This article in Forbes talks about the
need for Long Term Health Care Planning. Keep in mind, has with many articles,
this article is general. Overall premium costs are usually lower than what the
article indicates. For example, a married 55 year-old male in good health can
get a solid partnership plan for as little as $92 a month. A single person
would pay a bit more.
You can read the article here:
http://www.forbes.com/sites/nextavenue/2015/04/09/boomers-millennials-and-the-long-term-care-divide/
Planning for the physical, emotional
and financial burdens Long Term Health Care is an important part of retirement
planning. Planning needs to be done when you are younger and healthy as you
will have many more affordable options. Premiums for Long Term Care Insurance
are based on AGE and HEALTH at the time of application and are very affordable.
While the article talks about the increases for new plans many companies did
not change their rates so the article is a bit misleading. Premium increases on
existing plans did happen but primarily on much older plans that were sold
prior to rate stabilization and much better underwriting standards. With the
risk of needing care being as high as it is, Long Term Care Insurance seems
like common sense.
The risk of needing care is high with
the advances in medical science allowing us to live longer and survive health
events and accidents more than ever before. People require Long Term Health
Care due to accidents, illnesses or the impact of aging. The US Department of
Health and Human Services says if you reach the age of 65 you will have a 75%
chance of needing some form a Long Term Health Care before you pass away.
Many states have partnership programs
available which provide dollar for dollar asset protection if you have a
qualified policy. The Long-Term Care Partnership Program is a collaboration
between state government and insurance companies. Under this partnership,
applicants who purchase qualifying long-term care insurance policies can access
Medicaid coverage while retaining assets they would normally be required to
spend on their long-term care. This is referred to as dollar for dollar asset
protection.
Premiums are very affordable if
designed appropriately by a specialist who understand how these plans work. The
American Association for Long Term Care Insurance suggests consumers only work
with specialists who represent all the top insurance companies and have at
least 500 active clients in Long Term Care Insurance. Few insurance agents or
financial advisors have this level of experience. In my case I have well over
2100 active clients throughout the country with over 16 years of experience. Please remember, a specialist like myself not only represents all the top insurance companies but also understands how these plans get used at the time of claim.
Read the article and learn more at
http://mccannltc.net/
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