Most Americans tuck their life insurance policies away after purchasing them. These papers rarely come out of their storage spots for review. However, it is important for all Americans to review these documents periodically. The reason for this is because life’s changes may require alterations in life insurance coverage. When people get married, have a baby or buy a house, they must change their policies. Even a change in salary is enough to warrant a review. When main earners start making more money, their families become accustomed to a different style of living. They may upgrade their cars and take … Read Full Post
As baby boomers close in on retirement, many are planning for retirement. An important part of any retirement plan is long term care insurance. Long term care insurance pay for expenses not paid by heath insurance, Medicare or Medicaid. These expenses include in-home nursing care, long term (nursing home) and adult day care. In-home costs estimates for 2012 are just north of $36,000 in South Florida while private nursing home costs range between $89,000 and $95,000. These continue to increase year after year and the only way to fully prepare for these costs are is with a long term care … Read Full Post
As Presidential hopefuls go around the country asking for your vote, one item seems to be off their agenda: Long Term Care. As the baby boomers enter retirement age, our country will be face with increasing medical costs for seniors. Given that the youngest of the group are now in their late 40s, this is going to be a long term problem versus a short term one. One of the things a consumer can do to ensure they control their medical well being as they get old is to purchase long term care insurance. Long term care insurance is not … Read Full Post
A recent Chicago Tribune article tackles the question of when is the right time to purchase long term care insurance. Most experts say the best time to purchase is between the ages of 50-59. Two main reasons are 1. As you get older, you increase the likelihood of being denied coverage and 2. As you get older, the costs get to a point where it looks unaffordable. A CBS News report cites the insurance industry say that 2/3 of all people over the age of 65 will need long term care in their lifetime. Whether you are of the recommended age … Read Full Post
Long term care insurance helps people pay for health care costs not covered by healthcare, Medicare or Medicaid. These expenses can include adult day care, long term care, assistance & independent living, in-home assistance and many other services. Premiums are grouped based on the age of the subscriber and usually in increments of 10 years. Obviously, the younger the person is the less costly the expense will be and the older the person is the more expense will be. A recent article by US News and World Report asks How Ready are Your for Long Term Care?. The article presents … Read Full Post
As 2011 comes, it is always a good idea to speak to your estate planning specialist about your plan for 2012. A part of your retirement plan should include long term care insurance. As age is a determining factor in the premium for such plans, now is a great time to see what options are available for you and your spouse. With most plans, you can lock in your premium rates now for the length of your plan. After speaking to someone about your options, consider the fact that some long term care insurance is better than no long term care … Read Full Post
As families get together during the holiday season, it is the perfect time to start talking about planning for next year and beyond. While it may be a difficult discussion, talking to loved ones about long term care insurance is essential. Recent studies show that 7 in 10 Americans over 65 will require long term care at some point in their lives. Long term care insurance can be used for in-home care, assisted living and nursing home care. With costs associated with long term care insurance continuing to rise, there is no time like the present to get started having … Read Full Post
Rates to live in long-term care facilities continue to rise, according to a new market survey of nursing homes, assisted living centers and adult day and home care services. National average rates for a private or semi-private room in a nursing home rose by 4.4 percent from 2010 to 2011 (to $74,825/$87,235 annually for a semi-private/private room) and base rates at assisted living communities increased by 5.6 percent (to $41,724 annually). The national survey of 2,003 nursing homes, 1,492 assisted living communities, 1,644 home care agencies and 1,341 adult day services was conducted by risk management and consulting firm LifePlans for the … Read Full Post
Two weeks ago, the government’s answer to long term care, CLASS, was removed from the Patient Protection and Affordable Care Act (the public health care program) as the Secretary of Health and Human Services did not “see a viable path forward for Class implementation at this time”. Many do not understand the importance of long term care and how it can ensure the proper care of ourselves and our loved ones as we grow older. While C.L.A.S.S. would have provided up to $50 per day of care, current estimates of $210 per day required for nursing home care. Even if a … Read Full Post
