A Sneaky Secret About Long-Term Care Insurance Premiums
Affordability is a key ingredient in any successful long-term care plan. That is why the premium cost is often the most important factor to consumers who are considering the purchase of LTCI. “Will My Premiums Ever Increase?” One of the most common questions I hear is: “Will my premiums ever increase?” The answer is this: there are a couple of scenarios in which LTCI premiums could increase. I will try to explain one in this article and follow up...Read the rest of this article »Related Articles
State Long-Term Care Partnership Programs: An Overview
Both state and federal governments have begun to realize that long-term care costs have the potential to become a major budgetary problem in the not-too-distant future. One significant contributing factor is the large pool of baby boomers nearing or entering retirement, many of whom will require long-term care very soon. As a result, lawmakers have begun taking steps to encourage consumers to take responsibility for their own long-term care needs and purchase LTCI (long-term care insurance). One of the...Read the rest of this article »Related Articles
The Most Common & Expensive Long-Term Care Insurance Mistake
There are many mistakes that can be made when considering long-term care insurance, and some of them can be very costly. Some of the most common mistakes include only getting quotes from one company, not researching long-term care costs, and relying on someone else’s opinion of what policy design is best for your circumstances. All of these mistakes can prove to be expensive. For instance, I often see consumers who just don’t want to put in the time and...Read the rest of this article »Related Articles
Preserve Your Long-Term Care Coverage with Inflation Protection
Recently I wrote about selecting a daily benefit for your long-term care insurance (LTCI) policy. Making sure that you start your policy with a daily benefit amount that matches the current cost of care is vitally important. But there are a couple of additional steps you’ll need to take if you want to be sure that the buying power of your policy benefits do not erode over time. Inflation constantly chips away at the true value of LTCI benefits....Read the rest of this article »Related Articles
Senior Care Reimbursement Overview
Planning for long-term care is complicated. Each person's needs are unique; therefore, the cost of long-term care varies greatly. Some social and physical assistance is available for free or at a low cost, while very expensive nursing home or home health services can cost upwards of $200 per day. There are many different ways to finance long-term care. You will probably need to use a combination of payment sources, which may include Medicare, Medicaid, long-term care insurance and other programs,...Read the rest of this article »Related Articles
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