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Long Term Care Insurance Network http://longterm-care.insurepoints.com Just another insurepoints.com site Thu, 17 Sep 2015 17:09:15 +0000 en hourly 1 http://wordpress.org/?v=3.0.3 Long-term disability insurance vs. long-term care insurance http://longterm-care.insurepoints.com/long-term-disability-insurance-vs-long-term-care-insurance-2/ http://longterm-care.insurepoints.com/long-term-disability-insurance-vs-long-term-care-insurance-2/#comments Thu, 17 Sep 2015 17:09:15 +0000 administrator http://longterm-care.insurepoints.com/long-term-disability-insurance-vs-long-term-care-insurance-2/ Long-term disability insurance vs. long-term care insurance
News from MarketWatch:

Insurance is all about planning for the “what if’s,” by protecting yourself and your loved ones, against worst-case scenarios.

As you age, these coverage decisions become more complex — and costly — to plan for the possibility that you’ll be unable to work or to take care of yourself (or both) for an extended period.

“Just because you’re healthy now doesn’t mean you can’t have something happen to you that’s going to require care,” says Jonas Roeser, co-founder and CEO of AgentReview.com. “That could mean a month and a half of care after a motorcycle accident or regular help with bathing after the age of 80.”

Weighing disability and long-term care policies

So, if you’re over 50, which should you be buying: a long-term disability insurance policy or a long-term care policy?

First, a shorthand description of each: Long-term disability insurance typically pays 60% of your wages, if you are can’t work, until age 65, and can be used to supplement Social Security disability payments. Long-term care insurance kicks in — at any age — when you can’t perform two of six functions of daily living, such as feeding and dressing yourself.

Insurance experts predictably recommend having both long-term types of policies. But if you can’t afford the separate premiums, here’s how to decide which is a smar…………… continues on MarketWatch

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Kansans who bought long-term care insurance hit with double-digit rate increases
News from Topeka Capital Journal:

Some Kansans who bought long-term care insurance got an unpleasant surprise this year when they received notice their premiums would rise by double digits.

A customer of Continental Casualty Company contacted The Topeka Capital-Journal after receiving notice that premiums for herself and her husband would rise by 60 percent. The Kansas Insurance Department confirmed the notice was authentic, and said many companies have had to pass on substantial increases to their customers.

Cindy Hermes, director of public outreach for the insurance department, said companies began offering long-term care insurance in the 1970s and 80s, and didn’t realize how long their customers would live. In the beginning, they set prices too low for what they eventually would have to pay out, she said, and most companies asked for “double digit” increases this year.

“They didn’t price policies for what was going to happen,” she said.

Hermes acknowledged rate increases of 60 percent or more are painful to consumers, but said the insurance department has an obligation to balance the company’s solvency and costs to its customers. Continental didn’t respond to a request for comment.

“We negotiate it as low as we can get it,” Hermes said. “When (the request to raise rates) came in, it may have been 150 percent or 200 percent.”

Craig Van Aalst, assistant direct…………… continues on Topeka Capital Journal

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Jimmy Rodefer: Consider long-term care insurance http://longterm-care.insurepoints.com/jimmy-rodefer-consider-long-term-care-insurance/ http://longterm-care.insurepoints.com/jimmy-rodefer-consider-long-term-care-insurance/#comments Tue, 01 Sep 2015 00:20:59 +0000 administrator http://longterm-care.insurepoints.com/jimmy-rodefer-consider-long-term-care-insurance/ Jimmy Rodefer: Consider long-term care insurance
News from Knoxville News Sentinel:

With Americans’ life expectancy now at about 79 years, some of our longer lives will be spent needing lengthy — and costly — long-term care.

The fact that long-term care is for many an unavoidable health care need helps explain why tax deductions — which many people don’t know about — exist for qualified long-term care insurance.

The Centers for Disease Control website explains LTC: “Long-term care services include a broad range of health, personal care, and supportive services that meet the needs of frail older people and other adults whose capacity for self-care is limited because of a chronic illness; injury; physical, cognitive, or mental disability; or other health-related conditions.

“Individuals may receive long-term care services in a variety of settings: in the home from a home health agency or from family and friends, in the community from an adult day services center, in residential settings from assisted-living communities, or in institutions from nursing homes, for example.”

A common mistake is to think Medicare pays for such needs as nursing homes, skilled nursing care; and assisted living services. It doesn’t, for these and more issues, which is a reason LTC insurance exists.

The maximum qualified LTC insurance tax deductions are determined by age groupings.

In 2015, the maximum eligible premium…………… continues on Knoxville News Sentinel

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Elder law tidbits: Long term care insurance, part 2
News from Ruidoso News:

(Tom Dunlap)

Let’s say you are going to buy LTC. You can afford it. You have researched the company and it is one of the three best in the nation. What to buy?

We all want to stay at home, so I’d recommend devoting a significant amount premium to home care. Take a policy illustration prepared by the agent, before you buy, to your favorite home care company and see what they think. It’s like people who buy legal insurance. The ins. co. says “we’ll do this and that for you,” but all I’m going to do is refer you because I don’t want to deal with all their forms and limitations on payment. Make sure the home care companies will deal with the insurer.

Allocate premium for coverage in posh retirement communities. These places are not nursing homes, but they do have levels of assisted living. None in Ruidoso… last time someone tried to build, the neighbors opposed construction downtown due to “cooking smells and traffic,” so plan a move to the desert…………… continues on Ruidoso News

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The Long-Term Care Insurance Product : Policy Design, Pricing, and Regulation
Paperback entitled: The Long-Term Care Insurance Product (Policy Design, Pricing, And Regulation). 2nd Edition, published by Ameri…
Long-term Care Insurance: Is it right for you? Are there better alternatives?
+Long-term care insurance is expensive +Insurers keep raising rates +Almost a third of owners have to stop paying! +Most of us wi…
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Ask Kim: Should we buy a shared-benefit for long-term care coverage? http://longterm-care.insurepoints.com/ask-kim-should-we-buy-a-shared-benefit-for-long-term-care-coverage/ http://longterm-care.insurepoints.com/ask-kim-should-we-buy-a-shared-benefit-for-long-term-care-coverage/#comments Thu, 27 Aug 2015 15:41:04 +0000 administrator http://longterm-care.insurepoints.com/ask-kim-should-we-buy-a-shared-benefit-for-long-term-care-coverage/ Ask Kim: Should we buy a shared-benefit for long-term care coverage?
News from Chicago Tribune:

Q: How does a shared-benefit rider for long-term-care insurance work? How much does it cost?

A: A shared-benefit rider gives you and your spouse a pool of long-term-care benefits to split between the two of you. Instead of a three-year benefit period for each of you, for example, you’ll have a total of six years of coverage that either one of you can use. If your spouse ends up needing care for two years, you’ll still have four years of coverage to use yourself. (The rules are slightly different with some insurers.)

When buying long-term-care insurance, a big unknown is how long you may need care. The average is about three years, but some people need care for much shorter periods, and others with a condition such as Alzheimer’s disease may need care for much longer. It has become very expensive to buy a policy with coverage for more than five years — and nearly impossible to find ones offering lifetime benefits. Adding a shared-benefit rider to policies you and your spouse own can help you hed…………… continues on Chicago Tribune

… Read the full article
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Long-Term Care Insurance, Power of Attorney, Wealth Management, and Other First Steps (Alzheimer’s Roadmap Book 1)
Every 33 Seconds Someone Develops Alzheimer’s DiseaseYou Are Not AloneThe Alzheimer’s Roadmap series is designed for the caregiver…
Long Term Care: Alternatives and Solutions
This book explains what long-term care is and who may need it. It provides guidelines on choosing a professional who can help you …
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5 things to know about long-term care policies http://longterm-care.insurepoints.com/5-things-to-know-about-long-term-care-policies/ http://longterm-care.insurepoints.com/5-things-to-know-about-long-term-care-policies/#comments Wed, 26 Aug 2015 19:26:53 +0000 administrator http://longterm-care.insurepoints.com/5-things-to-know-about-long-term-care-policies/ 5 things to know about long-term care policies
News from Chicago Tribune:

Long-term care is a subject nobody likes to think about. Yes, Medicare and supplements will pay for illness and hospitalization costs. But they don’t pay for care at home, or in assisted living, when you can no longer do basic activities such as bathing, dressing, toileting and dining. Will your children come to help? Or, if you are an adult with aging parents, are you prepared for Mom or Dad to move into your home?

That’s where long-term care insurance comes in. Here are five things you should know:

1. The odds are likely that you will one day need some form of custodial care. Not all of the people who need custodial care are elderly, since accidents and diseases like Parkinson’s or dementia can afflict at any age, but the lifetime probability of becoming disabled in at least two activities of daily living or of being cognitively impaired is 68 percent for people age 65 and older, according to an AARP research report.

2. The cost of custodial care is expensive, whether given at home or in assisted living or a nursing home. According to Genworth, one of the largest long-term care insurance companies, the average annual cost of a private room in a nursing home in 2015 is $ 91,250. And the average cost of a home health aide for 44 hours a week (not round-the-clock care) is $ 45,760…………… continues on Chicago Tribune

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How to Plan for Long-Term Care with Insurance: How to obtain long-term care without going broke
From the bestselling author of Naked in the Nursing Home comes a special-edition ebook that helps people plan for long-term care w…
Long-Term Care Insurance Made Simple
Have an extra $ 40,000 each year that you don’t know what to do with? You or your parents may end up paying this amount or more e…
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Has The Time Come For Short-Term Care Insurance? http://longterm-care.insurepoints.com/has-the-time-come-for-short-term-care-insurance/ http://longterm-care.insurepoints.com/has-the-time-come-for-short-term-care-insurance/#comments Wed, 19 Aug 2015 20:44:22 +0000 administrator http://longterm-care.insurepoints.com/has-the-time-come-for-short-term-care-insurance/ Has The Time Come For Short-Term Care Insurance?
News from Insurance News Net:

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…………… continues on Insurance News Net
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Details On Long-Term Care Insurance http://longterm-care.insurepoints.com/details-on-long-term-care-insurance/ http://longterm-care.insurepoints.com/details-on-long-term-care-insurance/#comments Wed, 19 Aug 2015 00:06:07 +0000 administrator http://longterm-care.insurepoints.com/details-on-long-term-care-insurance/ Details On Long-Term Care Insurance
News from Millionaire Corner:

Approximately eight million Americans own long-term care insurance, but policy purchases are dropping annually.

Ask anyone who has had to use it and they will tell you long-term care insurance is a wonderful purchase.

But long-term care insurance remains a hard sell, in part due to cost and in part due to not knowing whether you will ever need to use it.

Spectrem’s latest whitepaper, Decisions Regarding Long-Term Care Insurance, looks at the prevalence of purchases among Americans and the many factors that might cause someone to avoid buying long-term care insurance.

Long-term care insurance is a policy purchased for someone who wants to avoid the significant bills that will come up when they need to be cared for, either in a nursing home or care facility. John Hancock and Genworth Life are two of the companies that sell the most long-term care insurance policies in the United States.

Long-term care is a hot topic now that millions of Baby Boomers are entering the stage where their health, both physical and mental, can be affected by old age and they require significant and continuous health care.</…………… continues on Millionaire Corner

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Long Term Care: Alternatives and Solutions
This book explains what long-term care is and who may need it. It provides guidelines on choosing a professional who can help you …
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How Spouses Can Share the Benefits of Long-Term-Care Insurance http://longterm-care.insurepoints.com/how-spouses-can-share-the-benefits-of-long-term-care-insurance/ http://longterm-care.insurepoints.com/how-spouses-can-share-the-benefits-of-long-term-care-insurance/#comments Sun, 16 Aug 2015 09:39:53 +0000 administrator http://longterm-care.insurepoints.com/how-spouses-can-share-the-benefits-of-long-term-care-insurance/ How Spouses Can Share the Benefits of Long-Term-Care Insurance
News from Kiplinger Personal Finance:

How does a shared-benefit rider for long-term-care insurance work? How much does it cost?

See Also: ASK KIM: Can I Pay Health Insurance Premiums From a Health Savings Account?

A shared-benefit rider gives you and your spouse a pool of long-term-care benefits to split between the two of you. Instead of a three-year benefit period for each of you, for example, you’ll have a total of six years of coverage that either one of you can use. If your spouse ends up needing care for two years, you’ll still have four years of coverage to use yourself. (The rules are slightly different with some insurers.)

When buying long-term-care insurance, a big unknown is how long you may need care. The average nursing-home stay is about three years, but some people need care for much shorter periods, and others with a condition such as Alzheimer’s disease may need care for much longer. It has become very expensive to buy a policy with coverage for more than five years – and nearly impossible to find ones offering lifetime benefits. Adding a shared-benefit rider to policies you and your spouse own can help you hedge your bets when cho…………… continues on Kiplinger Personal Finance

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More insurers offer products to cover long-term care http://longterm-care.insurepoints.com/more-insurers-offer-products-to-cover-long-term-care/ http://longterm-care.insurepoints.com/more-insurers-offer-products-to-cover-long-term-care/#comments Sat, 15 Aug 2015 09:34:50 +0000 administrator http://longterm-care.insurepoints.com/more-insurers-offer-products-to-cover-long-term-care/ More insurers offer products to cover long-term care
News from CNBC:

Life combination products are not standardized, and long-term care payouts vary widely depending on carrier and policy. So it’s important to shop around and know exactly what your benefits will be if you require long-term care. You will also have to submit health information to the carrier to see if you qualify for coverage. As with standard long-term care coverage, the sooner you apply, the cheaper the policies may be, depending on your health.

Most life combination products require a single premium payment to begin coverage. To buy a meaningful long-term care benefit a person will have to write a check for $ 50,000 or more for a life combination policy, according to estimates from the American Association for Long-Term Care Insurance. Some carriers are allowing people to split their premium payments over two years, Ho said.

Carriers are still experimenting with better ways to cover long-term care costs, said Samantha Chow, senior life and annuities analyst at the Aite Group.

Combination products allow less financially stable people to purchase long-term coverage,” Chow said. “It’s a relatively new market and insurers are still figuring it out.”

…………… continues on CNBC
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Federal Long-Term Care Insurance Just Got More Expensive for Some
News from GovExec.com:

This story has been updated.

Premiums increased Aug. 1 for new enrollees in the Federal Long Term Care Insurance Program, according to the Office of Personnel Management.

OPM sent agency benefit officers a notice on Monday informing them of the rate increases, which do not affect current enrollees in the FLTCIP. The notice said the agency and insurer John Hancock periodically review program pricing “to assess the adequacy and appropriateness of the premium rates available to new FLTCIP enrollees.”

The new premiums — which, for now, affect only new enrollees — apply to all plan options, including those under both the automatic compound inflation option (ACIO) and the future purchase option (FPO). Enrollees who choose ACIO pay higher premiums up front to avoid annual increases for inflation, while the future purchase option automatically updates premiums for inflation.

The program does not include a federal match for employee-paid premiums.

OPM did not specify what the average rate increase is under the program going forward. The Federal Long Term Care Insurance Program, which was created in 2002, assists with health care costs for participants who need help with daily personal functions, or who have a severe cognitive illness, and covers home care or care in a nursing home or assisted living facility — benefits not often in…………… continues on GovExec.com

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Long-Term Disability Insurance Vs. Long-Term Care Insurance http://longterm-care.insurepoints.com/long-term-disability-insurance-vs-long-term-care-insurance/ http://longterm-care.insurepoints.com/long-term-disability-insurance-vs-long-term-care-insurance/#comments Fri, 14 Aug 2015 12:20:53 +0000 administrator http://longterm-care.insurepoints.com/long-term-disability-insurance-vs-long-term-care-insurance/ Long-Term Disability Insurance Vs. Long-Term Care Insurance
News from Forbes:

By Robert DiGiacomo, Next Avenue Contributor

Insurance is all about planning for the “what if’s,” by protecting yourself and your loved ones, against worst-case scenarios.

As you age, these coverage decisions become more complex — and costly — in order to plan for the possibility that you’ll be unable to work or to take care of yourself (or both) for an extended period of time.

“Just because you’re healthy now doesn’t mean you can’t have something happen to you that’s going to require care,” says Jonas Roeser, co-founder and CEO of AgentReview.net. “That could mean a month and a half of care after a motorcycle accident or regular help with bathing after the age of 80.”

Weighing Disability and Long-Term Care Policies

So, if you’re over 50, which should you be buying: a long-term disability insurance policy or a long-term care polic…………… continues on Forbes

… Read the full article
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Commerce Department to hold public hearing on long-term care insurance
News from Hometown Focus:

ST. PAUL – Minnesota Commerce Commissioner Mike Rothman announced that his agency will hold a public hearing on longterm care insurance, including premium rate increase requests and policyholder protections.

The hearing will be at 10 a.m. on Thursday, Aug. 27, in the Skjegstad Room of the Stassen Office Building, 600 Robert St. N. in St. Paul.

The hearing will provide consumers, insurance companies and other interested parties the opportunity to offer their views about the state of the long-term care insurance industry. These public comments will assist the Commerce Department’s fact-finding efforts and regulatory responsibilities.

Since the late 1980s, long-term care insurance has been marketed to Minnesotans as a way to plan ahead for the potential future costs of certain types of health or personal services not covered by traditional health insurance.

Recently, long-term care insurance companies have requested larger rate increases with greater frequency. As policyholders on fixed incomes approach the time in their lives when they may need long-term care benefits, they are often faced with the dilemma of either paying increased premiums or dropping their coverage.

In Minnesota, an insurance company that seeks to increase premiums for long-term care policyholders must meet the requirements of state law and receive prior approval fr…………… continues on Hometown Focus

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CORRECTED-UPDATE 1-Genworth considers strategic options, including going … http://longterm-care.insurepoints.com/corrected-update-1-genworth-considers-strategic-options-including-going/ http://longterm-care.insurepoints.com/corrected-update-1-genworth-considers-strategic-options-including-going/#comments Wed, 29 Apr 2015 19:04:28 +0000 administrator http://longterm-care.insurepoints.com/corrected-update-1-genworth-considers-strategic-options-including-going/ CORRECTED-UPDATE 1-Genworth considers strategic options, including going …
News from Reuters:

(Corrects headline, paragraphs 1 and 2 to say the company would be open to selling its long-term care insurance unit but has no plans to do so)

By Sudarshan Varadhan

April 29 (Reuters) – Life and mortgage insurer Genworth Financial Inc is considering going private and would be open to selling its long-term care insurance unit, among other strategic options, Chief Executive Tom McInerney said.

McInerney said that, although Genworth would be open to selling its long-term care insurance unit, it could be difficult to find a buyer. Asked whether a sale of this business is possible, he said: “We are open to that but I don’t put much weight on that being something that’d be viable some time soon.”

Genworth’s shares rose as much as 11 percent on Wednesday.

The company, which was valued at about $ 4 billion as of Tuesday, controls 30-35 percent of the U.S. long-term care market.

Several insurers have exited the long-term care business in the past few years, bringing down the number of companies offering these policies to less than 20 currently from about 100 in 2002.

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