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.

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.

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.

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.

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.

What is the Best Long Term Care Insurance?

After asking yourself when I should look for long term care quote, the next question you might have in mind is, what is the best kind of policy that will fit you. You have three choices, Reimbursement long term care insurance, Partnership long term care insurance and last but not the least is Indemnity long term care insurance. Among the three what’s the best? It’s hard to tell because you need to gauge this according to your needs, if the policy offers the right benefits and it’s perfect for your budget. It’s like the first policy works perfectly for a certain person and if another chooses this one and this person has a different set of needs then it might not work well with him.

To help you figure out what can be the best long term care insurance policy for you, below are your three options.

Reimbursement Long Term Care Insurance

This is the most common type of ltc insurance. The name says it all, all the payments you made to cover your long term care services will be given back to you for as long as the expenses doesn’t exceed your benefit amount be it every day, per week or on a monthly basis. What if your benefit amount is much bigger than your expenses, what happens to the extra money? The company will keep this and you can use this in the future.

Partnership Long Term Care Insurance

Most states in America offer this type of policy and with the looks of it it’s starting to gain more followers. This type of policy helps people to get into the Medicaid program even if they have assets that exceed the maximum limit or even if they have used all their benefits. Aside from this, policyholders can also take advantage of tax deductions, disregard of assets, reciprocity agreement and inflation protection.

Indemnity Long Term Care Insurance

This is more expensive than Reimbursement long term care insurance. However, this more manageable and can be controlled easily since you’ll get paid for the number of days you have received long term care from any facility and you’ll be given a check for that. The insurer will just indicate the amount of your daily benefit. So if there is extra money left, you can keep it and use it in the future. This is highly recommended for people below 60 since this policy offers maximum benefits. Even if this is a bit costly, it’s still a great investment because you’ll get the worth of every penny you’ve spent in this policy.

Now you know your options, I hope these things can help you decide shape up your future. Choose wisely, shop for long term care quote first and make sure you’ll choose something that can be of great service to you in the future. 

When Should I Consider Looking for Long Term Care Quote?

People are aware that long term care insurance is one of the best investments they can make but is there are specific time or age to purchase this? I have to be honest about this and tell you that there is no specific age to shop for long term care quote. It’s hard to be in a situation like this that’s why you need time to think about this and figure out what can work for you best.

Planning for Your Future Early

I recommend this to people with family history and they have high risk factors. They will most likely need long term care services later on in their lives. It is always better to plan ahead of time and purchase a policy while they are still in perfect condition. You wouldn’t want to be put in a situation wherein you will need the help of an elder care specialist or you need to move to facilities and you don’t have enough funds to afford either of the two. With early planning and purchase of long term care insurance there’s no doubt about it that you’ll be in good hands later in your life.

Putting Off Purchase of Long Term Care Insurance

It wouldn’t be that expensive if only the CLASS Act wasn’t cancelled. To those who are not familiar with this, it’s a long term care insurance program that will provide senior care services to working adults in exchange for much cheaper premiums. This could have been a great help to people who have chosen to purchase long term care insurance late.

Most people put off purchasing this type of policy because they think they will not need it. That’s what they think but you can never tell what the future holds. They’re free to wait but it would be very expensive for them to avail a policy or it can get worse, no company would dare to provide coverage for them.

The best advice I can give is, to sit down and take some time to ponder on your future plans. There’s no certain age to shop for  long term care quotes but there is a recommended age. Most people apply for this policy once they are in their mid-50’s or just before they turn to 60. This is the ideal age since the premiums aren’t that high yet and you still have the means to pay for this since you’re still working.