Tuesday, February 25, 2014

Long Term Care Insurance Partnership Program FAQ's

Below are some FAQ's in regards to those who are interested in purchasing a long-term care Partnership Policy or may already own a traditional policy and want to convert it.

Q. Are both long-term care insurance policies and certificated eligible to be in the Partnership Program?

A. Yes, both policies and certificates are eligible to be in the Partnership Program. The difference between a policy and a certificate is simple. A policy is an individual contract issued by an insurance company in the state in which it is bought. A certificate describes a group of coverage for an insured under a master policy, which may or may not have been issued in the state where the policyholder lives. Read your policy or certificate, or contact the Division of Insurance to find out if the coverage that you have gives you Partnership Protection.

Q. What if I already have a long-term care insurance policy or certificate and want to change the policy or certificate to a Partnership policy or certificate?

A. Contact your insurance company to inquire if you are eligible for an exchange to a long-term care Partnership Policy for certificate.

Q. Can a Partnership Policy or certificate be cancelled by the insurance company?

A. Long-term care insurance policies or certificates, including Partnership Policies or certificates, may not be cancelled by the insurance company when the premiums are being paid on time.

To learn more about long-term care insurance Partnership programs visit www.ltcpartnershiponly.com

Friday, February 7, 2014

What Long-Term Care Services Medicare Covers

One of the biggest misconceptions about Medicare is that it will pay for one's long-term care costs. This is not true, in fact Medicare covers very little of the costs for long-term care services and it is largely restricted to specific illnesses or injuries and only pays for benefits for a short period of time. For example if you enter a nursing home for a stroke or a broken bone, Medicare should cover these costs. However, Medicare does not provide coverage for those who enter a nursing home for an indefinite amount of time because they are disabled or no longer able to care for themselves. Nor, does Medicare cover assisted living care or adult daycare.

Medicare will help pay for one's recovery in skilled nursing care facility for up to 100 days, after a three day hospital stay. Medicare will also pay for some home health care if needed because of an of an illness or injury and your doctor says that you need short-term care. Medicare will pay for nurses and therapists for typically no more than 35 hours per week in the home.

As you can see, Medicare is not for the long-term, rather it will cover some short-term care. For more information visit - www.longtermcareinsuranceonly.com.

Tuesday, February 4, 2014

5 Reasons People Need Long-Term Care Insurance

Planning for long-term care is something that everyone should and needs to think about, whether or not long-term care insurance is the option for them it is still advisable to at least plan for it and know what your options are. Here are five reasons that people do need long-term care insurance:

1. The costs of long-term care services are very expensive - The average cost of a semi-private nursing home room and board is more than $76,000 per year. Homemaker services  can cost more than the average $36,000 per year.

2. Most people do not have enough money saved - Most people do not take long-term care costs into consideration when planning for retirement and the time comes that they need long-term care services they have to self insure, meaning if there are assets to protect they may have to liquidate their assets.

3. Most people think they have coverage, when in fact they do not - Many people do believe that their health insurance and Medicare will cover their long-term care services - health insurance does not cover these services and Medicare will only pay a limited amount of skilled long-term care.

4. Most people do not want to be a burden to their families - Being a caregiver can put a lot of strain on a family member, from having to quite their jobs, giving up a promotion, physically incapable of caring for the loved one,  taking time away from the caregivers families/children, etc.

5. People of all ages could need long-term care services - People at any age can suffer a prolonged illness requiring them to need long-term care services.

For further information on how you can start planning for your long-term care future visit