How To Save Money When Claiming on Your LTC Insurance
I get frequent calls from people asking how the claim process on a loved one’s LTC insurance works. The most common question is on what is called the elimination period, which I call the deductible. The most common “deductible” on LTC insurance policies is 90 days. Most policies require one to actually pay and show […]
Protect Mom’s Money
Here is a not untypical situation where Mom needs care and even though Medicaid will soon be needed, some funds can be moved to family. In our example, Mom is 83 years old and suffering from dementia. She has 2 daughters, one of which is married, the other divorced. The daughters have finally convinced Mom […]
Long Term Care Insurance is Less Expensive Than Most Realize
I cannot tell you how many times people have told me this LTC insurance is too expensive. This is typically followed an hour later by “Wow, I can’t believe that’s all it costs”. Perhaps agents are explaining things incorrectly. Let’s take a 50 year old couple who wisely choose to investigate this coverage while they are […]
Do You Know Someone Who May Soon Need Help Managing On Their Own?
We all dread the time when we may need some assistance due to not being able to manage on our own anymore. It happens to others, but surely, not us. We are never prepared when a loved one needs help, and then we find out how expensive such care is. There seems to be no […]
Family History Starting To Count in LTC Insurance Qualifying
For years I’ve been asked if a person’s family history has any effect on their being able to obtain Long Term Care insurance. Up until now my answer was “not yet”! However, the answer is changing to yes. One insurer has asked about family history but it was not a deciding factor. Now another LTC […]
Help Wanted – Home Health Aides
Another article appeared in the Wall Street Journal recently about home health care workers. If you want job security, long hours and low pay, this is the career for you. I have mentioned in prior posts about the shortage of workers caring for our elderly in the US. The turnover rate for home health care […]
Providers Sue Kids For Parents LTC Costs
From Financial Advisor magazine comes the following information: more than half the states have filial responsibility laws making adult children legally responsible for indigent parents’ bills. I’ve known about this for years, but never thought they would be enforced. However, now nursing homes, assisted living facilities, or even a publicly funded long term care agency can […]
I’m Going To Wait Before I Buy LTC Insurance
Why should a person buy LTC insurance at age 50, when they may not need care (typically) until age 80? Why pay premiums all those years? Who wants to spend money for 30 years of premiums. Seems like a logical viewpoint, why start paying premiums now when it could be 30 years before you might need care. As long as you stay […]
Who Will Have The Money?
I paraphrase an article in the Tuesday, July 22nd Wall Street Journal here, on spending and entitlements. The Congressional Budget Office long- term budget outlook released July 15 shows a 40 TRILLION dollar increase in debt over the next 2o years. The CBO simply stops projecting after 36 years as its models cannot conceive of […]
As Baby Boomers Age, Families Have More Options For Providing And Paying For Their Care
Much has changed in the past two decades when it comes to Long-Term-Care options and how to fund them. Baby boomers and subsequent generations will need to plan for LTC in a different way than their parents in light of factors such as longer life spans, the uncertain future of entitlement benefits and rapidly rising […]
