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As baby-boomers reach retirement the staggering cost of long term care are bringing it to the forefront of our national media’s attention. The Wall Street Journal, Parade Magazine, Kiplinger’s report, Newsweek and many others are encouraging Americans to plan ahead for their own long term care. Recommending by name LTC Financial Partners.
Join me as we talk to Philip Shields one of the Northwest’s leading long term care specialists. Philip, isn’t it true that among the greatest problems that Americans face today regarding their long term care are the misconceptions that are keeping them from planning properly?
Many people think that their health insurance covers long term care costs, but it really seldom does. They believe that disability insurance is the same as long term care insurance, which isn’t true either. Still other plan to have Medicare or Medicate pay for their long term care cost, when in reality Medicare covers very little long term care cost and Medicate only covers the cost after the individual’s exhausted most of the assets they’ve acquired over a lifetime.
Isn’t the misconception that long term care insurance is nursing home insurance just as dangerous?
The fact is 82% of people who need long term care are at home or in assisted living facilities, so the cost of long term care can be staggering. For instance the annual cost of long term care in a nursing home or in your own home averages over $ 77,000.00 annually. Right here in the Northwest our average is around $70,000.00 per year and up. If recent trends continue, by 2021 the cost will be over $175,000.00.
Isn’t the government taking responsibility for the costs of our long term care?
The government has made it quite clear that we are responsible for the cost of our own long term care. There are no governmental programs on the horizon to pay for these costs. I do want to tell you; however, about the new state partnership plans in Idaho and Oregon, if those apply to you.
Poor planning is the greatest danger that Americans face. With a little education and help from a specialist proper planning is not complicated. There are a variety of plans offered by top insurers that can meet almost anyone’s needs. You can have the security of knowing that funds for care will be available without bankrupting your retirement portfolio or burdening your children or loved ones. Long term care insurance can be a blessing for millions that want to live longer and healthier lives free of undue worry.
So is long term care insurance for everyone?
You know, not everyone needs long term care insurance, but boy, everyone should have a long term care health plan though. And as a partner in the nations most experienced long term care insurance brokerage, I supply people like you each day with independent objective information on long term care insurance. And because I’m not bound to any one insurance company I can help you select among the several top rated companies to find the best solution for your situation.
As baby-boomers reach retirement the staggering cost of long term care are bringing it to the forefront of our national media’s attention. The Wall Street Journal, Parade Magazine, Kiplinger’s report, Newsweek and many others are encouraging Americans to plan ahead for their own long term care. Recommending by name LTC Financial Partners.
Join me as we talk to Philip Shields one of the Northwest’s leading long term care specialists. Philip, isn’t it true that among the greatest problems that Americans face today regarding their long term care are the misconceptions that are keeping them from planning properly?
Many people think that their health insurance covers long term care costs, but it really seldom does. They believe that disability insurance is the same as long term care insurance, which isn’t true either. Still other plan to have Medicare or Medicate pay for their long term care cost, when in reality Medicare covers very little long term care cost and Medicate only covers the cost after the individual’s exhausted most of the assets they’ve acquired over a lifetime.
Isn’t the misconception that long term care insurance is nursing home insurance just as dangerous?
The fact is 82% of people who need long term care are at home or in assisted living facilities, so the cost of long term care can be staggering. For instance the annual cost of long term care in a nursing home or in your own home averages over $ 77,000.00 annually. Right here in the Northwest our average is around $70,000.00 per year and up. If recent trends continue, by 2021 the cost will be over $175,000.00.
Isn’t the government taking responsibility for the costs of our long term care?
The government has made it quite clear that we are responsible for the cost of our own long term care. There are no governmental programs on the horizon to pay for these costs. I do want to tell you; however, about the new state partnership plans in Idaho and Oregon, if those apply to you.
Poor planning is the greatest danger that Americans face. With a little education and help from a specialist proper planning is not complicated. There are a variety of plans offered by top insurers that can meet almost anyone’s needs. You can have the security of knowing that funds for care will be available without bankrupting your retirement portfolio or burdening your children or loved ones. Long term care insurance can be a blessing for millions that want to live longer and healthier lives free of undue worry.
So is long term care insurance for everyone?
You know, not everyone needs long term care insurance, but boy, everyone should have a long term care health plan though. And as a partner in the nations most experienced long term care insurance brokerage, I supply people like you each day with independent objective information on long term care insurance. And because I’m not bound to any one insurance company I can help you select among the several top rated companies to find the best solution for your situation.
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This is a Best Indication video production. Long term care insurance policy information.
Long term care is a coverage which takes care of the policyholder where other insurance policies leave off. The policy is supposed to cover the cost that help insurance, Medicare or medicate do not. As we get older we are at an increased risk for illnesses or elements that may require this kind of coverage. But since rates are determined in part by your health it may be a good idea to protect yourself before you get older. A person may not even be sick to be covered but maybe unable to perform basic activities of daily living such as dressing, bathing, eating, toileting, getting in or out of bed or a chair and walking. This coverage may also cover a person who takes a few moths to recover from a surgery or illness. This may not even be what most people consider a long term but may be also covered. But age may not be the determining factor for this insurance. About 40% of these receiving long term care are between 18 and 64. For instance the late actor Christopher Reeve who was paralyzed in a horse pack ridding accident; required 9 years of long term care. But he was not old, neither was Michael J. Fox, who was diagnosed with Parkinson’s disease at the age of 30.
Medicare generally does not cover long term care in a home setting, and Medicare may not pay for assisted living. Since most people that need long term care prefer to live at home, a long term care package may be beneficial; the insurance may pay for care from day one of the illness. The insurance is intended to pay the caregiver companion, housekeeper, therapist or private duty nurse up to 7 days a week, 24 hours a day. The policy may pay for assisted living, adult day care, rest by care, hospice care and more. This could benefit the policy holder who suffers of Alzheimer’s disease or dementia. There are other reasons why a person may want this coverage. Many older individuals don’t feel comfortable having their children to take care of them. Without long term care insurance, out-of-pocket health care cost may rapidly deplete the savings. You may be able to deduct the premiums of this coverage from your taxes. The amount of the deduction may depend on the age of the person covered. The benefits pay from long term care coverage may also be excluded from your income for tax purposes. Check with your tax professional about deductions and find out what can be excluded from your taxes.
There are different types of policies: Non-tax qualified (NTQ) policy formally called traditional long term care insurance has been sold for over 30 years. This policy is triggered by the patient’s doctor or doctor in conjunction of a summon from the insurance company. The tax ability of these benefits is open for interpretation and is still in question. The Tax Qualified (TQ) policies do not have a medical necessity trigger. They may be triggered when a person is unable to perform two specified activities without assistance for at least 90 days. These activities may include eating, dressing, bathing, transferring and continence. The doctor may also provide a plan of care. These payments or benefits are non-taxable. There are many tax issues involved in some of the packages and it is advisable you seek advice before choosing a plan. There may be also local laws concerning restrictions on benefits in the Tax Qualified policies.
It is important to read the policy before signing. Once the policy is purchased the language can not be changed by the insurance company. Some group plans allow the insurance company to change the premiums. The policy might be renewable for life and the insurance company may not be able to cancel it.
There are four basic factors that can affect the rates: a person’s age, the benefits, how long the benefits can be paid, and the health rating of the policy holder. The health ratings may vary from preferred, standard and sub-standard. Discounts of ten to twenty percent may be given to spouses. Legislation in California and other states may provide for you lifetime asset protection feature. The deficit reduction act of 2005 makes the partnership program available to all states who want to participate.
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Long Term Care insurance is something that can pay out substantial benefits for you in your old age. However, it is also a complex insurance vehicle that can have limits and restrictions that keep you from getting the care you want and force you to wait through expensive elimination periods. You want to be sure that you are getting insurance that isn’t full of unneeded and unwanted restrictions.
To be sure that you are going about getting the best Long Term Care insurance you can afford, there are several tips you can follow to make the process easier. They can cut down on your planning time, research time, and the stressed out time you go through as you choose your policy. To get the best Long Term Care possible, just keep the following five tips in mind.
Tip #1: Forget About Medicare
Many people decline to purchase Long Term Care insurance because they are under the impression that this kind of care is covered by their Medicare plan. This is untrue. If you want high quality Long Term Care coverage, you can’t rely on Medicare—in fact, Long Term Care coverage is specifically excluded!
This misperception exists because Medicare covers short term care situations in care homes while you recover from a surgery or temporary health set back. However, if you have a Long Term Care need, you need to have your own Long Term Care coverage. By planning for this from the start, you won’t be caught without coverage in your moment of need.
Tip #2: Start Young
Long Term Care is known for being expensive. One of the reason costs are so high is that people wait until they are quite old before purchasing a policy. Buying something a few months before you think you will start using it is never the way to get the best deal. In fact, it could empty your pockets, as many Long Term Care insurance plans require you to hold coverage for at least a year before they start paying out benefits.
For this reason, you should get your Long Term Care insurance when you are young and healthy. This will allow you to enjoy lower premiums. Additionally, since there are some tax benefits for holding Long Term Care insurance, if you buy the plan when you are young you will be able to get more benefit from the tax breaks.
Tip #3: Plan For The Worst
No one likes to think about the health disasters that could befall them in old age. However, when it comes to Long Term Care insurance, it pays to plan for the worst. You want to imagine yourself in the most expensive and most intensive care situation possible while you shop for coverage.
The reason behind this is that Long Term Care insurance pays out on a per diem basis. The higher your per diem, the more expensive your premiums could be. However, since you will be responsible for any amount that your care costs above your per diem limit, you want to buy the highest limit you can afford to ensure you are getting good care when you are older without having to worry about out of pocket costs.
Tip #4: Look For In-Home Care Coverage
Some Long Term Care insurance plans are designated for professional care sites only, excluding coverage for in home care. However, most people are more comfortable in their own homes than in a medical facility, especially if they are having trouble with memory. Thus, you want to be sure that your Long Term Care insurance policy has provisions for having in home care providers for your comfort. This can include the cost of full-time medical personnel or reimbursing visiting home health staff members.
Tip #5: Periodically Re-Evaluate And Update Your Coverage
Though your Long Term Care insurance can not be cancelled for health reasons, you may experience health changes throughout your life that can motivate you to reconsider your Long Term Care coverage. By periodically re-evaluating your coverage as you age and your health changes, you make sure that you have the per diem rates and coverage plans you need for your evolving health.
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When it comes to your future, you most likely have much of it covered. You have probably spent a great deal of time making sure you are investing in retirement so that you can live comfortably. You most likely also have quality health insurance that will cover any medical issues in the years to come. You probably even have a life insurance policy so that your passing would not be a financial burden on your family. However, what happens if you face an illness or an accident that means you need continued care with everyday life?
If you have not already started thinking about long term care insurance, then it is definitely important to begin considering it sooner rather than later. Anyone could face an accident or an illness that could mean that you need this care. Generally, the insurance is considered a need for the elderly, but it is important to consider purchasing it early for many reasons.
Since choosing the right coverage and policy can be more than a little confusing, you definitely need some pointers to get you in the right direction. Below, you will find five things you need to know before purchasing any insurance. If you follow these five pointers, you will be better prepared for researching and choosing your policy.
1. Policies for this type of coverage can vary widely depending on need, location, and type. In order to navigate through all of the available policies, the first thing you will need to do is a little research to determine your coverage needs. There is no sense in purchasing more insurance than you will require, but it could be detrimental if you purchase too little of the coverage.
The best way to do this research is to consider the facilities in your area. You will need to look at assisted living facilities, nursing homes, and visiting care facilities. In addition, you will need to look at the cost if you will require someone to live at your home and provide care. With a few phone calls and Internet searches, you will be able to get a better idea of how much it could cost should you require long term care. With this information, you will better be prepared to choose the right coverage.
2. Consider what the policy will and will not cover. Instead of purchasing the lowest cost policy, which could lead to financial hardship in the future, you should purchase the right coverage now.
The coverages can include coverage if you need to enter an assisted living facility or a nursing home as well as home care. You can choose coverage that only pays for one or more of those situations, but be careful what you choose. For instance, if you choose only home care coverage, you could find yourself in a financial tangle if you were to suffer debilitating illness and need to enter a facility.
3. Purchase the insurance sooner rather than later. Many people make the mistake of waiting until it is too late to think about this coverage. After you reach a certain age or after you are suffering from major pre-existing conditions, you may not be able to even purchase the coverage. In fact, the cost of the premiums will go up considerably with age. If you make the policy purchase while you are middle aged or before you retire, you will be able to get the best possible premium price.
4. Understand the rules and stipulations. The first thing you will need to remember is that the pay out from this type of insurance policy does not begin immediately. Usually, there is a wait period of sixty to ninety days referred to as an elimination period. Additionally, you will need to remember that the policy may not cover all illnesses or accidents and it may not cover all of the possible care options. By knowing the stipulations and reading the fine print before you purchase, you will be able to save yourself confusion.
5. Ask questions. The insurance can be very confusing. There are a number of choices you will have to make. If you have any questions or concerns, do not be afraid to ask them and get the answers you need.
When it comes to considering the future, you need to make sure you are protected without undue financial burden. Choose long term care insurance to make sure your day to day care will be provided for.
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Long Term Care insurance is a specialized form of insurance that pays for the ongoing health care received in an assisted living facility, nursing home, or in the home by a qualified provider. It is designed to provide coverage for health care areas not covered under a traditional health care plan, by Medicare or by Medicaid.
There are two main types of Long Term Care insurance policies available. These types are Tax Qualified and Non-Tax Qualified. The main difference lies in the taxability of the benefits and the requirements to activate the policy. Non-Tax Qualified plans require only one activity of daily life to be impaired, but benefits received are taxed. Tax Qualified plans require two activities of impairment, but benefits received are not taxable.
Long Term Care insurance plans are available in both forms from a variety of mainline and specialized provided, although Tax Qualified plans are more popular in the marketplace at present. When you seek out Long Term Care plans, keep your own personal needs and financial situation at the forefront as you choose which plan is right for you.
The younger you are when you purchase Long Term Care insurance, the lower your premium will be in general. Health and planned health is another aspect to take into consideration as you weigh out the different costs. Don’t be afraid to get multiple quotes to be sure that you are getting the coverage that you need at the facilities you want to be in for your area and physical condition.
Information Needed For A Long Term Care Insurance Quote
To get a quote for Long Term Care insurance, you will need to have your personal health information at hand. You should expect to answer basic demographic information questions as well as in depth questions about your medical history. If you have any pre-existing health conditions, they will need to be evaluated as a part of the pricing of your coverage.
Common Long Term Care Insurance Policy Features
Long Term Care policies have several common features. One big regulatory feature to keep in mind is that in the US, the language of your plan can not be changed after it has been put in force, making your coverage features binding for the life of the plan. Other common features of Long Term Care insurance policies are:
- Reimbursement payments. Payment for your Long Term Care is done on a reimbursement basis.
- Elimination Period. Before Long Term Care insurance coverage kicks in, you will have to wait out the elimination period. This is a period defined in your policy and usually equals somewhere between 20 – 120 days before coverage begins.
- Per Diem Limits. Coverage under your Long Term Care insurance plan will have daily limits on costs of care. You will be responsible for any costs that are above the daily limit.
- Health Cancellation Protection. Your Long Term Care insurance policy can not be cancelled due to a health issue that occurs after your policy has been put in force, and policies are designed to be life time renewable. Basically, you can only earn a cancellation for non-payment or if you move to have the policy cancelled.
Long Term Care Insurance Discounts Available
Bundling your Long Term Care insurance plan with other health and wellness plans from the same carrier is the best way to earn discounts. This kind of discount applies regardless of age.
Another common path to Long Term Care insurance discounts is membership in certain groups and professional associations. These discounts may not be available in all regions or from all carriers, but it never hurts to ask.
Long Term Care Insurance Exclusions To Note
If you plan to retire abroad, you will want to check the fine print in your Long Term Care insurance plan. Most policies only apply to care facilities in the continental United States. There are a few select plans that offer out of country coverage, but this is generally limited to a few designated care locations.
Some policies also require that Long Term Care insurance be in force for at least one year before any benefits can be paid. For this reason, it pays to buy Long Term Care insurance well before you think it will be needed.
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We all have to recognize the fact that certain things are inevitable. Almost everyone will, at some time in their lives, require long term care. For most people, this time will come when they reach advanced age, but there is a possibility of the needed care no matter how old you are. Whether it comes from an accident or from an illness, the need for long term care can arise quickly.
This type of care, however, can be quite expensive, and many people find themselves struggling to cover the costs of the care. This is why long term care insurance can be very important. This type of insurance is specifically designed to help with the costs of care when you cannot care for yourself.
Before going over the details of the policies, it is important to understand what the insurance is not. This is not a health policy, and it will not cover the costs of medical bills. It is also not coverage for rehabilitation care and it will not pay for the costs of any rehab that you may need to recover from your accident or illness. Instead, long term care insurance is specifically designed to pay for the care you will need to handle everyday living. The care can include your needs, like cooking, bathing, and dressing as well as the day to day maintenance and cleaning of your home. Other things that may be included are actions like shopping or checking the mail.
Now, let us take a few moments to go over the details of this type of insurance and how it could be important for you and your family.
When to Purchase
Most people think that this insurance is only for the elderly; however, if you wait until you are a senior, you may not be able to purchase a policy. The insurance is better bought when you are middle aged. If you are a little under retirement age and you have no pre-existing conditions, you can obtain a lower premium for the insurance policy.
In some cases, if you are over a certain age and you have any pre-existing conditions, you could either be turned down for the insurance or you could face a higher premium.
By purchasing the insurance earlier in life, you will be saving yourself money and protecting yourself from any accidents that could happen before you are a senior.
Factors that Can Affect Premium
Just as with other types of insurance, there are a number of things that can affect your cost for the coverage. Geographic region can have a large impact, meaning if you live in an area that has an inordinate amount of claims, your premium could be higher. Other factors can include your age, your physical health, and the amount of coverage you wish to purchase.
The Elimination Period
Quite simply, this is the period of time from when you need long tern care to when the insurance will actually start paying. Generally, this period is for sixty or ninety days, but the actual amount of time will depend upon the insurance policy that you purchase.
Understanding that there will be a wait period is important for you to know before you purchase the insurance. It will not start paying right away. This can keep you from facing a big issue should you need to file a claim.
Making a Claim and Getting Pay Outs
When you have a long term care insurance policy, you cannot just make a claim whenever you want. In order to actually get the insurance to pay out, you will need information from your physician, stating that you do in fact need long term care. Once you have received a written statement from your physician, you will be able to make the claim on your policy.
You must face the fact that, somewhere along the road, you may need long term care. Whether this need comes from an accident, an illness, or mental incapacitation from Alzheimer’s disease, you could face a very large cost. In order to keep this cost from becoming a financial burden for you or your loved ones, you could choose to take out a long term care insurance policy.
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