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Elliott
Wed Aug 10 21:42:55 2016


"Benefit triggers" are the conditions that must occur before you start receiving your benefits Most companies look to your inability to perform certain "activities of daily living" (ADLs) to figure out when you can start to receive benefits Or click the box below and complete our private request for information form cost of ltc insurance Your information will be shares WITH ONLY ONE long term care insurance specialist appointed in your state and able to compare multiple insurance policies .

Dating Family & Friends Sex & Intimacy Caregiving Your Home Personal Technology Auto Discounts Hundreds of consumers call the Association offices each year and many ask similar questions: "How much does long-term care insurance cost?" "How do I know what to buy?" That is what we are here to do -- and you should feel free to call us at But, while we can offer general information, at the end of the day no two people (or couples)are the same .

And your long-term care plan must meet your needs and budget Provided by, or in, a Veteran’s Administration or Federal government facility, unless a valid charge is made; retin a micro price without insurance .

The estimated premium(s) shown is based on individual policy form series ICC13-8000R1 and ICC13-8001R1 with the Daily Benefit Amount and Benefit Multiplier Maximum that you selected The estimated premium does not include the cost of additional riders and assumes a 90-Day Elimination Period, 100% Assisted Living and 100% Home & Community Care coverage Other Benefit Multipliers, Elimination Periods and benefit increase options may be available depending on the coverage offered Premiums are not guaranteed and are subject to change.

This calculator provides long term care insurance premium estimates for {STATE} only, and assumes a 90-day elimination period cost of ltc insurance cost of ltc insurance The Basics Just beginning to think about long-term care? Start here; it’s more than just insurance Medicare, Medicaid & More Find out what is covered and what is not Where You Live Matters Is your home, community and state well-suited for aging/long-term care? How to Decide Protect your family by thinking ahead and making your decisions known Costs & How to Pay Long-term care is expensive, but there are several ways to pay for the care you may need cost of ltc insurance.

Women Generally Outlive Men By Several Years They face a 50% greater likelihood than men of entering a nursing home after age 65 Source: "Guide To Long-Term Care Insurance.

Did You Know? According to the can expect to use some form of long-term care during their lives Source: "The Basics" US Department of Health and Human Services.

These pressures have caused consolidation in the industry as many carriers exit the long-term care insurance business Prudential dropped out of the category earlier this year (in March for individual and July for group, to be specific) MetLife exited in 2010 The top 10 carriers accounted for 93% of the long-term care insurance market share in 2011, according to LIMRA, a world-wide association of insurance and financial services companies This turmoil has hurt policyholders, too, in the form of steep premium hikes in some cases The average annual premium for a 50-year-old buying a fairly typical policy—one that would pay a daily $200 benefit for 3 years with a 3% compound inflation option--is now $2,235 annually, according to the American Association for Long-Term Care Insurance” Overall, premiums have risen between 30% and 50% over the past five years But premiums have stabilized as the remaining carriers price new policies to take rock-bottom rates into account, said Debra C Newman, president of Newman Long Term Care in Richfield, Minn Low interest rates have also spurred a shift away from the unlimited lifetime benefits of past policies, toward fixed benefits.

For example, a consumer might choose a policy that pays $3,000 monthly for 3 or 5 years (often, the term can be extended if you don’t use up the funds during the benefit period) These new fixed-amount policies also reflect the fact that few people live in a nursing home for more than five years According to projections by the congressional Budget Office, 45% of those who turned 65 in 2010 will eventually need nursing home care for any length of time, and only 9% will need it for five years or more Of course, people might need home care for longer than that.

Not all expenses are covered, however One common misperception is that, once an older person enters any type of retirement community for any reason, she can file for a claim In reality, most policies only pay out once a policyholder needs help with at least two activities of daily living, including bathing, dressing, eating or using the bathroom, said Al Schiebel, an independent insurance agent in Atlanta The best time to buy long-term care insurance is between ages 55 and 64, Slome said Before then, people often have competing needs for their cash, such as children’s college tuition.

Unlike life insurers, long-term care providers consider applicants’ morbidity risk—their likelihood of falling sick—in addition to their mortality risk Joe Heider, a financial planner in Cleveland, Ohio, with Rehmann, a wealth management firm, began talking to a client about long-term care insurance when the client was 63 The man put off the decision to buy and suffered a heart attack soon thereafter “Then, all of a sudden he wanted it,” Heider said.
Once you buy long-term care insurance, your carrier can’t cancel your policy or raise your rates based on your personal health status The insurer could, however, raise premiums across the board for everyone in your “policy class”—a complicated entity that could be based on the state where you buy the policy, or what features your policy includes Not surprisingly, the younger you are when you sign up, the less you’ll pay in premiums A married 50-year old choosing New York Life’s LTC Select Premier Long-Term Care Insurance today would pay $1,36431 in annual premiums for a policy that pays a maximum daily benefit of $200 for nursing or home care for a period of 3 years, up to $219,000; the policy offers an optional inflation boost every year, for an additional premium charge A married 60-year-old would pay $1,803.
(These are individual rates; premiums for group coverage purchased through an employer or other affiliation will vary) Premiums are paid until the policyholder dies or goes on claim New York Life charges the same for men and women, and executives say they have no plans to change that But GenWorld, the biggest carrier in the industry, recently announced it would soon charge women more for long-term care insurance, since they live longer, and experts expect other carriers to follow Many insurers give discounts to married couples on the theory that spouses help take care of one another; some give discounts only if both spouses apply, while others offer a break if only one spouse applies.

So who really needs long-term care insurance? Some financial advisers say anyone who’s amassed or surpassed a certain amount of assets—say, at least $2 million—can afford to self-insure against the risk of needing long-term care But others say the decision is not always a matter of dollars and cents Newman, the long-term care agent in Minnesota, once had a woman worth $30 million come in and ask about long-term care insurance “She said, ‘when you have a lot of money, you have a lot of heirs worrying about how you spend it,’” Newman said Buying a policy was one way the wealthy client took control of her future, Newman said.

Family members might be reluctant to spend down their loved one’s principal for any number of reasons On the other hand, a family might have only $500,000 saved but might be committed to spending it all, if necessary, on top-notch care for their elders Read the fine print before buying a policy Yes, it’s tedious, but “the language is enormously important” in outlining what’s covered and what’s not, Slome said Some policies pay only for caregivers who have certain qualifications; others don’t cover all retirement home expenses And don’t automatically go for a seeming bargain, Slome advised: “The policy that looks the cheapest might be so for a reason.


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