You Need Long Term Care Insurance
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Most seniors think they’d be wasting their money to buy long term care insurance when the fact is they’ll spend more money in a year while residing in a nursing care facility than they ever spend would owning a long term care policy. I’ve spent my 30 year career protecting the assets of my clients. And I can assure you that there is no other more important financial issue facing you and your family. Call today: (804) 379-8329 or email me-terry.anderson1@comcast.net Terry Anderson…
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Posted by American Car Insurance on July 30th, 2009 filed in business insurance | 11 Comments »
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July 30th, 2009 at 4:42 am
excellent presentation
July 30th, 2009 at 4:51 am
I completely agree with the importance of this! Take it out as soon as you can – cheap cheap – AND it’s for any kind of long term care – not just over 65 years old!
July 30th, 2009 at 4:21 am
I live in Canada, where we have universal healthcare.
Our health care system covers bare bones treatments.
Doesn't cover LTC, doesn't cover travelling or accomodations for treatments if you need to go to a different city for treatments, doesn't cover parking at the hospital (which is about $10 a day at most places), doesn't cover your food, if you want a telephone or TV in your room it's not covered, if you want a semi-private room it's not covered, doesn't cover lost wages while you're sick, doesn't cover any optional or elective procedures, doesn't cover modifications to your home if you suddenly need wheelchair access or something, doesn't cover ambulence rides. There are TONS of expenses not covered under universal health care.
Our health care is 'free' here, but there is still huge demand for LTC and critical illness insurance, infact statistics say that the largest demographic of people that by LTC and CI insurances are doctors, nurses and medical care workers. Goes to show how much faith they have in Universal Health Care being 'free'.
I would assume that if Obama goes ahead with universal healthcare it there would still be a need for extra coverage through LTC and CI unless he comes up with some new wage plan that will cost tax payers litterally billions upon billions of dollars.
July 30th, 2009 at 4:29 am
Yes, there are long term care policies available. They can be tailored to fit your budget. However, if she has medical conditions it may be difficult to find a policy for her or, if she does find a policy, the premium may be very high.
You'll need to visit with a local agent that works with multiple companies. The agent can get your mom's health details from you and will be able to find if any company will accept her and at what cost. There is no extra charge using an agent.
July 30th, 2009 at 5:10 pm
Long term disability looks at your ability to do your job and then sends you a check on a monthly basis.
Long term care looks at your ability to do 'activities of daily living' (eating, dressing, toileting, bathing, transferring from bed to chair, and maintaining continence). An LTC policy could mail you a monthly check, but normally just reimburses for long term care expenses.
July 30th, 2009 at 11:55 pm
Meaning, you want to have ME pay for your nursing home care, through medicare, and keep your money to spend it on other things?
Well, you get what you pay for, and let me tell you, medicare nursing homes are NASTY. I've had three grandparents in them – one for 10 years – and, UG, I do not want to live like that. But maybe you do.
Anyway, you need to talk to an ESTATE PLANNER to figure out how you can collect welfare from me and all the other working taxpayers, while you do other things with your money.
August 1st, 2009 at 2:54 am
B- is not good– it means that the ratings agencies consider Penn Treaty to be weaker financially than carriers with better ratings, meaning there is a higher risk of valid claims not being paid and/or significant rate increases. This risk seems to have come about, because Penn Treaty has been criticized for claims handling and significant rate increases imposed on current policyholders.
Long term care insurance carriers are rated by various independent agencies, including AM Best, Duff Phelps, Standard & Poor's, and Moody's. Leading ltci carriers like John Hancock, Genworth, MetLife and Massmutual have much better ratings from these agencies than Penn Treaty.
If you recently bought the Penn Treaty policy, you may want to dump it for one from a better company, but if you have had it for some years, changing policies will be quite expensive (unless of course Penn Treaty hikes its rates on your policy as it has others).
A painful lesson on why buyers should check a carrier's ratings before buying, not after . . . Your agent should have given you this information even if you did not specifically ask for it, because financial strength is a key factor in Ltci decisions.
August 1st, 2009 at 3:47 am
You may have the right to enter your state's high risk pool, if they have one. Some states have special plans for people who can't get coverage in the private market. The premiums are a lot higher, but at least it is some coverage. While many states have this for health insurance, few offer it for LTC.
For people who can't get long term care insurance, unfortunately, the alternative is public assistance, which means you will have a tougher time trying to save your assets for purposes of leaving them to your loved ones, instead of paying for your care.
August 1st, 2009 at 4:19 pm
You can look into Mutual of Omaha, and United American Insurance Company. Either one will be happy to talk with you.
August 1st, 2009 at 7:47 pm
Yes, you can get long term care insurance on your parents and siblings if they qualify, but you can not add them to your policy.
August 2nd, 2009 at 12:47 am
The devil is in the details. It's very hard to say what kind of deal it is without knowing the details of the policies. Is it a whole life policy or will it expire at 85. Is it a Gauranteed Insurability policy where a claim in the first 2 years or so would be automatically declined? What does the LTC policy cover? Is it a reimbursement policy? Does the person have to be in a home or does it cover bringing a nurse into your home? Or does it cover you if you just need supervision.
You're best bet is to take the offer to a broker and see what they think and what similar packages they could offer.