Why 3 Top Long Term Care Insurance Companies Had Decreased Sales in 2015
Over 100,000 people purchased long term care insurance in 2015. Seven of the top long term care insurance companies had an increase in sales in 2015. Five of those seven companies had double-digit growth in sales. One of the top long term care insurance companies...
Some attorneys understand long term care insurance, others don’t.
Most elder law attorneys understand long term care insurance and the advantages it gives their clients who are healthy and want to plan ahead. One of the leading advocates for long term care insurance is a founding member of the National Academy of Elder Law...
Long Term Care Insurance Choices Expand for Consumers
Today marks the end of the 2016 open enrollment for the Affordable Care Act. The number of insurance companies offering medical insurance has fallen. While choices for medical insurance are decreasing, long term care insurance choices have expanded for consumers....
Eldercare Advocate Ignores Government-Approved Solution to Long-Term Care Financing!
Howard Gleckman is an elder care advocate. Many people look to him for guidance on how to prepare for long-term care. Unfortunately, for the second time in 30 days, Howard Gleckman has provided false information about the cost of long-term care insurance. What's...
Better Long Term Care Insurance through Government-Approved Partnership Policies
Can we build a better long-term care program? Last month a leading "think tank", the Urban Institute, released a study proposing a new long-term care program. A senior fellow at the Institute, Howard Gleckman, wrote, "Can we build better long term care insurance? The...
Federal Regulations Help Protect Seniors From Losing Their Long Term Care Insurance
In a recent interview, a senior researcher with a leading think tank made two great points about long-term care insurance: “Only take out a long-term care insurance policy if you’re confident of your ability to afford premiums over the long haul” and “everyone should...
Public-Private Long Term Care Partnership Program Now in 43 States
Most things have improved over the past 20 years, including long term care insurance. Long term care policies that are available for sale today have much better benefits and regulations than policies that were sold years ago. For example, today there is no need for...
How Long Does Long Term Care Insurance Pay?
Recently there have been numerous mistakes in the media regarding how long does long term care insurance pay? Many of the reports have stated that long term care insurance policies pay benefits for a year or two. Some reports have said that long term care policies...
Questions raised about why some people let their long term care insurance lapse?
Questions are being raised about the "new study" done by the Center for Retirement Research (CRR) on why some seniors let their long term care insurance lapse. We have thousands of long term care insurance clients all over the country. The CRR’s conclusions in their...
What Happens If My Long Term Care Insurance Company Goes Out of Business?
We are often asked, "What will happen if my long term care insurance company goes out of business?" Long-term care insurance has been around for over 40 years. There has been only one insurance company selling long-term care insurance that has gone bankrupt and its...
IS THERE HOPE FOR SOMEONE WHO HAS BEEN DECLINED FOR LONG TERM CARE INSURANCE?
I was reading an online “newspaper” the other day. There was an article about long term care insurance and the importance of planning for the financial consequences of needing long term care. I like to read the comments at the end of articles. I often find the...
WHAT ARE THE FIRST STEPS IN FINDING THE RIGHT LONG-TERM CARE INSURANCE?
Conduct a simple Internet search on long-term care insurance and the results are baffling. Add the words buy or quote, and it gets even more complex. For an insurance product that already has mystery surrounding it, the sheer amount of information yielded by an...
THREE BIG PROBLEMS WITH LONG TERM CARE INSURANCE
There are three issues concerning people who are considering long-term care insurance: The underwriting and approval process can be long and difficult Claims may not be paid in the future when care is needed, and Premiums might skyrocket forcing you to drop the policy...
Bad Editorial on Long Term Care Insurance
The Des Moines Register recently wrote an editorial on long-term care insurance. ("Long-term care policies have their risks", Sunday, September 21st, 2014) Everyone has a different opinion about long term care insurance. But if the largest publisher in Iowa is going...
What is Long-Term Care?
What is long-term care? Long-term care includes a variety of services that may be both medically and/or non-medically necessary for people with a chronic illness or disability. Health and personal needs are met through long-term care. Generally speaking, long-term...
Long-Term Care Insurance and Taxes
https://twitter.com/LTCShop/status/392679864429334528
Long-term care insurance responds: “The reports of my death have been greatly exaggerated.”
For years "experts" have concluded that the long-term care insurance industry is dead. Here are some of the headlines: “What’s killing the long-term care insurance industry?” Aug. 2012 “Long-term care insurance begins to fade away”--New York Times, Nov. 2010 "When a...
Sometimes Even Smart People Don’t Understand Long-Term Care Insurance — even if they write for a leading magazine.
I understand that journalists don't have time to check all their facts, but this recent article in Forbes is riddled with falsehoods and half-truths. It doesn't even read like something a journalist would write. It sounds like he's just a salesman hawking for...
Focus on the Major Benefits — the “fuzzy dice” are not important!
What are the major benefits of long term care insurance? Nearly everyone who receives care today receives that care either at home or in some type of facility–care that is provided by loving, compassionate people. I’m quite certain that 30 years hence, care will still...
A “Perfect” Long-Term Care Policy?
If you could design "perfect" long-term care policy for yourself, what would it look like? I recently asked someone this question and she said: "It should have premiums that are guaranteed to never go up. It should be able to return most, if not all, of my premiums...
Should You Buy Long Term Care Insurance? Pros and Cons.
Most of what I find on the internet about long-term care insurance is, to put it mildly, terribly misinformed. This recent article from a website that rates retirement communities was surprising balanced. And the comments by members at the end of the article were...
3 Different Outcomes When She Applied for Long Term Care Insurance.
Recently one of my associates asked me about a client of his who had been declined for long term care insurance. She’d applied for coverage with a company that her financial advisor had recommended for her and she was declined because of “sticky platelet syndrome”...
Headline: IBM stops selling computers–future of computer industry in doubt!
In December of 2004, the company that set the standard for personal computers (remember "IBM-compatible"), stopped selling personal computers. After dominating the PC market for most of two decades, IBM abruptly left. No newspaper editor was silly enough to write the...
4 Reasons why a 90-day Elimination Period usually makes the most sense
Updated: 5 Reasons why a 90-day Elimination Period usually makes the most sense: If you need rehabilitative care (e.g. physical therapy, speech therapy, etc...) most medical insurance policies (including Medicare and Medigap) can pay up to the first 100 days in a...
How much does long-term care insurance cost?
Every long-term care policy gives you many choices for your benefits. You choose your: Daily Benefit, Inflation Benefit, Policy Limit, and Elimination Period. The richer the benefits you choose, the higher your premium. The more modest the benefits you choose, the...
What is the “Policy Limit” or “Benefit Period” in a long-term care insurance policy?
Policy Limit = a limit on how much the policy can pay in benefits over your lifetime. Source: National Association of Insurance Commissioners A Shopper’s Guide to Long-Term Care Insurance 2009 When buying your long-term care insurance policy, you choose a “Benefit...
What is the “Inflation Benefit” in a long-term care insurance policy?
Inflation Benefit = how a long-term care insurance policy’s benefits grow in order to try to keep pace with the increasing costs of care. Source: National Association of Insurance Commissioners A Shopper’s Guide to Long-Term Care Insurance 2009 The Inflation Benefit...
What is the “Daily Benefit” (a.k.a. “Monthly Benefit”) in a long-term care policy?
Daily Benefit = the amount of money your long-term care insurance policy can pay for each day that you receive qualified care. The Daily Benefit is the single-most important feature in your long-term care policy. Choose it wisely! The Daily Benefit is sometimes...
Assessing Long-Term Care Insurance Companies
The president of Homewatch Caregivers recently interviewed Jesse Slome and me about "Ways to Assess Long-Term Care Insurance Companies". The article has some great tips. One of the most important things to consider when choosing a long-term care insurance company is...
Another elder law attorney weighs in on long-term care insurance
Mark Clements, an elder law attorney in Lakeland, Florida, has been practicing elder law for over 30 years. Here are his thoughts on long-term care insurance: "Having practiced Elder Law for more than thirty years, it becomes more and more apparent to me that our...
An elder law attorney’s advice about long-term care insurance
Since the passage of the Deficit Reduction Act of 2005 and the creation of LTC Partnership programs in over 40 states, many elder law attorneys now recommend protecting your assets with a long-term care partnership policy. Here's a link to a superb article written...
Federal audit reveals LTC insurance claims practices
When someone contacts me to inquire about purchasing long-term care insurance, one of the questions I'll ask is: "What prompted you to look into long-term care insurance?" Over the past few years many of my clients have been answering that...
Which is better: A Group LTCi policy or an Individually-purchased LTCi policy?
A healthy, married couple can usually get better benefits by purchasing a long-term care policy on their own, rather than buying a group long-term care policy through their employer. Preferred health discounts that save you as much as 25%, and Marital...
What is the “Elimination Period” in a long-term care policy?
Long-Term Care Insurance DictionaryThe Elimination Period is similar to a deductible. The Elimination Period is the number of days you receive qualified care before your long-term care policy will begin to pay benefits. The shorter your Elimination Period, the higher...
Love and Long-term care Insurance
I've been wanting to say something like this for a long-time, but I could never quite find the right words. I read them today in an article in the Minneapolis Star-Tribune. Here is the quote verbatim from a colleague of mine: "Mike Westling, a long-term-care...
What Health Reform Doesn’t Cover: Long-Term Care for the Elderly
There’s a great article on CBS Money Watch entitled, “What Health Reform Doesn’t Cover: Long-Term Care for the Elderly”. One of the biggest misconceptions about the CLASS Act (Community Living Assistance Services and Support Act) is that “it will help the elderly...
Long-term care insurance is not for sissies!
The NFL and the NFL Alumni Association announced recently that they've signed an agreement with a leading long-term care insurance company to provide long-term care insurance benefits to retired NFL players. Mike Ditka was one of the former players who lead the push...
The real message of the CLASS Act!
After the healthcare reform bill (PPACA) passed in March 2010, some people mistook the CLASS Act program as some type of new entitlement. The Community Living Assistance Services and Supports Act (aka The CLASS Act) is the exact opposite of an entitlement program....
Who should NOT own long-term care insurance?
A very well-written article was printed in the Times Union paper (and on their website) this past Sunday. The writer interviewed some financial planners and elder law attorneys who specialize in estate planning and Medicaid planning. They answer many of the more...
The difficulties that lie ahead for the CLASS Act
Howard Gleckman, author of "Caring for Our Parents" does a superb job of explaining the difficulties facing the CLASS Act program (Community Living Assistance Services and Support Act). In order for the CLASS Act program to be successful, the federal government will...
Aren’t the most expensive long-term care policies the best long-term care policies?
A woman in California recently asked me why one long-term care policy was almost twice as expensive as some of the other policies I'd compared for her. It's a good question and it reminded me of a story. A few years ago, I compared several long-term care policies for...
Does the CLASS Act become effective on January 1, 2011?
When does the CLASS Act (Community Living Assistance Services and Supports Act) become effective? There is a lot of confusion about when the CLASS Act becomes effective. Many reputable sources have erroneously stated that the CLASS Act starts on January 1, 2011,...
A Summary of the New CLASS Act (Community Living Assistance Services and Support Act)
Below is a summary of the portion of the healthcare reform law, known as the "CLASS Act". C.L.A.S.S. stands for: Community Living Assistance Services and Support Act. Who can enroll in the CLASS Act? Anyone who is working can enroll, even the self-employed. The...
What happens to my long-term care policy if my insurance company stops selling new policies?
"What will happen to my long-term care policy if my insurance company stops selling new policies?" N-O-T-H-I-N-G. I know that's not what the newspapers say. I know that's not what the headlines on the "news websites" say. But fear sells newspapers and fear increases...
Can a long-term care insurance policy be cancelled by the insurance company?
I am often asked: Can my long-term care policy be cancelled when I reach a certain age? Can my long-term care policy be cancelled because my health changes? Can my long-term care policy be cancelled if I make too many claims? Can my long-term care policy be cancelled...
Why are the CLASS Act premiums projected to be so much higher than traditional long-term care insurance
Why are the CLASS Act premiums projected to be so much higher than traditional long-term care insurance? The Healthcare Reform bill (PPACA) requires that the CLASS Act program be actuarially sound and not funded by taxes. All benefits must be paid from the premiums...
The 3 big disadvantages to the CLASS Act
There are three big disadvantages to the CLASS Act when compared with a traditional long-term care insurance policy. #1) A small Benefit amount: The healthcare reform bill states that the CLASS Act benefit is to be no less than: an "average of $50 per day" for each...
How is the CLASS Act better than traditional long-term care insurance
The CLASS Act is better than traditional long-term care insurance in the following way: Your health history cannot prevent you from enrolling. That is a big advantage for anyone with severe health problems, like Parkinson's, Multiple Sclerosis, severe obesity, and...
What is the CLASS Act (Community Living Assistance Services and Support Act)
The Community Living Assistance Services and Support Act (aka CLASS Act) is a voluntary, pre-funded, long-term care program that will be administered by the federal government. It was included as part of the healthcare reform bill (PPACA-Patient Protection and...
Why are group long-term care policies usually more expensive than individual long-term care policies?
In a previous article, I made the statement: "You can probably get better benefits for less premium if you purchase your own long-term care policy rather than enrolling in a group long-term care policy." There are 2 main reasons: Individually-purchased long-term care...