Monday, November 23, 2009

Your Future

No one can predict the future! Minimize the stress in your future by implementing a Long Term Care plan now!

It is important to have your plan in effect before you need it. If you put off purchasing a plan until you need it you may not qualify for it due to your health. If you do qualify the cost may be prohibitive. The best time to purchase Long Term Care is now, because premiums are based on your current health condition and age.

Don’t put off for tomorrow what needs to be done today!

Give me a call and allow me to share the many options and plans available in today’s market. There’s one that’s right for you

Friday, November 13, 2009

You're NOT Too Young To Plan NOW For Long-Term Care

November is Long-Term Care Awareness Month, .... even the U.S. Congress has urged "the people of the United States to recognize (this) as an opportunity to learn more about the potential risks and costs ... and the options available". We're proud to support this important educational campaign.

Smart reasons to think about long-term care as part of your overall financial plan.

You protect against other risks like a car accident or house fire. A need for long-term care is a risk to your savings and to your retirement. It will impact your family and loved ones. Just as it is smart to plan ahead for retirement, it's smart to plan now for long-term care. Here are some things you should know:

Buy before age 65; avoid the high cost of waiting. Your age and your health are important factors that determine the cost of long-term care insurance protection. Costs are based on your age at application and go up each year. By waiting to purchase until you are closer to retirement you might find it's just too expensive to buy this important protection.

At younger ages you can lock in good health special savings. Your good health today can help you "lock in" preferred health discounts that won't change even if your health does. If you currently have a health condition it's especially imporant to find out if you can health-qualify before it may get worse.

Discounts can help significantly reduce the costs. I believe you will be surprised by how affordable long-term care insurance protection can be for some of the newer plans suited for people your age. Today, there are ways to reduce the cost of long-term care insurance; savings available when you plan ahead.

The first step is in yourn hands. Getting the information you need to make an informed decision is always a smart move. Waiting is never advantageous. I encourage you to make this first step. Call or email me. There's no obligation, of course, Make Long-Term Care Awareness Month the time you start planning!

Thursday, November 5, 2009

Additional Legal News ... You can Use

Question: Can a long-term care insurance policy be owned by an (irrevocable) trust? The goal of having this done to have the trust pay benefits directly to a facility so the actual person won't lose VA access to whatever care VA covers. It seems that if one had income from a policy reimbursemnent, it could mean they couldn't get the VA coverage.

Answer: To answer this question, our expert spoke with the VA to get a more definitive answer, but they didn't have an answer either without consulting the local eligibilty office (so the final outcome could depend on where the individual lives).

A long-term care insurance policy can be owned by an irrevocable trust if the carrier allows 3rd party ownership. That being said, this may not accomplish what the client wants. I assume the client is concerned that the LTC benefits would disqualify him or her from medical benefits (as the VA nursing home is free). If this assumption is correct, are the client's VA benefits dependent upon low income? If not, the benefits should have no effect on eligibility. If the benefits are dependent on low income, it does not appear that the application asks for such payments in the income section, however, they should contact the local VA eligibility office to definitely answer that income question.

Question: If a single woman buys LTC insurance and then later gets married and the spouse buys coverage, is the spousal discount applied to the second policy? Or, how does it work?

Answer: With most carriers this is how it would work. Ms. Smith purchases coverage with carrier "x". When married and Mr. Jones gets coverage (also with carrier "x") Mr. Jones' policy will be issued with the spouse discount. The new Mrs. Jones (Smith-Jones if you prefer) will have the spousal discount applied as of the effective date of her (new) husband's policy. Rules will vary from insurer to insurer and because the spousal discount can be so significant, it is worth checking this out in advanced.