Financing Long-Term Care

No one likes to pay insurance premiums of any kind and long-term care insurance is no exception. We pay these premiums because the alternative leaves our investment assets and retirement income exposed to high risk if long-term care becomes necessary and we have to pay for the care ourselves. It is no secret that the cost of nursing facility care can quickly drain a retirement nest egg and force a retiree into financial ruin. By purchasing long-term care insurance,...Read entire article »

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In my last article I discussed the process for long-term care insurance underwriting. Now I will try to answer one of the most common questions about premium rates, which baffles consumers who are considering purchasing a policy. Why are my premiums higher than someone else's? There can be many reasons why premium rates vary from one person to the next. Age and policy design differences alone can have a big impact on the premium paid by two different people....Read entire article »

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Underwriting is essentially the acceptance of risk in return for payment. In long-term care insurance, this occurs when an applicant becomes a policyholder, paying the insurance company to accept the risk that may require them to pay out claims on the applicant’s behalf. Many people wonder what the application process and the underwriting process for long-term care insurance are about and how it all works. I’ll discuss all of that in this article. Why is underwriting necessary? The answer...Read entire article »

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In most cases, if you are in reasonable health you can expect to be approved for long-term care insurance. But approval is not automatic and there are guidelines that the major carriers use to determine who qualifies. These guidelines are published by each carrier in an underwriting field guide which agents use to help them decide whether someone is a good candidate for long-term care insurance with that company. Many underwriting procedures are fairly standard across the industry. Factors...Read entire article »

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Long-term care insurance is a good financial protection vehicle for anyone who has enough assets to protect and can comfortably afford the premiums. It can help ensure that all of the time and effort you have spent on acquiring a sufficient retirement income is not lost due to the rising costs of long-term care. There are several specific advantages for couples purchasing long-term care insurance. Consider this: most often, the healthier spouse acts as the primary caregiver. Without long-term...Read entire article »

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