Buy Long Term Care Insurance - CompleteLongTermCare

There are still some people who are quite confused whether they need to apply for long term care insurance or not. The question here is who should buy long term care insurance? This is one of the toughest questions one has to answer and I hope this video can help them come up with a decision before it's too late.

Prudential Stops Offering Individual Long Term Care Policy

Another one bites the dust: Prudential Financial (PRU), the second-biggest U.S. life insurer, is getting out of the individual long-term care (LTC) insurance business. The company joins rivals MetLife (MET) and Unum (UNM) in concluding that it's too hard to make money on LTC -- that's a big loss for consumers. Prudential said all existing contracts will be guaranteed renewable and will not change.

What is it about long-term care that spooks these massive insurance companies? The Baseline Scenario's James Kwak cites a recent paper by University of Illinois finance professor Jeffrey Brown and Massachusetts Institute of Technology economist Amy Finkelstein that, while wonky, sums it up pretty well: "While insurance companies are good at pooling and hence insuring idiosyncratic risk, they may be less able to hedge the aggregate risks of rising long-term care utilization or long-term care costs over decades."

In other words, it's hard for insurance company actuaries to accurately project how many people will need long-term care and the cost of that the care. Most insurers allow a little wiggle room in their risk calculations by preserving the right to raise premiums for entire classes of beneficiaries, rather than just individual policyholders. But clearly that wiggle room is too constricting.


Trouble is, the more insurance companies exit the LTC business, the fewer options for consumers. This is especially disturbing given that about 70 percent of people over age 65 will require LTC services during their lifetime, and more than 40 percent will need care in a nursing home, according to the U.S. Department of Health and Human Services.

Remember that this kind of care is NOT covered by Medicare, which only addresses short-term skilled services or rehabilitative care. The federal government steps in (via Medicaid) only if you deplete most of your assets -- not something I advocate. Unfortunately, the stories of people blowing through their hard-earned retirement accounts are not fiction; one of the swiftest ways to deplete an asset base is to get sick at the wrong time. That's probably why Medicaid currently accounts for 40 percent of all spending on long-term care.

So if you are looking for LTC coverage, your choices are diminishing by the minute. As you shop for LTC providers, stick with the highly rated companies that have a proven record of being in the business and not hiking premiums. Unfortunately, Prudential was one of those providers. Still, there are a few still left in the game.

The Reason Behind People's Uncertainty in Purchasing Long Term Care Insurance

It isn’t news that Americans are reluctant to buy private long term care insurance. Only 7 million have policies and few people are buying new ones. But why don’t we plan for the risk of needing assistance at some point in our lives? After all, 7 of every 10 of us will need care sometime after we reach age 65 and others will need it at younger ages due to injury or illness.

An important new survey has found some answers. There is no magic bullet–no single concern that, if addressed, could convince us to plan for old age. Instead, the study found multiple–and sometimes puzzling reasons–why people don’t buy. And that suggests it won’t be easy to get them to either save more or purchase this insurance.

The researchers, Jeff Brown of the University of Illinois, Gopi Shah Goda of Stanford, and Kathleen McGarry of UCLA, based their conclusions on responses of 1,512 people over age 50 in a survey taken in May and June.

The single most important reason people don’t buy: Long term care insurance costs. With 60-year-olds paying average annual premiums of around $2,500, this is no surprise. In one 2007 industry survey, more than 8 out of every 10 non-buyers cited cost as the main reason why they passed up long-term care insurance.

But while 57 percent cited price, others cited a potpourri of reasons why they don’t own insurance. About 12 percent felt they don’t need it: Some said they were too young to buy (remember these were people aged 50 and older) and others felt they’d never need assistance.

Special Report: Health, Wealth & Aging

Some non-buyers were unaware that long-term care insurance is available, some thought they’d be rejected due to health reasons, and 4 percent thought they were covered by other insurance. About 9 percent who said they have long-term care coverage believe it is included in their health policy–though that is unlikely. Btw, whenever I speak to consumer groups, I always ask how many have long-term care insurance. It turns out that most who think so actually have Medicare Supplement (Medigap) insurance, which does not cover long-term care. These policies may cover limited home health services, but not long-term assistance.

Interestingly, only about 4 percent of the uninsured felt they had other ways to either pay for care or believed family or friends could care for them. In other words, they understand they are not prepared, but still are not doing anything about it.

Finally, a substantial number of the uninsured say they have not bought because they believe carriers will go out of business, refuse to pay claims, or raise premiums. Not a great sign for private carriers.

The role of Medicaid in this decision is very important. Jeff Brown wrote influential papers in 2007-2008 that concluded the availability of Medicaid long-term care benefits could explain why most Americans did not buy private insurance. But this survey tells a somewhat different story. It turns out that people who are aware that Medicaid covers long-term care are slightly more likely to buy than those who do not. Oddly, those who (incorrectly) think Medicare pays for such personal care are slightly less likely to buy private insurance than those who don’t.

Medicaid coverage may still crowd-out private insurance for low-income buyers, but it did not matter much for those in this survey (who were on average 61 and in good health).

Some people will buy private insurance: If they think they can afford it, believe they’ll need care, are reluctant to have family members help them, plan for the future, or want to leave an inheritance. The problem is, not a lot of people fit in these categories.

Long Term Care Pharmacy in Atlanta

Guardian Pharmacy, LLC, one of the largest long-term care pharmacy companies in the U.S., in partnership with Matt Hopp and Kathy Gibson, announced the opening of Guardian Pharmacy of Atlanta. The pharmacy serves residents of long term care facilities and group homes, assisted living and skilled nursing communities in metro Atlanta and surrounding areas.

According to Matt Hopp, owner and president of Guardian Pharmacy of Atlanta, “Guardian has a reputation for exceptional customer care which was extremely important to Kathy and me when selecting a partner to help build our business. Guardian’s unique “local autonomy” business model enables us to focus on superior customer service to meet the specialized needs of our residents, while the company’s corporate team assists with the time-consuming business operations like payroll and IT, as well as the complex revenue cycle.”

Based in Marietta, the nearly 10,000 sq. ft. pharmacy opened with 11 employees. Hopp expects to grow that number by the end of 2012. They have invested heavily in technology including eMars and robotic systems to help serve patients faster and more efficiently.

In metro Atlanta, there are more than 1,000 long-term care homes serving approximately 80,000 residents.

No strangers to the long-term care industry, Hopp and Gibson met while working in another pharmacy where they discovered they had similar business philosophies and goals. Hopp has a degree in health administration with an emphasis on geriatrics and an MBA from Georgia Tech. Gibson, who serves as chief pharmacist and director of operations, is a graduate of Samford University in Birmingham, Ala. She oversees the pharmacy’s consulting services, which focuses on quality care through appropriate use of medications and patient education.

Fred Burke, CEO and co-founder of Guardian Pharmacy, LLC, said “We’re excited to partner with Matt and Kathy in opening Guardian Pharmacy of Atlanta, which expands our footprint in the Southeast and provides a pharmacy in one of our core markets. Their experience in long-term care pharmacy and passion for this industry makes them ideal business partners.”

Guardian Pharmacy, LLC has a reputation for superior customer attention, rapid response to client needs and continuous 24/7 service. The company completed a record-breaking 2011 adding five new pharmacies and boosting revenue 35 percent over 2010. The combined Guardian entity serves more than 42,000 long-term care patients nationally through 18 pharmacies across 11 states.

Long Term Care Insurance for Couples

It’s the financial protection that many will need in retirement but few are willing or able to buy. Expensive long term care insurance costs scares off most people.

For married couples, an increasingly popular option called ‘‘shared care’’ may make it more feasible by providing expanded coverage for less money than would otherwise be the case.

Under these joint policies, couples purchase a combined pool of benefits that can be used by either or both spouses. Like most everything in the world of long-term care insurance, it’s complicated. But what’s clear is that fast-rising costs have made shared care a more appealing option.


Q. What does long-term care insurance cover?

A. It pays for personal care received at home, assisted-living facilities, adult day care or nursing homes. Benefits typically kick in when a person needs help performing at least two of the basic activities of daily living, which include bathing, dressing, eating, transferring to and from a bed or chair, and using the toilet.

Q. Who needs it?

A. Long-term care insurance is considered essential for those who can afford it but don’t have the resources to pay for years of future care. Health insurance and Medicare do not cover long-term care needs. And the financial burden is heavy for those without coverage. A semiprivate room in a nursing room costs an average of $76,285 a year, an assisted-living facility runs $40,200, and a year of part-time home care typically ranges from $18,000 to $25,000, according to the insurance association.

Q. How does shared care work?

A. Instead of purchasing a future pool of benefits for each spouse, the policies are combined into a pool they can each use. So, buying a three-year shared care policy each gives a couple up to six years of benefits; each buying a five-year policy gives them 10. If one spouse develops a need for extended long-term care, such as from Alzheimer’s or a stroke, he or she could access most or all of the benefits. And if one dies without having used any coverage, the full benefits generally transfer to the surviving spouse.

Q. So what’s the typical overall cost?

A. Let’s use as an example a 55-year-old couple in good health who purchase a fairly representative amount of insurance with a current value of about $200,000 — or a $180 per-day benefit for three years each of future coverage including 3 percent compound inflation growth. They would pay an average yearly premium of $1,950 for two standard policies without shared care, according to the American Association for Long-Term Care Insurance.

Attaching a shared-care rider would push the cost to $2,260. But it could save them money by ensuring that one can get five or six years of coverage if needed — more than the length of the policy. Couples over 60 or 65 will pay significantly more.

Draw the Limits of Your Long Term Care

Anyone who bravely faces the high cost of care without a financial backup is bound to lead an impoverished life.  Meanwhile, an individual who is currently planning his long term care should study his long term care insurance benefit period very well lest he experiences the same fate as the person without a financial plan. 

Long term care (LTC) costs do not cease to increase year after year and this is why the public is being egged on to get themselves a long term care insurance (LTCI) policy, as this is the only insurance product that will protect their money and other properties from being wiped out by the soaring rates of in-home care, assisted living, nursing home care, and hospice care to name a few.

If only all Americans can veer away from LTC costs they would but unfortunately around 70% of the elderly population 65 years old and older will require care says the Department of Health and Human Services.  If you happen to be one of them but you procrastinated on LTC planning until you ended up with no clear plan at all, prepare that portion of your assets that you need to hand over to estate recovery so that you can receive Medicaid coverage.    

Meanwhile, if you do not wish to turn to Medicaid and receive limited coverage, start weighing your LTCI policy options.  Forget the rumors that this insurance product will eat up your resources.  That will only happen if you wait another year before buying your policy. 

What is it About the Long Term Care Insurance Benefit Period?

Aside from the maximum daily or monthly benefit amount, your policy will stipulate a maximum benefit period.  This is the period in which you will receive your insurance benefits. 

Your LTCI benefit period can run for three years, four years, five years, or forever.  The longer it is, the higher the premium of your coverage while the shorter it is, the smaller your premium. 

It is always ideal to have a longer benefit period but you have to take your budget into consideration, otherwise you might not be able to maintain your annual premium and you will be forced to drop your coverage. 

If you are wondering how you can choose your policy’s maximum benefit period correctly, LTCI experts simply advise that you have your family physician look over your family’s health history so that you will know if you are at risk of developing a debilitating disease that will necessitate more years of care.   

Should that be the case, you can sit down with your LTCI specialist and discuss the probability of adjusting the components of your coverage so that you can live with a longer benefit period. 

If the adjustments do not reap good results and you’ll still be compelled to pay a high premium because of your long term care insurance benefit period, you might want to consider a policy under the Partnership Program. 

For more information about Partnership qualified policies, engage your specialist in another round of discussion.      

Long Term Care Cost in Arizona

Everyone in Arizona probably has heard that long term care is very expensive especially if one chooses to move to senior facilities. But how expensive? Will your long term care insurance cover everything? Are your savings enough? These are the questions that people have and as for the answers, below are the rates of long term care services in Arizona:

Home Care: Homemaker Services (Licensed)
Medial Annual Expense

$41, 184

Home Care: Home Health Aide (Licensed)
Median Annual Expense

$44,044

Adult Day Health Care
Median Annual Expense

$20,800

Assisted Living Facility: One Bedroom/Single Occupancy
Median Annual Rate

$36,000

Nursing Home: Semi-Private Room
Median Annual Rate

$63, 875

Nursing Home: Private Room
Median Annual Rate

$79, 114

These rates can give everyone an idea how much they will spend in the said long term care services. These can also help those who are still shopping for long term care quote and thinking about purchasing a policy. They now have an idea what type of policy can greatly benefit them in the future. This is very important since long term care insurance costs today are very expensive so every penny should be worth it.

Institutional Long Term Care Coverage by Medicaid

Medicaid is a government program that provides limited coverage for long term care. How limited? It only covers Institutional Care, Community Based Long Term Care Services and Supports. You can find out more about institutional care below.





Many people ignore the practice of shopping for long term care quote and purchasing a policy thinking that Medicaid will provide them with everything they need in the future. It's not that helpful as everyone thinks it is but still it provides limited care.

Institutional services that Medicaid covers are those authorized in the Social Security Act only and they are services for people 65 and above who needs to be put in a facility for mental diseases, hospital services, inpatient psychiatric services to those who are below 21 years old, nursing homes, intermediate care facilities for people with mental diseases and preadmission screening and resident review.


Institutional benefits share the following characteristics:


- Institutions are residential facilities, and assume total care of the individuals who are admitted.


· The comprehensive care includes room and board. Other Medicaid services are specifically prohibited from including room and board.


· The comprehensive service is billed and reimbursed as a single bundled payment. (Note that states vary in what is included in the institutional rate, versus what is billed as a separately covered service, for example physical therapy may be reimbursed as part of the bundle or as a separate service.)


· Institutions must be licensed and certified by the state, according to federal standards.


· Institutions are subject to survey at regular intervals to maintain their certification and license to operate.


· Eligibility for Medicaid may be figured differently for residents of an institution, and therefore access to Medicaid services for some individuals may be tied to need for institutional level of care.

Visiting the Medicaid website will give you more information regarding the extent of the coverage it offers.

Steps in Choosing Long Term Care

With the continuous rise in long term care insurance costs, people should plan this accordingly and choose the kind of long term care they think will be appropriate for their situation in the future. Most people have no idea how to go about this and that's why Medicare provides interested parties with all the information they need in order to have a comfortable and secured future. Here are the steps in choosing long term care:

1. Assessing your Needs

Will You Need Help with These Daily Living Activities?

• Bathing
• Dressing
• Eating 
• Toileting
• Getting in and out of bed, chair or wheelchair

Will You Need Additional Help in These Activities?

• Shopping
• Preparing Meals
• Going to Medical Appointments
• Household Chores
• Using the Telephone

Will You Need The Following Care?

• Medication Management
• Monitoring your Diabetes
• Getting Oxygen
• Taking Care of Catheters

2. Researching Facilities

There are many types of long term care and living choices for older people. Check out your options first. Find out more about assisted living facilities, nursing homes and other senior care communities before you make a choice.

3. Finding What is Right for You

You can ask recommendations from friends who have already tried this certain facility or you can simply ask your local long term care ombudsman to give you information regarding the facilities you are interested in.

4. Visiting Facilities

It is important to visit facilities first before you make a decision. Don't be shy in asking questions or if you have things you need to clarify. In order to help you, these are some of the questions you can answer after visiting a facility:

• Did they listen to me and make me feel comfortable?
• Did I ask all my questions?
• Did they give me answers that satisfied me?
• Are the employees helpful and respectful?
• Does the facility meet my needs?
• Is the facility clean?
• Can I afford the facility?

Long Term Care Coverage for Employees Becomes Limited

Long-term care as an employer-provided benefit continues to be a dwindling part of an employee's overall health care benefits package, according to the results of a Long-Term Care (LTC) Benefits Program Pulse Survey announced today by HighRoads , the industry leader in employer health care compliance and benefits management. Key findings show that 51% of survey respondents provide long term care while 49% do not. About half of those who have dropped LTC say they did so because the insurance carrier offering the coverage has exited the market. On a positive note: 96% of companies who are offering LTC coverage say they will continue to do so. This is just right because of the high long term care insurance costs. 

In other key findings, the survey found that, of those who do not offer the coverage, some 40% plan to do so again in the future, on a voluntary arrangement, as opposed to a group basis.

HighRoads conducted the survey to assess current employer practices and future plans for offering long-term care (LTC) benefits programs to their employees. Respondents ranged in size from fewer than 5,000 employees to more than 50,000 employees. The majority of respondents have more than 10,000 employees.

"HighRoads' survey indicates that long-term care coverage is continuing to be an endangered item for employees. The country has a growing number of retirees and no longer interested in comparing long term care quote – many of whom will need some type of long-term medical care services in the future. It is a serious issue when insurers no longer are willing to provide this as part of an employee's health benefits plan," said Michael Byers, CEO, HighRoads. "With the elimination of the CLASS provisions from the ACA, which would have enabled working Americans to purchase coverage to supplement LTC and Medicare and pay for non-medical expenses to allow a disabled person to remain independent, millions of Americans will be left without a safety net should they become disabled," added Byers.

According to data from the 2005 National Interview Survey and the 2004 National Nursing Home Survey conducted by the Health Policy Institute at Georgetown University found that over 10 million Americans need long-term services and support to assist them in life's daily activities and that number is expected to grow with the aging of the population and growing number of people with disabilities.

The HighRoads survey found that more than 90% of the employers who offer LTC do so as an additional benefit to their employees. The remainder is equally divided between offering LTC as part of their overall health care strategy and being required by union contracts to offer this benefit.

Of the employers who responded 71% offer coverage on a group basis. The remainder offer it on an individual basis.

Long Term Care Home Care Remains Unchanged According to Genworth's Annual Survey

According to Genworth’s (NYSE: GNW) 2012 Cost of Care Survey, the cost to receive care in the home remained unchanged from 2011 to 2012 and home care costs have also risen less dramatically over the past five years than for other types of long term care  services.

“Overwhelmingly, Americans prefer to receive long term care in the home and the relatively muted increase in home care costs over the past few years can be viewed as a positive for consumers,” said Steve Zabel, senior vice president of Long Term Care at Genworth. “Consumer demand for home care services has led to a proliferation of home care services providers and more choice for consumers. This competition has kept home care costs relatively stable, especially when compared to the cost of care in a nursing home or assisted living facility.”

Nationally, the median hourly cost for homemaker services and home health aide services is $18 and $19, respectively. While these costs remain flat from the previous year, costs for homemaker services have risen just 1.2 percent annually over the past five years, while home health aide services have risen 1.1 percent a year over the same period of time.

By comparison, the median annual cost for care in an assisted living facility is $39,600 nationally. This represents an increase of 1.2 percent since 2011 and a 5.7 percent annual increase over the past five years. The comparable cost for a private nursing home room rose 4.2 percent from 2011 to 2012 to $81,030, or 4.3 percent annualized over the past five years.

There may be a slight increase but it doesn't mean that people should be confident that the price will remain the same for the next year. They should still do the necessary preparations by comparing long term care quote and researching about long term care insurance costs early. In this way, they will be ready to face the future and they will have full in-home coverage. 

Why Women Need Long Term Care Insurance

Most women, especially wives and mothers, are so busy attending to the needs of their loved ones that they don’t seem to have time to look at their own needs particularly in the aspect of health care.  This is the reason long term care insurance for women is constantly being pushed by the government and long term care (LTC) specialists. They encourage women to prepare for their future by comparing long term care quote and then purchase a policy perfect for their needs.

Only a fraction of the female population has managed to secure long term care insurance (LTCI) policies because the rest of them think that their Social Security and Medicare contributions will be enough to cover their LTC expenses.  Unfortunately, Social Security only gives a meager monthly allowance while Medicare does not provide LTC coverage except to senior folks 65 and older that require medical care in a nursing home. 

Experts on the field of LTC say nursing homes, assisted living facilities, continuing-care retirement communities, and in-home care among other LTC settings will be highly in demand among elderly women beginning 2030 when the youngest of the baby boomer generation turns 65.  There shall be male recipients of LTC, too, but women are predicted to outnumber them.  Given this fact, every woman who is currently engrossed in her profession and numerous responsibilities at home should take time to sit down and assess her personal needs. 

Today’s cost of care is not going to be the same 20 years from now so women who are currently active in the corporate world and bringing home an annual income of $80,000 should not be too confident of the future.  According to a study which was performed by financial advisers, the cost of care will increase fourfold 18 years from now.  When that time comes, a home health care agency in your place that provides a home health aide for an hourly rate of $19 will raise this double digit to $76 per hour which translates to $173,888 annually.

Without a definite plan for their future health care, anyone’s mother, daughter, sister, and wife will be at risk of mediocre to low quality LTC services.  Spare them from this fate by encouraging them to plan their future.   

Help Them Acquire Long Term Care Insurance for Women

Women are nurturers by nature because they want to ensure that the ones they love remain safe, healthy and happy.  However, it is not logical to satisfy the needs of others in exchange of neglecting their own.

It is never wrong to express love, concern and compassion to family members and friends but every woman should bear in mind that no one stays young and strong forever.  Soon her hair will turn gray and her body will be too weak to perform the most basic activities of daily living like eating, bathing, dressing, and toileting among others. 

While she can still take care of herself and be superwoman, encourage the woman in your life to look into long term care insurance for women as this product will protect her from poor quality LTC and financial losses.  You’ll do this if she is important in your life.     

Differentiating Long Term Care Insurance From Your Health Insurance

When you’re out shopping for a long term care quote there are actually for major components that you need to look into as these would play a vital role in your coverage.

One of them is the maximum daily benefit amount which pertains to how much your policy is going to pay out to you should you qualify for LTC.  To determine the amount of benefits that would need you have to be familiar with the cost of care in your area.  For example, the average daily cost of LTC in your place is $185 so it is just logical to consider a policy which would pay out a daily benefit amount of $200.  Meanwhile, if you plan to retire in another state where the cost of care is higher you should go for a higher benefit amount to avoid being underinsured.

Another factor to consider when buying a policy is the maximum benefit period.  This is the length of period that you will receive benefits from your LTCI policy.  According to LTC experts, most elderly folks in a nursing home would require three years of care, on average, before they are moved to home-based care.  Others with serious health conditions, however, would stay up to 10 years.  It is necessary to identify the level of care that you will likely need in the future before you can determine your policy’s benefit period.     

The elimination period is another element which should be studied carefully.  This refers to the length of time that you will pay for care using your personal resources.  Take note that you need to satisfy this otherwise you won’t be able to receive your benefits. 

Lastly, there’s the inflation protection which you should not take for granted as this rider ensures that your benefits keep pace with inflation. 

For further information on long term care insurance policy options, contact a licensed broker in your area who represents top LTCI carriers.  

Should You Avoid Long Term Care Insurance in New York?

Long term care insurance is undeniably an important investment as it is the only product in the market which offers individuals access to high quality care and asset protection.  With premiums of New York long term care insurance (LTCI) policies increasing rapidly, though, one cannot be blamed for having second thoughts before buying. 

In the past, individuals who shop for long term care quote and buy LTCI policies at a young age are applaudable as they manage to save a chunk of money on their premium.  Young buyers of LTCI policies are usually blessed with annual premiums that range from $450 to $999 but nowadays a 54-year-old buyer is forced to pay close to $2,000 for his coverage.

Reports have it that insurance companies had to increase the LTCI premium of existing policyholders to ensure that they remain in business.  Most of these firms have miscalculated the amount of claims that they will receive, while others have deliberately offered policies at a very low premium rate.  In other words, these insurance companies are not earning as the premiums that are paid to them only go to the benefits. 

There have been big insurance firms that raised the premium rates of their existing policyholders up to 10% while others went as high as 17%.  If one is not financially sound it would be impossible for him to maintain the premium of his LTCI coverage especially if his insurer keeps increasing the rates.

If you feel suspicious about the premium hike which your insurer has imposed on your coverage, contact New York’s insurance department as every insurance firm should obtain approval for premium increases before it can implement new rates.

New York Long Term Care Insurance

Even if  the annual premium rates of most LTCI policies in New York have exceeded $1,500 those in the know will tell you that this amount is still reasonable as compared to the five figures that you have to fork out once you actually begin to receive care. 

New York’s cost of care is among the highest in the whole world.  Oftentimes, a spectator would look at the numbers and wonder how the residents still manage to breathe. 

Residents of a New York nursing home are paying $324 annually, on average, for a private room while those who are staying in semi-private rooms are forking out $309 daily.  New York happens to have a roster of nursing homes that provide topnotch care.  To find out what these are you can get in touch with its local Area Agencies on Aging. 

If you need additional information about New York’s  best nursing homes the New York State Office of Long Term Care Ombudsman also serves as a reliable source.  This government agency oversees the health and safety of elderly people in nursing homes.  Since it religiously inspects all operating nursing homes in New York it has a complete list of legit nursing facilities and the ranking of each. 

Aside from nursing homes, New York also boasts reliable home health care agencies and community-based LTC facilities.  However, taking into account the high price tags of these LTC facilities you seriously need to consider a New York long term care insurance policy. 

Don’t let hearsays affect your future, speak to a licensed LTCI agent personally. 

Knowing Your Source of Long Term Care Insurance

If you acknowledge the importance of having a long term care insurance policy then you have taken the first step in planning your long term care (LTC).  You can now proceed to requesting long term care insurance quotes but don’t do it in haste lest you fall victim to frauds.

In case you meet somebody who claims to be an expert on the field of long term care insurance (LTCI) but charges a fee for the LTCI quotes that he will provide you, about face immediately.  Authorized LTCI agents or companies provide LTCI quotes at no cost at all.  For validity of this statement,  check with your state’s department of insurance.

While you’re at the department of insurance you can request a list of insurance companies and agents who are authorized to market and sell LTCI policies.  Now if you are after a policy which complies with the Partnership LTCI Program you have to say so because not all LTCI companies are allowed to sell this type of policy.  Only those who have complied with the initial eight-hour training designed for Partnership LTCI have the right to sell policies under this category.

Suppose you have acquired a list of legit LTCI companies from the department of insurance.  Do not contact anyone just yet.  Make an effort to conduct a background check on each.  Be particular with the tenure of each company and its affiliation.  Those that have been in the industry longer and have been working with the country’s leading LTCI carriers for decades now are more capable of getting you a good deal than newbies who are still in the process of learning the ropes.

Why Long Term Care Quote Matter

LTCI quotes keep people from clinching the wrong coverage.  Oh yes, such thing exists in the industry.  As a matter of fact, there have been countless LTCI policyholders who failed to receive their benefits because they did not study the various factors that comprise their policies.  They just went ahead and purchased a policy without knowing what goes into one. 

There are many factors that you have to consider before buying a policy otherwise you could end up like the rest.  Most consumers think that as long as they are able to compute their maximum benefit amount and benefit period accurately, they have nothing else to worry about. 

Oftentimes, the problem stems from the benefit triggers which are almost always taken for granted.  Some people think that if they cannot walk they would instantly qualify for their LTCI benefits thinking walking and transferring are one and the same.  Most policies stipulate transferring from a chair to a bed and vice versa, and not simply walking from one room of the house to another. 

Aside from being able to understand the various components of a policy, LTCI quotes will guarantee you huge savings as you will eventually learn about premium discounts which you can avail.

There is no better time than today to request your long term care quote.  You can do it online or you might want to contact a trustworthy LTCI broker in your area to help you out.    

Can you Cut the Cost of your New York Long Term Care Premiums?

Purchasing long term care insurance in New York can cost a fortune. Not a big deal for some but what about those who weren’t born with a silver spoon in their mouth? The long term care rates in this state are very alarming because with the way it is increasing right now, there is a great chance that it will increase as much as 50%.

The increase in rates is constant and insurance companies can’t do anything about this, so the one who needs to make adjustments are the people who want to get coverage. The government recognized this very well and that’s why they have implemented programs such as CLASS Act. This was supposed to encourage people to purchase ltc policy and free Medicaid from paying for long term care costs of their members but since it was cancelled, then anyone interested have to rely on their other options.

Age is one of the factors insurance companies consider in determining your premiums. Applying for long term care insurance at a younger age will reward you with much lower premiums. Unlike those who thought of applying for one when they’re about to retire, they will definitely get high premiums.

Health is another important factor companies consider. You need to answer the questions honestly, if you have family history of a certain type of disease or you have high risk factors. These will be the basis of your premiums, whether you’re eligible for lower or much higher rates.

Cities in New York offer different rates as well. Residents of Manhattan have to pay $438 monthly to nursing homes while those living in Queens will only cost them $331 in one month. Your exact location matters too in determining your long term care expenses.

If you want to avoid high New York long term care costs, it’s advisable to shop for long term care quote early and to arm yourself with all the helpful information that can help you save money.  

Who Considers Purchasing Long Term Care Insurance?

Most Americans think that Medicaid can cover all their long term care needs in the latter years of their lives. If you are one of them, better start long term care planning now because it has limitations. Chances are, you’ll end up exhausting your savings and assets or you’ll become a financial burden to your families. Do you want to end up in either of the mentioned situations?

If you want to face tomorrow with a full coverage of extended care you might need, then it’s best to consider requesting for long term care quote as early as now. If you still don’t believe it, I hope this can help change your mind. Statistics would show that out of then individuals only one will not require long term care services. That only shows that everyone has a high percentage of needing long term care in the future.

The cost of nursing homes, assisted living facilities and hiring caregivers will cost you a fortune without a policy today, so what more if 5 or 10 years will pass? The cost will surely double or even triple, so it’s best to be prepared by having a long term care coverage.

The age bracket of people who are highly encouraged to purchase ltc policy are from 50 years old and above. But since more people are becoming more at a high risk for chronic illnesses and getting injured, even those who just turned 40 are encouraged to shop for long term care quote.

Most people shrug off the idea of purchasing one but have a policy early is actually beneficial. You don’t have to pay for high premiums and you are very eligible to get coverage. Putting this off is not worth the risk because you’ll be the one who’ll suffer and as well as your family.

Just because your healthy at this moment means that you’ll still be the same in the coming years. You need to understand that as people grow older they become more vulnerable to diseases. This means that everyone should consider long term care insurance and don’t ever rely on Medicaid alone.  

Learn the Basics of Long Term Care Insurance

Still half-hearted in shopping for long term care quote early? I hope this video can give you helpful insights regarding long term care. Learn the basics first and from there you can perhaps realize the importance of this in your life. Watching this will just take a few moments of your time which in turn can reward you with a secured and comfortable life. I'm pretty sure you have an idea how hard it is to pay for long term care services straight from your pocket. 

After watching this short video, I hope you're considering to purchase a policy much earlier in order to cut the cost of premiums. It's quite expensive particularly to people who are not fortunate enough to have the budget for this policy. If only CLASS Act pushed through, it would be more affordable for people to make a purchase.

Long term care policy is not just for the elderly. You're still young and healthy at this moment but what if you get injured or you've met an accident. Applying for coverage after those things happen will give you high premiums or you'll get no coverage at all. Consider the advice coming from a pro and structure your life with long term care insurance.

Using Reliable Long Term Care Information

Beat the cost of care by arming yourself with complete long term care information such as long term care quote which you can gather from federal and state government agencies that aim to provide assistance to senior citizens. 

Local Area Agencies on Aging, Office of the Ombudsman, and the Department of Health and Human Services (HSS) are among the best sources of information for long term care (LTC) as they continuously monitor LTC facilities and keep abreast of the population that requires it. 

Older people are almost always associated with LTC but according to the HSS 40% of the current population receiving care comprises of members of the 18-64 age group.  Most young people require LTC due to injuries sustained from vehicular accidents or sports.  They enter nursing homes for rehabilitative treatment and therapy.

Meanwhile chronically ill individuals and those who are in the terminal phase of a sickness receive care in nursing homes to ensure their medical needs are met as they need 24-hour care and monitoring. 

More people these days require LTC unlike before as there were shorter life expectancies then.  According to the demographics of the elderly, male baby boomers are living into their 70s while the women will make it into their 80s or even 90s. 

Living longer appears to be a good thing but in the eyes of health care professionals and financial planners there is a downside to it.  Anyone who lives beyond 80 can acquire some form of geriatric disease because as a person ages his immune system gets weaker.  Getting sick at the age of 80 is not only dangerous to one’s health but also to his finances as this will require him to shell out a chunk of his assets, or worse outlive it.    

Back Up Your Plan with Long Term Care Information

You can avoid entangling yourself in financial problems after retirement by planning your future health care needs as early as possible and you can do that by shopping for long term care quote early. 

Elder care specialists and professionals on the field of long term care insurance (LTCI) have repeatedly said investing in a good LTC plan will cost lesser than paying for nursing home care.     

At present, you may feel confident about the cost of care especially if you happen to be a big shot in a private corporation with a six-figure annual income.  Unfortunately, today’s figures will no longer be applicable beginning 2030 when rates of LTC facilities begin to shoot up fourfold. 

Self-insuring in the future can only result in two things.  First, you will no doubt wipe out your assets to the cost of care and second, this will eventually impoverish your family. 

Heed the advice of experts because what they say about LTCI premiums being just a fraction of your total assets is so true.  Better sacrifice $2,000 annually if you can protect your total assets worth $300,000 rather than spend $300,000 for a year’s stay in a nursing home. 

You may also gather comprehensive long term care information from insurance agents who are authorized to market LTCI policies in your state of residence.  Aside from that, you can also get free longterm care quote. This is very important because this can help you find the best rates and impressive benefits that can give you safer and more stable senior years.