Tuesday, May 29, 2012

Long Term Care Insurance For Same Sex Domestic Partners

Building the life that is right for you takes long planning to protect it. However, not many people have the financial resources to pay for the ongoing Long Term Care they might need as a result of a serious illness, injury, or disability. This can be especially true for member of the same sex community, where planning for care can present some unique challenges.

Long Term Care can pose some care issues and financial penalties on the same sex community. By being covered by Long Term Care Insurance this will help to relieve you of the having to rely too much on your partner for physical help.

There are several Long Term Care Insurance policies offered by major Long Term Care insurance companies that offer a same sex domestic partner discount. Another great benefit that is offered is a shared care rider to same sex partners where the benefit will allow you to use your partner's benefit dollars once yours has been depleted.

Plan for you Long Term Care now, and avoid being a burden to your partner in the future - Request a quote!

1. MetLife Mature Market Institute, MetLife Juggling Act Study, 1999
2. MetLife Mature Market Institute and NAC, Resources for Caregivers, 2007

Thursday, May 17, 2012

Reasons to Buy Long-Term Care Insurance

Protect Assets - Long Term Care services in a nursing home care cost as must as $75,000. Home Health Care services can cost as much as $19 a hour (1.). Long TC Insurance can protect these assets by paying these high costs and ultimately you can pass your assets onto your heirs.

Preserve Independence - Comprehensive Long Term Care Insurance policies give you choice and your independence, with allowing you to receive care in your home or assisted living facility, so you don't have to go to a nursing home unless needed.

Avoid being a Burden - As stated in the Caregivers Role section in this website most care provided in the US is provided by a loved one. Long Term Care Insurance can protect you from having to rely on a loved one for care. With long term Insurance, most policies will pay for a home health care aide.

Avoid going on Medicaid - Even if you are not in a low income bracket and say you don't want to deplete all your assets on Long Term Care services you would have to spend down your assets to qualify for Medicaid. See About Medicaid for more information.

Tax Advantages - Many states offer a tax deduction or special tax credit for purchasing Long Term Care Insurance. In addition, Tax-Qualified policies allow your premiums to be added to your other medical expense deductibles, and then deducted from the amount which is more than 7.5 percent of the adjusted gross income on the federal income tax return. See Tax Information for more information.

Medicare Won't Pay Fully - You cannot rely on Medicare to pay for your Long Term Care needs, Medicare strictly provides skilled care, and most LTC is not skilled care. See About Medicare for more information.

Thursday, May 10, 2012

Long-Term Care Insurance, Daily Benefit Versus Monthly Benefit

One of the core benefits to a long-term care insurance policy is the daily benefit, this is the amount per day that the insurance company will pay for your care. This amount is distinguished from the start of your policy, you and your agent will decide what is the best and most suitable daily amount for you. This is not a one size fits all benefit, there are several variations that are involved, such as how much you can afford, what is the average cost of care daily in your state, do you plan on adding inflation protection to increase this amount each year to keep up with the rising costs of care, etc. There are lots of factors invloved as you can see. In this example we are going to use $150 a day as the daily benefit.

Let's say you have a policy and it covers $150 a day, the insurance company will pay for your care up to $150 and that is the cap, which is fine...! But what if you wanted and had the choice to have more flexibility with your daily benefit, where you could receive multiple service in one day without having to worry about capping out your daily benefit? What if your care cost $200 one day, you would be responsible for the remaining $50.

That's where a monthly long-term care insurance benefit would come in. A monthly benefit gives you more flexibility. That $150 a day would then be $4,500 a month, with this you could receive care one day for $200 and you would not be responsible for the remaining $50. A monthly benefit pays on a monthly basis, so you can use $300 one day, $50 the next, $0 the following day, and so on.

Most carriers, but not all, do offer a monthly benefit. Some offer this as an additional benefit rider, where they would charge more if you choose this rider and others automatically have this included in their policies. It just varies from LTC company to LTC company. To to see what carriers offer this benefit complete this confidential form at http://www.longtermcareinsuranceonly.com/long-term-care-insurance-quote.htm.

Thursday, May 3, 2012

10 Fact About Long-Term Care Insurance

1. Long term care insurance is a form of insurance only found within the United States and the United Kingdom. This has been rapidly growing in the past years throughout the United States. The downside is that coverage costs can become very expensive, mainly when customers wait till the last minute to purchase long term care insurance.

2. Taking advantage of long term care insurance can supplement the cost of living if you live longer than planned or expected. You will always be protected during your elderly years and can ensure that items not covered by Medicare or Medicaid are covered through long term care insurance. Rather than relying on family and friends for support, long term care insurance can cover these costs and more. Not taking advantage can be devastating to your loved one’s pocket books.

3. Your premiums paid on your long term care insurance are often times tax deductible at the end of the year, offering extra incentive to take advantage of LTC. Benefits incurred are excluded from income, offering more tax savings. The deduction is based upon many factors including your age.

4. A client’s age does not play a factor when dealing with long term care insurance. A vast majority of long term care insurance policy holders are between the ages of 18 and 64. More than half of all seniors ages 65 and older will need some sort of long term care insurance during their lifetime.

5. With long term care insurance, you are covered in many areas. These include, but are not limited to adult day care, respite care, nursing home facility costs, Alzheimer’s facilities, hospice care, home care, and assisted care.

6. To determine a person’s long term care insurance rates, there are six major factors to take into account. These will tell you how much you will have to pay to receive the benefits offered by LTC. First, they look at the persons age, the daily benefit requested, the time frame of the benefits, the elimination period, any inflation coverage, and lastly thr persons health rating. A persons health rating can either be preferred, standard, or sub-standard.

7. When getting your LTC insurance policy, often times there will be an elimination or waiting period. This is almost the same thing as a deductible because you pay for the care received before the benefits from long term care insurance are applied to the injuries sustained. If you have a larger deductible, then you will have a lower premium, and vice versa. You must make some sacrifices when selecting an insurance plan for yourself or your family.

8. When it comes to group policies and long term care insurance, it can become a bit tricky. Group policies may include provisions that restrict the open enrollment time frame and may require underwriting. These plans may or may not be guaranteed renewable or tax qualifies. When it comes to the fine print, make sure you read it closely, as some LTC plans have provisions that allow your policy to be changed and switched to another form of a policy at that time. Plans are eligible to be canceled at anytime per the insurance company’s request.
9. Most policies are opened by those Americans that are 60 or older and most are above 80. This is because they realize it is time to purchase some sort of insurance so they do not become a burden on their family when it is there time to pass.

10. Over 8 million Americans are covered or have some sort of long term care insurance. That goes to show that this is a popular form of insurance and has many benefits to the policy holder. When employed by a company you will often have the option to opt into LTC insurance plans. These premiums can be paid annually, semi-annually, quarterly, or monthly.