The link below will provide access to a very concise review of how premiums can increase in long term care insurance policies.
http://community.nasdaq.com/news/2010-08/will-my-longterm-care-premiums-go-up-as-i-get-older.aspx?storyid=33684
Tuesday, August 24, 2010
Friday, July 30, 2010
Can I Use Annuities for LTC costs?
For some, annuities are an appropriate vehicle to shield your retirement savings from long term care costs, but you have to do your homework before choosing that option. Here is a great article going over the basics.
http://www.timesherald.com/articles/2010/07/28/business/doc4c4fb3f2bb3fb346900588.txt
http://www.timesherald.com/articles/2010/07/28/business/doc4c4fb3f2bb3fb346900588.txt
CBS Money Watch - Blog Entry Regarding Long Term Care Insurance
This is a great blog posting addressing the question: Should you buy long term care insurance?
http://moneywatch.bnet.com/retirement-planning/blog/money-life/should-you-buy-long-term-care-insurance/1258/?tag=content;col1
http://moneywatch.bnet.com/retirement-planning/blog/money-life/should-you-buy-long-term-care-insurance/1258/?tag=content;col1
Sunday, June 13, 2010
Interesting Perspective from South Carolina
The following article was found in the Aiken Standard.
http://www.aikenstandard.com/FeatureColumns/0613-on-the-money
http://www.aikenstandard.com/FeatureColumns/0613-on-the-money
Monday, May 31, 2010
Annuities - Another Option for Long Term Care Planning
Annuities are a viable option for people who do not qualify for a long term care insurance policy. Click on the link below for more information.
http://www.imperialvalleynews.com/index.php?option=com_content&task=view&id=7247&Itemid=2
http://www.imperialvalleynews.com/index.php?option=com_content&task=view&id=7247&Itemid=2
Friday, May 14, 2010
New Statistics on Long Term Care Insurance Plans
http://www.elderlawanswers.com/resources/article.asp?id=8289&Section=4&state=
The American Association for Long Term Care Insurance (I am a member of this organization) has produced its annual Sourcebook. The attached link has some interesting facts regarding term of long term care insurance policies.
The American Association for Long Term Care Insurance (I am a member of this organization) has produced its annual Sourcebook. The attached link has some interesting facts regarding term of long term care insurance policies.
Monday, April 5, 2010
The CLASS Act - Things you need to Know
There are certain pitfalls to the CLASS Act that everyone needs to know prior to participating.
http://www.lifeandhealthinsurancenews.com/News/2010/4/Pages/LTC-Expert-Critiques-CLASS-Act.aspx
http://www.lifeandhealthinsurancenews.com/News/2010/4/Pages/LTC-Expert-Critiques-CLASS-Act.aspx
Wednesday, March 31, 2010
Pension Protection Act & Long Term Care Protection
http://www.thestarpress.com/article/20100328/BUSINESS/3280317/1046
Great article describing how people can use the Pension Protection Act to their advantage when planning for long term care.
Great article describing how people can use the Pension Protection Act to their advantage when planning for long term care.
Some Couples Go To Extremes When Long Term Care Costs Become Overwhelming
http://www.businesswest.com/details.asp?id=2433
This article is another example of what can happen to people who don't properly plan for long term care.
This article is another example of what can happen to people who don't properly plan for long term care.
Friday, February 26, 2010
State Refunds Possible for Long Term Care Insurance Holders
http://www.usinsuranceonline.com/news/article/state-refunds-possible-for-long-term-care-insurance-holders-19638516
posted by Michael Hanson
While death and taxes may be the only certainties in life, some may not know that protecting against the former with certain insurance policies may be able to reap rewards from the latter in terms of sizable state and federal deductions this tax season.For the upcoming tax season, policy holders of long term care insurance plans may be able to receive federal deductions of up to nearly $4,000 based on their age.
However, in addition to federal savings, a survey from the Kaiser Family Foundation in 2008 found that 30 states offered some form of state tax deductions as well. According to Gene Cutler, a New York-based agent for LTC Financial Partners LLC, the state deductions can be in the range of 20 percent of the premiums that were paid that year, doubling a refund in some cases.“If you can double your money, so to speak, why not do it," said Cutler. "More and more states are coming to the same conclusion as the federal government. It makes sense for them to subsidize private long-term care insurance, so they won't go broke providing public assistance.
The taxpayer should take full advantage of these incentives."While Federal deductions for long-term care insurance holders max out at $3,980 for policy holders older than the age of 70, those who are under 40 can still qualify for a refund of $320 in addition to any state refunds.
posted by Michael Hanson
While death and taxes may be the only certainties in life, some may not know that protecting against the former with certain insurance policies may be able to reap rewards from the latter in terms of sizable state and federal deductions this tax season.For the upcoming tax season, policy holders of long term care insurance plans may be able to receive federal deductions of up to nearly $4,000 based on their age.
However, in addition to federal savings, a survey from the Kaiser Family Foundation in 2008 found that 30 states offered some form of state tax deductions as well. According to Gene Cutler, a New York-based agent for LTC Financial Partners LLC, the state deductions can be in the range of 20 percent of the premiums that were paid that year, doubling a refund in some cases.“If you can double your money, so to speak, why not do it," said Cutler. "More and more states are coming to the same conclusion as the federal government. It makes sense for them to subsidize private long-term care insurance, so they won't go broke providing public assistance.
The taxpayer should take full advantage of these incentives."While Federal deductions for long-term care insurance holders max out at $3,980 for policy holders older than the age of 70, those who are under 40 can still qualify for a refund of $320 in addition to any state refunds.
Thursday, February 25, 2010
AARP Article Covering Long Term Care Insurance Needs for Women
http://www.aarp.org/health/longtermcare/boomerwomen/articles/boomer_women.html
There's just no stopping American women, especially those who are part of that dynamic force of 39 million born between 1946 and 1964 whose influence is evident in every thread of the nation's tapestry. You're independent vocal women who expect to have it all and often find yourself challenged to do it all—at home, in the workplace, and in the community. Add to that the demands of caring for aging parents, and it's no wonder that you have little time to slow down to take care of yourself, including developing personal and financial plans for your long-term care.
What is Long-term Care?
It's a common name that many are hard-pressed to define, but think of long-term care as the support you may need down the road simply to go about daily life. This kind of care can include changes to make your home more accessible, safe, and comfortable; technology that prolongs independence; or services that offer help with meals, transportation, and personal care.
Long-term care also includes medical care such as rehabilitation services or visits from a nurse. The need for these kinds of services can last several months, years, or until the end of life. Many people receive long-term care at home or through adult-day programs and other community services. Others move into supportive housing with meals and housekeeping, assisted living for people who still have a measure of independence but need help with personal care, or a nursing home for those who can no longer care for themselves.
Why Women?
Research shows that you're more likely to have a need for long-term care than men. Here's why some experts consider this challenge a major issue for women of the boomer generation.
Women live longer. According to AARP's Public Policy Institute, women make up more than two-thirds of Americans age 85 or older. Those who reach 65 can expect to live an average of 20 more years, outliving men by about five years.
Women have fewer resources. Women often have drastically lower incomes than men, especially women who have gone through divorce, widowhood, job loss, and who have served others as caregivers, reports the Women's Institute for a Secure Retirement. Almost half of women 75 or older live alone. On average, says AARP, their income is only three-quarters of what older men make—and less than half of what older couples bring in.
Women are more likely to need long-term care. About 79 percent of 65-year-old women will need some long-term care during their lifetime, finds Georgetown University's Health Policy Institute. On average, these women will end up needing 3.7 years of care. Men age 65 are likely to need about 2.2 years of care over the rest of their lives.
Many women aren't planning for the future. An AARP report on whether middle-age women are ready for retirement warns that many of this generation—even those on the verge of retiring—don't know how much income they'll need and what costs they'll need to cover.
Long-term care is expensive. In 2009, the average national cost for assisted living was more than $34,000 a year, according to the annual Genworth Cost of Care Survey. The yearly cost of a private room in a nursing home was nearly $75,000, and costs for home-health aides averaged almost $19 an hour. AARP's Long-Term Care Cost Calculator can help you figure out the cost of care by state.
You'll likely pay out-of-pocket. Many people mistakenly believe that Medicare and private health insurance pay for long-term care. In reality, Americans pay for most long-term care themselves until their savings become so depleted that they qualify for Medicaid. But Medicaid often means fewer choices, especially as states face budget crises. In most states, the majority of Medicaid funds for long-term care go toward institutional providers. Yet, AARP finds that most people prefer to receive care in their homes or through community programs.
You may never need long-term care, but your loved one might. So the knowledge you gain planning for yourself can also make it easier for you to help the people in your life. According to a survey by the National Alliance for Caregiving and AARP, six out of 10 family caregivers are women. As a caregiver, you are more likely than a man to provide 40 or more hours of care a week.
Caregiving affects your wallet and your job. According to AARP, more than 60 percent of family caregivers who are women say they've had to make career sacrifices to accommodate caregiving. This often means cutting back on work hours, passing up promotions, or leaving the workforce entirely.
Why Now?
You're part of a generation uniquely poised to redefine retirement, using your current earning power to save and invest wisely for the future. You still have time to build and expand support networks—on the job and through family, friends, community, and faith-based institutions—that can help you and those around you. Planning ahead increases your options and keeps you in charge of decisions that affect your life. It's important for you to know the costs of long-term care options and how they might cover your choices through savings, investments, insurance, or other resources. The more your generation of women plans today, the more retirement, lifestyle, and financial choices you'll have later.
For more information about planning for long-term care, visit www.aarp.org/decide. Decide to plan for long-term care, create a plan that works for you, and share it with your loved ones. Let AARP help you Decide. Create. Share.SM
There's just no stopping American women, especially those who are part of that dynamic force of 39 million born between 1946 and 1964 whose influence is evident in every thread of the nation's tapestry. You're independent vocal women who expect to have it all and often find yourself challenged to do it all—at home, in the workplace, and in the community. Add to that the demands of caring for aging parents, and it's no wonder that you have little time to slow down to take care of yourself, including developing personal and financial plans for your long-term care.
What is Long-term Care?
It's a common name that many are hard-pressed to define, but think of long-term care as the support you may need down the road simply to go about daily life. This kind of care can include changes to make your home more accessible, safe, and comfortable; technology that prolongs independence; or services that offer help with meals, transportation, and personal care.
Long-term care also includes medical care such as rehabilitation services or visits from a nurse. The need for these kinds of services can last several months, years, or until the end of life. Many people receive long-term care at home or through adult-day programs and other community services. Others move into supportive housing with meals and housekeeping, assisted living for people who still have a measure of independence but need help with personal care, or a nursing home for those who can no longer care for themselves.
Why Women?
Research shows that you're more likely to have a need for long-term care than men. Here's why some experts consider this challenge a major issue for women of the boomer generation.
Women live longer. According to AARP's Public Policy Institute, women make up more than two-thirds of Americans age 85 or older. Those who reach 65 can expect to live an average of 20 more years, outliving men by about five years.
Women have fewer resources. Women often have drastically lower incomes than men, especially women who have gone through divorce, widowhood, job loss, and who have served others as caregivers, reports the Women's Institute for a Secure Retirement. Almost half of women 75 or older live alone. On average, says AARP, their income is only three-quarters of what older men make—and less than half of what older couples bring in.
Women are more likely to need long-term care. About 79 percent of 65-year-old women will need some long-term care during their lifetime, finds Georgetown University's Health Policy Institute. On average, these women will end up needing 3.7 years of care. Men age 65 are likely to need about 2.2 years of care over the rest of their lives.
Many women aren't planning for the future. An AARP report on whether middle-age women are ready for retirement warns that many of this generation—even those on the verge of retiring—don't know how much income they'll need and what costs they'll need to cover.
Long-term care is expensive. In 2009, the average national cost for assisted living was more than $34,000 a year, according to the annual Genworth Cost of Care Survey. The yearly cost of a private room in a nursing home was nearly $75,000, and costs for home-health aides averaged almost $19 an hour. AARP's Long-Term Care Cost Calculator can help you figure out the cost of care by state.
You'll likely pay out-of-pocket. Many people mistakenly believe that Medicare and private health insurance pay for long-term care. In reality, Americans pay for most long-term care themselves until their savings become so depleted that they qualify for Medicaid. But Medicaid often means fewer choices, especially as states face budget crises. In most states, the majority of Medicaid funds for long-term care go toward institutional providers. Yet, AARP finds that most people prefer to receive care in their homes or through community programs.
You may never need long-term care, but your loved one might. So the knowledge you gain planning for yourself can also make it easier for you to help the people in your life. According to a survey by the National Alliance for Caregiving and AARP, six out of 10 family caregivers are women. As a caregiver, you are more likely than a man to provide 40 or more hours of care a week.
Caregiving affects your wallet and your job. According to AARP, more than 60 percent of family caregivers who are women say they've had to make career sacrifices to accommodate caregiving. This often means cutting back on work hours, passing up promotions, or leaving the workforce entirely.
Why Now?
You're part of a generation uniquely poised to redefine retirement, using your current earning power to save and invest wisely for the future. You still have time to build and expand support networks—on the job and through family, friends, community, and faith-based institutions—that can help you and those around you. Planning ahead increases your options and keeps you in charge of decisions that affect your life. It's important for you to know the costs of long-term care options and how they might cover your choices through savings, investments, insurance, or other resources. The more your generation of women plans today, the more retirement, lifestyle, and financial choices you'll have later.
For more information about planning for long-term care, visit www.aarp.org/decide. Decide to plan for long-term care, create a plan that works for you, and share it with your loved ones. Let AARP help you Decide. Create. Share.SM
Wednesday, February 17, 2010
Sunday, February 14, 2010
AALTCI 2010 Tax Planning Guide for Long Term Care Insurance
Please review the 2010 American Association for Long Term Care Insurance Tax Guide for Long Term Care Insurance.
http://www.prlog.org/10531645-online-guide-addresses-increased-tax-deductions-for-long-term-care-insurance.html
http://www.prlog.org/10531645-online-guide-addresses-increased-tax-deductions-for-long-term-care-insurance.html
Friday, February 12, 2010
Wednesday, February 10, 2010
Tuesday, February 9, 2010
Monday, February 8, 2010
Scary Projections for North Carolina's Medicaid Budget
Here is another great example where long term care insurance will not only help individuals, but it will help state budgets:
http://www.mtairynews.com/view/full_story/5816272/article-State-demand-for-Medicaid-growing?instance=secondary_news_left_column
http://www.mtairynews.com/view/full_story/5816272/article-State-demand-for-Medicaid-growing?instance=secondary_news_left_column
Saturday, February 6, 2010
Monday, February 1, 2010
Monday, January 18, 2010
Planning Your Estate - CBS News
Short article and linked video with some tips when planning your estate.
Tuesday, January 12, 2010
Rosalynn Carter Quote
There are only four kinds of people in the world -
1. Those who have been caregivers
2. Those who currently are caregivers
3. Those who will be caregivers,
4. And those who will need caregivers. - Rosalynn Carter
1. Those who have been caregivers
2. Those who currently are caregivers
3. Those who will be caregivers,
4. And those who will need caregivers. - Rosalynn Carter
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