the burden of care, and in some cases the financial responsibilities of providing care. Over time this can have a significant impact on their lifestyle, personal and work commitments, and physical and emotional well-being.

Long term care insurance allows individuals to be confident about their future by providing them with resources today to maintain choice, control, and independence later on in life. It is a cost effective way for individuals to take responsibility for their health and long term care decisions. In addition, it will assist in securing your family’s future and your own quality of life by protecting retirement savings.

Is long term care insurance right for you?

You should CONSIDER buying Long-Term Care Insurance if:

You have significant assets and income
You want to protect some of your assets and income
You want to pay for your own care
You want to stay independent of the support of others

You should NOT buy Long-Term Care Insurance if:

You can’t afford the premiums
You have limited assets
Your only source of income is a Social Security benefit or Supplemental Security Income (SSI)
You often have trouble paying for utilities, food, medicine, or other important needs

What does long term care insurance cover?

Long term care insurance assists in paying for care services when you need help with normal daily activities, such as eating, bathing, and moving around – activities most of us take for granted. Long term care insurance also provides supervision as a result of cognitive impairments, such as Alzheimer’s disease. A long term care insurance policy provides different types of care in a variety of scenarios:

Skilled care includes nursing care and physical, occupational, respiratory, and speech therapy from licensed professionals that may or may not be needed on a daily basis.
Custodial care is the most commonly used type of care. It includes help with day-to-day activities such as eating, bathing, and dressing.

How much coverage do I need?

It is important to take the following into consideration when choosing your coverage options:

Level of Assets You Want to Protect

Long term care insurance should be a consideration in your overall retirement planning. Needs, resources, and situations differ, a Long Term Care Insure professional advisor will guide you through your long term care insurance options to implement the coverage that is right for you.

Current Cost of Care Where You Live or Plan to Retire

The cost of care varies by state and by region. Whether you plan to move to a warmer client or closer to loved ones when you retire, where you end up is an important factor in deciding what amount of coverage you will need. Our interactive Cost of Care map will help you estimate your needs.

Length of Time You’d Like Coverage

People need long term care assistance for an average of three years, according to the Boston College Center for Retirement Research.^*It is important to take into consideration your health and family history of illness (e.g. a prolonged illness or Alzheimer’s disease) that may require long term care for a shorter a longer period of time.

Inflation Protection

Inflation protection is an important piece of long term care planning. It is important that your benefits keep pace with the increasing cost of care. Assuming 5% inflation over the next 15-years, the benefit required to cover your long term care costs will have more than doubled.

^*Center for Retirement Research at Boston College, “How Can We Improve Long-Term Care Financing,” June 2008.

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Long Term Care Insurance

If you are like most people, you have insurance on your house, your car and other items of value. But, you may have overlooked protecting your retirement savings. Long-term care insurance is an economical way to help you protect your assets — and your loved ones — against the high cost of long-term care.

Meeting Your Unique Long Term Care Insurance Needs

We offer flexible solutions for every stage of life. Whether your single, married, or divorced our licensed professional advisors are here to design an affordable plan that meets your insurance needs and budget. The long term care companies and products we utilize have numerous options to help protect your savings from the high cost of long term care. It is a cost effective way for you to take responsibility for your health and long term care decisions.

Over time, your needs may change and our goal is to help ensure your coverage keeps up with all of life’s challenges, and keep up with the changes in both your life and your lifestyle.

Save Money by Comparing Multiple Long Term Care Insurance Quotes

Request long term care insurance quotes and get an objective, side-by-side comparison of the major insurance companies based on your unique situation. Important features and benefits of the policy are highlighted and presented in an objective, user-friendly format, saving you valuable time and money. Our goal is to simplify the long term care insurance buying process to ensure you are getting the absolute best value.

Save Time With Our Easy Application Process

Long term care insurance policies are the same whether you go directly to an insurance carrier or whether you have an experienced knowledgeable licensed professional advisor do the work for you. There are very big differences between long term care insurance policies and the insurance carriers that sell them.

Every long term care insurance policy from any insurance company can be very different. If you just buy the lowest price it could be like throwing your money out the window. You need to know the differences between an inexpensive long term care insurance policy with solid benefits and one that makes it very unlikely to pay benefits at all.

We provide you with accurate, unbiased long term care insurance support so you can select the long term care insurance plan that is best for you. Your questions are promptly answered by specialists who understand your long term care insurance needs. Once you have selected your long term care insurance plan, applying through Long Term Care Insure is quick and easy! Have an application mailed/emailed/faxed to you for a quick turn around and let us take care of the paperwork and all communication with the long term care insurance company. Our job is to make obtaining a policy as easy as possible by being available when you need us.

LTCI protects your family’s finances and investments.

70 percent of people over age 65 will require some long-term care services at some point in their lives. Medicare and private health insurance programs do not pay for the majority of long-term care services that most people need. Personal care such as dressing or using the bathroom independently is not provided. Planning is essential for you to be able to get the care you might need.

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