I was asked this question recently on Caring.com. It is a common question on the minds of many that I talk with as they are beginning to familiarize themselves with the actual costs of long-term care.
Here is the answer I gave:
“This is a very good question since the cost of long-term care is constantly rising. […]
The American Association for Long-Term Care Insurance suggests the following tips that can help you significantly reduce the cost of insurance coverage.
1. Leverage Your Good Health: Insurers will require you meet certain health qualifications to obtain coverage. Discounts are provided to those in good health and 62 percent of applicants between ages […]
Of course, everyone wants to stay as healthy as possible for as long as they can. But the sad truth is that the longer we live due to good health, the more likely we will spend more on our healthcare overall.
That’s the conclusion of a a report this week from Boston College’s Center of Retirement […]
Alzheimer’s is one of the leading causes of long-term care for seniors today. If no effective treatment is found soon the costs associated with this disease will be staggeringly high.
A recent article in McKnight’s Long-Term Care News on this subject revealed these details:
“Without an effective treatment, the cumulative costs of caring for patients with Alzheimer’s […]
Just recently John Hancock, one of the leading long-term care insurers, has announced a major premium rate increase to new applicants only. I have been asked by many whether this is a good or a bad thing overall, and here are a few thoughts on the subject:
The cost of insuring long-term care is constantly rising […]
Every year Genworth publishes an up-to-date compilation of rates gathered from all fifty states for the cost of home health aides, adult day-care centers, assisted living facilities and nursing facilities.
The new version has just been released and is available for download. Its a good practice to use this guide to help stay up with the […]
The current economic climate has made saving and preparing for retirement years even more difficult than it was before.
But if you also add the uncertainty of the viability of government programs like Medicare and Medicaid to be there if needed to cover a portion of health costs, the picture gets even worse.
A recent study […]
No one likes to think of a time in life when they may need constant care, but it happens to millions of us. Unfortunately, most people procrastinate their search for a quality facility until a major illness or disease has occurred that makes a nursing facility necessary.
Under these circumstances, it is very difficult to make […]
It’s not very common to see the issue of long-term care planning raised on network television. But CBS news aired an interview with SmartMoney.com’s Contributing Editor Stephanie AuWerter, who had some very positive things to say about the need for looking ahead and being prepared before these issues arise.
Here is some of what she said: […]
Finding quality care in a nursing facility can be a real challenge for families who have someone who needs long-term care services and support on a continual basis.
The last thing that anyone would want is for their loved ones to languish in a nursing facility where substandard care is being administered.
But which nursing facilities are […]
Many people still have the idea that long-term care is mainly administered in nursing facilities. But a recent study helps explode that myth as it reveals that almost three times as many people receive long-term care services at home as compared to those in facilities.
The other important finding in this study is that long-term care […]
A common question that I am asked about long-term care insurance is what tax advantages are available for owners of a LTCI policy?
Unfortunately, the answer to that question is a little involved and it depends on what kind of employment you have and how old you are as a policyholder.
Here is an excellent quide provided […]
One of the leading causes of the need for long-term care services among seniors is cancer. Well over a million people are diagnosed with cancer every year.
Some recent finding indicate that diet can have a significant impact on the prevalence of cancer in seniors. Here is what a recent article had to say: “According to […]
One of the major advantages of long-term care insurance has always been the flexibility that it affords the policyholder to choose the setting and quality of care on their own terms. It makes sure that you are not left to the whims of a governmental agency to decide what care you receive and when and […]
For those of us that have worked with the buying public on the subject of long-term care insurance for some time, it is no surprise that studies reveal very little understanding on the part of the general public about the costs associated with long-term care and the options that they have to pay for those […]
Some news outlets are emphasizing the critical need for LTC planning by singles.
Without a spouse or child to help care for them, many must rely completely on facility-based care or paid professional caregivers when faced by a LTC event. There are 96 million singles in the U.S. today, which represents 43% of the adult population, […]
The IRS has just announced the new tax deductibility limits for 2010 for long-term care insurance and the benefits have increased over 2009.
Here are the 2010 limits:
Attained Age Before Close of Taxable Year
Age 40 or less: $ 330
More than 40 but not more than 50: $ 620
More than 50 but not more than […]
Many people looking at long-term care insurance seem to focus mainly on current costs of care. But the cost of long-term care services are constantly going up whether its home or facility care.
That is why a very important ingredient of any serious long-term care plan is to make sure that the funds allocated for care […]
More and more people are beginning to recognize that long-term care insurance in states that have a long-term care partnership program is really a good deal. It also allows the greatest freedom of choice for the quality of care received and the setting that is most desirable.
Here is an article from the Jackson Sun […]
It’s always helpful when the media comments in a positive way about the challenges facing seniors regarding long-term care and discusses long-term care insurance as a solution.
Two major articles during the last couple of months have focused on this subject and each is from a well-respected source. One is from US News and World Report […]