Financing Long-Term Care

In my discussions with consumers who may be considering the purchase of long-term care insurance, they often try to determine whether they will need long-term care services in the future—and the cost of their premiums in the present. The future need for long-term care is impossible to predict for certain since none of us possesses a crystal ball that allows us to see the future. That means that we have to rely on available information to make a reasonable...Read entire article »

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The long term care partnership program is an initiative that was outlined in the Deficit Reduction Act of 2005. Each state can decide whether or not to enact the program for its residents. It is not mandatory. The Long Term Care Partnership Program: How It Works The purpose of the long term care partnership program is to encourage consumers to buy long term care insurance to help relieve the financial pressure on the Medicaid program. Lawmakers realize that Medicaid...Read entire article »

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I am often asked about the best or optimal age to buy long-term care insurance. My answer is that it depends on what you want long-term care insurance to accomplish. If you want to be truly covered against the high costs of long-term care at all times, you should purchase long-term care insurance as soon as (1) you have assets that need to be protected and (2) you can afford the premiums. It's Never Too Early to Consider Buying Long-Term...Read entire article »

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A vital ingredient in any successful long-term care insurance plan is to have an affordable policy without sacrificing good coverage. If you receive quotes from several highly rated insurers and yet find that the premiums are still too much to bear, there is no need to panic and assume that long-term care insurance costs too much. You may be able to adjust the benefit amounts of the original quotes to bring the premiums more in line with your expectations—and...Read entire article »

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There are many opinions about long-term care insurance which are mainly based on anecdotal evidence. Once a year, the American Association for Long-Term Care Insurance publishes a LTCI Sourcebook that cuts through the fog of opinion by helping to establish the facts. The 2009 version of this publication just became available and here are some of the results of the data gathered from a large sampling of the leading long-term care insurers about those who have an individual long-term...Read entire article »

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