Tuesday, January 19, 2010

LTCi Policyholders More Likely than Uninsured to Receive Care at Home

Individuals who mistakenly believe LTCi is nursing home insurance may see the light after they see new figures on home health care. Statistics from a recent study indicate people who own LTCi receive significantly more home care and can stay in their homes longer than those who are uninsured.

Read "New Study Reports Three Times More People Receiving Health Care Support at Home Rather Than in Nursing Homes or Assisted-Living Facilities" by clicking here.

Monday, January 11, 2010

Long-Term Care Insurance Is Not Expensive

One of the great misperceptions about long-term care insurance is that it's expensive. One argument goes, "it's expensive because I could pay for something I never use."

Would you say the same thing about your homeowner's insurance? "It's a waste if my house never burns down." Or your car insurance? "I'd better total that car so I get my premiums back." Of course you wouldn't make either of these statements. That's because you know that every day many people have bad car accidents and every day house fires happen. You count yourself quite lucky when they don't happen to you.

The same is true for long-term care insurance. Every day many people submit a claim on their long-term care insurance policy. According to the American Association for Long-Term Care Insurance some 180,000 individuals are receiving benefits from their insurance coverage yearly. Some $8.5 billion is paid out annually.

Long-term care insurance is incredibly valuable protection to have should you need it. Consider yourself lucky if you live a long life and never need long-term care.

For those who are still not convinced, I'd like to share two real examples of individuals who purchased long-term care insurance. These are real people with the information provided to the Association by the nation's leading insurance companies at the beginning of 2009.

COMPANY A: Largest open claim: $1.2 million.
The individual (a woman) purchased long-term care insurance at age 43, paying an annual premium of $1,800. Three years later her claim began and has continued for almost 12 years ($1.2 million in benefits already paid).

COMPANY B: Largest open claim: $1.02 million.
The individual (also a woman) purchased long-term care insurance at age 72 paying an annual premium of $12,766. Three years later her claim began and has continued for almost 9 years ($1.02 million is benefits already paid) for her nursing home care.

Individuals between the ages of 55 and 59 paid between $700 and $6,950 for long-term care insurance according to a new report from the trade organization. People are taking advantage of readily available discounts to and policy design techniques to reduce the cost of coverage. You can too.

The cost for long-term care insurance coverage is based on a variety of factors. Some you have no control over such as your age and current health when you apply. Others are choices that can significantly impact what you pay. Understanding how to take advantage of applicable discounts and saving techniques can reduce the cost by 20-to-50 percent yearly.

Spouses as well as partners residing together can take advantage of the most significant discount available today when both parties purchase coverage. The discount can be as much as 40 percent applied to both policies. A number of insurers will even offer the discount when only one individual purchases coverage or can health qualify.

If you would like a no-obligation cost quote for long-term care insurance, please contact me by calling 239-280-3246 or E-mail me by clicking here. I can help make this important protection more affordable than you might think.

Tuesday, January 5, 2010

Get The Best Quote For Long Term Care Insurance: Part 1

Once you have made a decision to look into a long-term care insurance plan, the next step is to identify the various insurance players in the market and compare their rates.

If you are offered long term health care coverage at your place of work, it could be wise to compare costs and coverage with plans available on the individual market. You could find better coverage for less cost. Or, you might find the employer plan is the smarter way to go. It's always a smart move to compare.

To compare costs and coverage you must request quotes from an insurance agent or broker. Insurance companies do not sell long-term care insurance directly. If your employer offers coverage, there generally will be an agent involved to explain the plan or you might be offered information via an online website.

Long-term care insurance does not have to be complicated. But there are many moving parts and options available. If you are not familiar with them, you may find yourself overwhelmed with trivial and unimportant features. Or, you may end up with a number of different cost quotes for long-term care insurance that you really don't understand. I can help.

Each year, the American Association for Long-Term Care Insurance (http://www.aaltci.org/) conducts a national Price Index. I am a member of this industry organization and they report that prices from one insurer can be as much as 60 percent higher than another - for virtually identical coverage.

The least expensive might be excellent protection. Or, it might be missing a most important element that you won't realize until you eventually need care. Or, the insurance company may simply fail to offer a discount that could reduce your cost significantly.

Here are some three tips that could help save you time and energy, avoid frustration and ultimately help you get coverage you can afford and benefits that suit your need.

1. Compare Costs: There can be significant differences between what one insurance company charges as compared to another. For someone age 55, the cost differences could range from a few hundred dollars a year to almost one thousand dollars annually. Here's where it is important to determine if the insurance agent you are working with is shopping the marketplace to get you the best coverage for the lowest cost.

2. Shop Your Health: When it comes to long-term care insurance, your health is as important as your money. If you are in perfect health (the right weight, non-smoker, no medications) every insurance company will welcome you with open arms. If your health isn't perfect, some companies will offer you better rates than others. Again, that's where a knowledgeable LTC specialist comes in.

3. Start Low & Grow: Your cost for long-term care insurance will be based on various factors, your age, health and how much protection you buy. Start by pricing a plan that protects a set amount of assets; say $150,000 in today's dollars. Adding inflation protection option will enable your coverage to keep pace with growing costs. It will grow to $300,000 or more when you are likely to need it.

If you would like a no-obligation cost quote for long-term care insurance, please contact me by calling 239-280-3246 or E-mail me by clicking here.