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Long term care insurance can be a complex and sensitive subject – one that
most people hope they will never have to take out. As the name suggests, it is the name given to the insurance that provides coverage for the care given to a person when they need permanent and continuous care.

Long term care has been described as the biggest challenge that an elderly
person could have - and an estimated 70% of people aged 65 or over will need
long term home care at some point in their lives.

This care is usually provided by a family member or close relative – often a
spouse, a daughter or daughter in law. Around 70% of long term care is provided
in the home and can include medical care and help with everyday activities. Long
term care insurance offers coverage and benefits for services not covered by
regular insurance or by Medicare.

Not surprisingly, long term care doesn’t come cheap and paying for it can be a
challenge – studies show that the average cost for the insurance increases by
around 12% every year – the average cost of a year spent in a nursing home is
around $41,000.

Long term care insurance makes sense if you are young and have the necessary
time to prepay for adequate coverage – although most of us don’t think about it
when we are young. There are several different methods of paying for the
insurance, or for older people who don’t have the funds; there may be other
options, such as using money from assets. Medicare may help cover the costs for
those who have no other options.

Apart from being an unavoidable fact of life for most older people, long term
care should not necessarily be seen as something negative. For many people, it
offers a way to maintain some of their independence as well as peace of mind,
and ensures their later years won’t put a strain on family relationships.

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The costs of long term care, just like any the costs of any health care, can be very expensive. Many people opt to purchase long term care insurance; though residents of some states feel the insurance benefits the state more than it benefits the policy holder. Fortunately for residents of sunny California, purchasing long term care insurance offers additional benefits that are not offered in most other states. This is because California has a partnership for long term care program. This means that in California, you do not have to spend your own money, commonly referred to as “spending down,” or use all of your own assets in order to qualify for state financial aid when it comes to your health costs.

In California, there are two basic types of partnership program policies. The
first one covers any health care benefits that you receive in a nursing home or
assisted living facility, which are the two most expensive areas of long term
care, especially in the northern states. The second type of partnership program
policy covers all health care benefits, whether you receive them in a nursing
home, assisted living facility, or at your own home.

Some of the most basic health and financial benefits of a California partnership
program include benefits that can be received in your own home and/or a nursing
home, services to help you plan and receive the long term health care you need,
a deductible that you only have to pay once in your entire life, premium waivers
during your stays at a nursing home or assisted living facility, and protection
against inflation should the cost of long term health care rise.

Yes, California residents are quite lucky to have the option of looking into and
taking part in a partnership long term care insurance program that does not
require them to spend any of their own money for the costs of long term care.

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When you’re young, vibrant and healthy, it’s hard to think years ahead into the future of your health. It’s even harder to imagine a serious illness or injury befalling you that could require long term care. But it’s when you’re young and healthy that you should consider purchasing long term care insurance.

Like so much in life, being prepared for health emergencies can best be appreciated once you have one. If you ever need to use your long term care insurance coverage, you’ll be thankful for your foresight on a daily basis.

Though it’s hard to look ahead and consider difficulties that might face you, considering them now can pay you huge dividends in the future. If you purchase long term care insurance while in the prime of your life, you will have the peace of mind that comes from knowing your needs will be taken care of when and if you get ill or injured. You’ll know the costs will be covered and you’ll know – perhaps to your relief – that you won’t have to rely on friends or relatives for care.

So, when should you consider the purchase of long term care insurance? For many of us, right now is as good a time as any.

First, can you afford to pay the premiums on your long term care insurance policy? Long term care insurance premiums skyrocket with each passing year. Buying a policy in your 40s or 50s may seem unnecessary, but it will lock in a dramatically lower premium for the rest of your life. Depending on your tax situation, age and current salary, there may be some tax benefits for you.

Do you have any health problems now or is there a history of long-term illness in your family? If so, you might want to purchase long term care insurance before you actually need it. If you are already ill or have a long term illness, you might not qualify. It’s best to purchase your long term care insurance policy before you get into a situation that could exclude you from getting the coverage you need. If you are ill or already suffering from an injury requiring long-term care, you might not be able to purchase a policy.

Are you younger than 65? Waiting to purchase a long term care insurance policy until you are older than 65 can cost you considerably more than if you purchase at a younger age.

Do you have close friends or family that would happily take on your care needs? Do you want to burden friends or family members with your care? Even if you have close family and friends and might prefer their care to the care strangers would provide, purchasing a long term care insurance policy would give you an opportunity to give your family member or friend a break now and then. You might use the care paid for by your long term care insurance policy to aid you on weekends or evenings, when family members or friends handling your care need a break.

Purchasing your long term care insurance policy while you’re healthy is one step toward independence. You can perhaps get a better rate on the policy and you can make decisions about your care before you actually need it.

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Experts estimate that at least one of every two Americans will require some sort of long term medical care at some point in their lives. How you pay for this care is something you should consider now, before you need it, and for many people purchasing a long term care insurance policy helps guarantee peace of mind.

But how do you choose a long term care insurance policy? Purchasing any kind of insurance can be uncomfortable for many people, but purchasing long term care insurance might be harder because it forces you to consider many important decisions that you’ve never faced before

Long term care insurance, may cover your daily in-home or nursing care needs in the event you need it. You might get injured and require long term care, or suffer a long term illness. As you age, you might simply need help with daily tasks either at your home or in a nursing home. This type of long term care can be expensive, prohibitively so for many people, but for those that need to use their coverage, long term care insurance can prove to be invaluable.

So how do you choose a long term care insurance policy?

First, consider the insurance company. Since it could be many years or decades before you need your benefits, make sure the company you choose has been around for some time and will reliably be around when you need it. Be sure to check their Best rating for financial soundness.

Consider some details of the insurance policy. How long of an elimination period do you want? An elimination period is how long you will pay your expenses out of pocket before your insurance company will start paying your expenses. When purchasing a long term care insurance policy the choices are generally 90 days, 60 days or 0 days. You can choose to have an inflation adjustment option. You also have the choice of the length of coverage. The average length of a nursing home stay is 2.5 years, so you can choose the average length of stay for coverage, or some other coverage period. It might be an unlimited number of years, or you might choose just 2 years, or as many as 5. This is an important determination in choosing your insurance. Balance the costs and risks of outliving your long term care insurance carefully.

Another choice you might make when purchasing long term care insurance is how long your insurance company will provide coverage overall (a set number of years or for an unlimited period of time).

Finally, think where you might get care. Make sure the policy will cover all types of care, whether provided in a skilled nursing facility, a nursing home or in your own home.

It’s important to consider the various options when purchasing long term care insurance. Be sure to read the policy to understand the benefits and limitations of the coverage and its cost. Any insurance agent you are working with can also help with questions you have about purchasing a long term care insurance policy.

Visit Long Term Care Guide to learn more.

You work hard all your life so you can have a happy, comfortable retirement. You might even feel confident with the knowledge that if you were to get sick or injured, you have the necessary assets to cover some long term care assistance as you age. This could be the very definition of planning for the future.

But are you really financially prepared for serious long term care? Nursing home and in-home care can be very expensive. You could deplete a retirement nest egg in just a matter of months. Without a long term care insurance policy, you’re paying right out of your own pocket for your long term care. Will your health or your finances give out first?

Many people believe that they can rely upon their children or grandchildren to care for them as they age. Surely, they can help care for you if you need long-term care. They might be more than willing to take on this job, too. But what happens when your caregiver goes on vacation, or just needs a break? What if your long term care needs become constant and are more than your loved ones can provide?

Purchasing long term care insurance before you need it helps to eliminate these risks. A long term care insurance policy gives you peace of mind that you will be well cared for, no matter what your assets are, and without becoming burdensome upon your family. You might never need it, but as you hear about friends who were felled by a broken hip or stroke, and their struggles getting or affording care, you will rest easy knowing you took charge of your health before it took charge of you.

Let’s say you have amassed a nice retirement nest egg, but suffer a stroke. Hard to think about, sure, but strokes are common and can require long nursing home stays. The average annual nursing home cost per year is upwards of $60,000. If you live near a large, metropolitan area, the cost will be more. Even if you need just a few months of care, this is a large expense to shoulder. Add in other costs associated with your long term care and you could be talking a large sum of money, paid for out of your pocket without a long term care insurance policy.

If you don’t have sufficient assets to pay for your care yourself, or the co-pays required by Medicare, your family might end up shouldering the burden. Your children or grandchildren might have to pay for some of your long term care. If you think ahead, purchase a long term care insurance policy and plan for the future, you effectively protect yourself and your loved ones.

By purchasing a long term care insurance policy before you need it, you not only give yourself peace of mind, you handle several problems simultaneously: You protect your precious assets; you give peace of mind to family members who will handle your long term care; and you ensure that when and if you need care, not only will the costs of your care not deplete you, but you and your family won’t even have to worry, as the bills are handled by your insurance company.

Long term care insurance policies can be expensive (and they get more expensive if you wait until you are 65 or older to purchase one), but can truly provide peace of mind and pocket for the rest of your life.

Visit Long Term Care Guide to learn more.

Should you consider purchasing long term care insurance?

It’s no mystery that Americans are living longer. As people become more aware of and apply sound, healthy principles to their lives, they live longer, healthier, more vibrant lives.

But it’s that confidence that they’ll live a long, vibrant life that leaves many Americans lacking in one crucial area: planning for the possible setback. The unfortunate fact of aging is that as we get older, most of us need some help with everyday tasks. While friends and family can often pitch in, what if you develop the need for professional long term care? Are you and your family members ready financially for such a blow?

If not – and the unfortunate answer is ‘no’ for most people – there is a powerful and increasingly popular solution called long term care insurance. By purchasing a long term care insurance policy, you cover yourself and your family in case the difficult “what if” scenario becomes real.

Long term care insurance is simply an insurance policy designed to cover the long term care costs of assisted living facility or full nursing home. Many policies also cover the costs of an aid for in-home care for those with lesser assistance needs. Though generally designed for the person over the age of 65, many people are purchasing the policies at younger ages to keep the premiums lower, and , if needed, can utilize its benefits anytime even before the age of 65.

A person might need long term care (and therefore use their long term care insurance policy) when they need help with a variety of tasks, which might include: using the bathroom, managing pain, eating, attending to personal care, walking and bathing. Experts say that more than 60% of all people will need help with simple tasks like these at least once in their lives. The need might arise from a variety of factors including temporary long term care sought after an injury, during recovery from a surgery or illness, or during a terminal medical condition. Though seniors will comprise the bulk of people needing long term care, many younger people will require temporary long term care in their lives as well. Long term care insurance policies can help with all of these things.

Ongoing long term care (which might be required for months or years) encompasses – among other things — chronic medical conditions, senile dementia, and permanent disabilities. A long term care insurance policy can help pay for services relating to these needs as well.

Your long term care insurance can pay a part or full share of daily nursing home costs or help offset or pay the full cost of in-home care. It might give an older person the advantage of living at home with all its comforts while receiving in-home care, rather than living in a nursing home paid for by the government. It can provide the comfort of choice and peace of mind to the patient and his or her family members.

Visit Long Term Care Guide to learn more.

Whereas the rules and regulations governing long term care insurance can be
complex, in most states, there are some standard guidelines which must be
adhered to. Florida is no exception and policies are issued under strict rules and policies.

In Florida, a long term care policy must cover at least two years of nursing
home coverage. A policy must also provide coverage for what is known as a lower
level of care, such as adult day care or home health care. The three basic
levels of care are known as skilled, intermediate and custodial.

Some long term care policies offer certain tax advantages, known as qualified
policies. Although they tend to offer the same benefits as other types of
policies, the eligibility requirements may vary on these qualified policies.

If you are considering taking out a long term care policy, as with all major
purchases, it pays to shop around. Compare premium amounts, level of service
offered as well as any other features you may require. The coverage will be
based upon your age, income level and general health. In Florida, you have the
right to see a copy of your coverage – in easy to understand terms.

Long term care policies sold and issued in Florida cannot exclude coverage for
named medical conditions or such conditions as dementia or Alzheimer’s. A long
term care policy will typically not include coverage for such things as nervous
disorders, drug addiction or attempted suicide.

Under Florida law, you have certain other regulations that your insurance
company must follow when you take out a long term policy. The insurance company
cannot cancel your policy unless you simply don’t pay your premiums or you do
not disclose required information. State law in Florida also requires companies
to offer protection against inflation on long term care policies.

And Florida may soon have the strictest guidelines in the United States covering
long term care insurance. A bill passed in early 2006 aims to protect current
policy holders from huge rate increases as well as making long term care
insurance affordable for all Floridians.

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What is long term care insurance?

Long term care is a phrase used to describe the care given to people who need assistance doing everyday things – eating, using the bathroom, moving, bathing, dressing – and long term care insurance is the insurance that helps cover the cost of this assistance. Long term care may be provided in a nursing home, an assisted living facility, or even at home.

Should I buy long term care insurance, and if so, when?

Not if you are lucky enough to have friends and family members who will agree to
dedicate the time to help you with these every day activities; however, even
those who love you the most will need a break occasionally.

Federal and State programs such as Medicaid and Medicare may cover the costs of
long term care, but not everyone qualifies for these programs. If you are
considered too wealthy for these programs, you may want to consider purchasing
long term care insurance.

Purchase long term care insurance at a young age; at least before the age of 60.
Younger people are less likely to be turned down, and premiums are lower for
younger applicants.

Is there any way to save money?

Sure. Shop around and compare long term care insurance companies. Try buying a
group policy from your employer. Choose a policy with a longer waiting period.
Buy a joint policy with your spouse. Look for policies that cover most of the
cost, rather than all of the cost.

How do I find a dependable long term care insurance company?

As is the case with all insurance companies, check them out with independent
rating companies. Make sure the company has a good reputation, has been around
for a while, and is financially stable. You may purchase a long term care
insurance policy today, and not need it for fifteen years. Is the company you
choose going to be around by then?

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Blue Cross Blue Shield of Michigan will start a new company that will offer long term care insurance policies beginning in July 2006 and concentrate on providing long-term care services to individuals.

The individual policies would include coverage for assisted living and nursing care but there would be no group coverage products available.

CHRONIC ILLNESSES CAN BE COVERED BY LONG TERM CARE INSURANCE

Unlike traditional medical insurance coverage, long term care coverage helps patients address chronic illnesses and disabilities that employer policies and Medicare don’t cover. They usually include meals and help with daily activities such as bathing and getting dressed. This will help protect them as the average cost of nursing home care is more than $50,000 a year, according to the AARP.

U.S. Census data suggest that the population of people 65 and older will double to more than 70 million by 2030. Meanwhile the average growth in the number of long term care policies has been 18% a year.

COMPANY WILL GO NATIONAL WITH ITS LONG TERM CARE INSURANCE

The new company expects to have 12 employees the first year and expects to expand its long term care business to other states.

Currently, there are about 100 insurance companies, across the nation that sell long term health insurance products. Blue Cross Blue Shield of Michigan, which provides health care benefits to 4.7 million members, will be the sole investor in the newly formed company.

‘What you will see, traditionally, is that there have been several companies that offer such products,’ said Mohit Ghose, a spokesman for America’s Health Insurance Plans, a Washington, D.C. based healthcare association representing 1,300 member insurance companies. ‘I think more choice for consumers is always a good thing.’

About The Author
Ivon T. Hughes of The Hughes Trustco Group is a licensed Insurance Broker. Author of The Life Insurance Handbook. Get a FREE Copy TODAY!
Email:
Web: http://www.hughestrustco.com

Long term care insurance isn’t cheap - affording this type of insurance can
be a challenge, especially if you are elderly, in poor health or otherwise not
in a position to prepay for coverage. It can also be confusing shopping around
for this type of insurance and understanding exactly what is covered, and what
the premium amounts are.

If you are purchasing long term care insurance, some things you should look for
are the conditions covering home care and nursing home care, qualifying periods
and the tax implications. Ideally, try to take out coverage from an insurance
company that specializes exclusively in this type of insurance.

Obviously, the younger a person is when they take out long term care insurance,
the more affordable it tends to be as the payments can be spread over a longer
period of time. Many insurance companies also offer a 10 to 20% good health
discount which is less likely to be applicable as you get older.

There are several other options available to help with funding. Often, a family
will spread the cost out between several family members, thus keeping premium
payments lower and affordable – every family member has a fixed monthly or
yearly payment. Some employers offer long term care insurance as part of their
benefits package.

Assets can sometimes be sold to cover the costs of long term care insurance.
These assets might include a second home, any rental properties or a small
business. If you can afford to keep your investment intact, though it usually
makes better financial sense to use the income from the asset to purchase long
term care insurance.

There is also an option known as a reverse mortgage, which is used by older
homeowners to obtain cash from the equity in their home. The money from the
reverse mortgage, which is usually accessed through a line of credit, can enable
many people to cover the otherwise prohibitive costs of long term care.

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