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.