Category Archives: Life Insurance

Life Insurance That Pays For Long Term Care? 2 Birds 1 Stone.

Life Insurance with Long Term Care riderWhen people think of life insurance, in most cases, they think about end of life. However, did you know that some life insurance policies could also help while you are still alive?

In a recent news article on the spectrum.com they offered an example which, in certain life insurance policies you can opt for a rider that also pays long term care benefits. Should you access those benefits, your overall death benefit is reduced by that amount, up to the value of the insurance.

The long-term care riders are usually attached through an accelerated benefits rider, or extension of benefits rider. The accelerated benefits rider usually kicks in when it has been determined that your life expectancy is 12 months or less.

The extension of benefits rider is just like it sounds, not only do you get the life benefit, but the insurer may also offer long-term care, and for an extra premium, you can add that on to your life policy and have a more complete plan in place, and only pay one premium amount for the coverage.

If you are someone that has some assets to protect, has a concern about income in retirement, and has a concern about your health needs in retirement and like to plan, a life policy with a long-term care rider might be a good place to look.

Before taking any actions though, it is recommended that you speak with your qualified representatives to make sure the plan you are thinking about fits with your tax and other planning needs.

And considering that nearly 70% of people age 65 and older will require some form of long term care health assistance in their lifetime, it would be a wise decision to plan ahead before something happens that prevents you from qualifying for long term care insurance.

Long-term care insurance helps pay for medical needs that Medicare, disability, and normal health insurance does not cover. People that require long-term care often have trouble with performing ADLs (activities of daily living). These activities include eating, dressing, bathing, mobility, continence, or suffering from cognitive impairments.

To start learning about your available options, start your conversation with a California Long Term Care Insurance Services specialist today.

Fill out the form to the right and get started today!

Source: http://www.thespectrum.com/story/news/local/2015/10/08/life-insurance-riders-pay-long-term-care/73614456/

Long-Term Care Insurance Statistics That Affect Your Planning

long-term care insurance statisticsIn a recent Morningstar article on Long Term Care statistics, author Christie Benz, Morningstar’s director of personal finance and author of 30-Minute Money Solutions, outlined industry statistics you should know when planning your insurance needs in retirement.

According to Benz, “Ultimately, the decision about whether to purchase long-term-care insurance is a highly personal one, dependent on an individual’s or couple’s asset level and desire to leave a bequest, health history, and the peace of mind derived from having the coverage, among other factors.”

So what does some of the long-term care insurance and services look like by the numbers Benz researched?

  • 8 Million People experience problems with daily living activities, i.e., bathing, dressing, washing, eating, and other basic needs.
  • 13 Million Adults have difficulty living independently.
  • 44% of men will need long-term care services during their lifetime.
  • 58% of women will need those same services during their lifetime.
  • 4% is the 5 year annual inflation rate in nursing home costs for private and semi-private rooms. If you do not have an inflation rider on your policy, it is worth 4% less each year you own it.
  • $5,518 is the median total household wealth of people that have lived in a nursing home for 6 months or more. Do you think asset protection is important now?
  • $450 Billion is the estimate value of unpaid care provided by friends and family members caring for a loved one.
  • $7.8 Billion is the amount of claims paid for long-term care in 2014.
  • 45% is the number of applications denied to applicants’ age 70-79 who put off planning and now have health issues to manage.
  • 100% if you have not started planning, the time is now.

Contact your California Long Term Care Insurance Services specialist today for a no obligation conversation about your options. Start by filling out the form to the right and downloading your Free Guide.

Source: http://news.morningstar.com/articlenet/article.aspx?id=715947&part=1

What Can Japan Teach California About Long Term Care?

Long-term care JapanIn a recent Forbes article, contributor Chris Farrell, award winning journalist and senior economics contributor to Next Avenue, discussed how Japan’s policies and vision of long term care has shifted over time.

When you think of Japan and their culture you might think about how the younger generations are to care and respect their parents and elders.

However, with the shift in their economy and changing family values, according to Farrell, “Japan’s family-centered approach foundered, due to demographic and economic changes. Daughters and daughters-in-law — the primary caregivers — grew overwhelmed by the task, especially with the trend toward fewer children and more women joining the workforce.”

Farrell continues his discussion on how what we may think about Japanese children caring for their elders showed in a 1994 survey that one in two caregivers treated frail older relatives abusively; one of three also reported feelings of hatred.

The financial and emotional toll endured when taking care of an elder loved one who is no longer able to dress, bath, feed, and/or care for themselves is hard for trained people, let alone, the untrained people with an emotional connection.

Sadly, although we have the best intentions at heart when we talk about willingness to care for mom and dad, or hope that our kids will take care of us in our old age, we should never expect the people we care for to sacrifice their own life for ours; that is truly selfish.

The average American age 55 to 64 has a median retirement savings of $104,000 according to the National Institute on Retirement Security. The 70% of people age 65 and older who will access long term care services during their lives, “can expect to incur costs of $138,000, on average” according to Melissa Favreault of the Urban Institute and Judith Dey of the U.S. Department of Health and Human Services.

Remember, that is an average, some will be substantially more, others will be less.

Do you see the problem?

It is important when considering your future heath care planning needs that you also take in account the emotional and financial needs of the people that you care for to.

It is time to start planning your long-term care health insurance today.

Contact your California Long Term Care Insurance Services agent today.

Source: http://www.forbes.com/sites/nextavenue/2015/08/24/what-japan-can-teach-us-about-long-term-care/

A Growing Trend in Long Term Care Option has a Positive Beat.

It is becoming common knowledge that 70% of people age 65 and older will require some form of long-term care assistance in life for various physical and mental conditions. According to a recent article in the Wall Street Journal, “The average long-term care resident, whether in a nursing home or assisted-living facility, is in his or her 80s or 90s and suffering from one or more serious physical or cognitive limitations.”

People can associate the need to enter a long-term care treatment program with a certain loss of freedoms and options they had when they were healthy in their younger years. However, a new project named the “Memory and Music Project” is bringing some of the outside world in through music and technology.

Meet Henry…

Henry is a long-term care resident who was recently featured on “Alive Inside”, a movie about the how the Memory and Music project is helping people in long-term care with technology. Nevertheless, when dealing with cognitive impairments and lack of technical savvy it takes more than just handing someone an iPad and expecting great results.

According to the Wall Street Journal, “Aside from a few computer-savvy people, most of these individuals need help getting wired. In addition to the Music and Memory program, several other initiatives have begun using iPods, iPads and other tablets to bring sensory and cognitive stimulation to residents who are otherwise bored, restless or in search of some purpose in the moment.”

The article explains further by stating, “For example, a pilot study at the University of California, San Diego found that iPads were safe and effective in reducing agitation in patients with dementia. These same tablets are increasingly being used by family members to connect grandma or grandpa with distant family and friends via networks like Skype. Telemedicine and tele psychiatry make use of similar but more souped-up technology to bring specialists such as geriatric psychiatrists to the bedside of nursing-home residents in underserved areas.”

Although the Memory and Music program is finding creative ways to help cover the costs of adding technology in long-term care settings for residents, it is not without its limitations. WSJ says, “There are two barriers to wider introduction of these technologies into long-term care: costs and privacy issues. Even donated iPods require maintenance, troubleshooting and safeguarding, all of which incur staff time that is costly and not reimbursable.”

This is why it is becoming so much more important to plan early for your long-term care needs. When you plan early, you can imagine various possibilities and plan accordingly. It is very possible to have many comforts of home and be connected like Henry who was lucky enough to have technology donated to him by a caring and compassionate doctor. It only takes a few minutes to get information and start the discovery process to know all of your options.

California Long Term Care Insurance is here to help you make sure your plans include the comforts of home with the resources to make sure they are covered to your satisfaction.

Start your planning today with our no obligation review of your current long-term care plan. We can also help you develop one from scratch if you have been putting it off like many other people.

Life Insurance with Long Term Care Benefits

If traditional long term care insurance premiums and policies aren’t a good fit for you, but you still want to protect your assets and your family against the exorbitant costs of long term care, we have a solution for your consideration:  Life insurance with long term care benefits.

If You Don’t Use It, You Don’t Lose It

The biggest complaint about long term care insurance is that no one wants to pay all those premiums and end up not needing the insurance coverage – after all, none of us want to end up in a nursing home and if we can avoid it, we will.

To meet that very concern, long term care insurance professionals have come up with a solution.  It’s life insurance with a long term care rider.  This product is referred to as a “hybrid” because it’s a combination of life insurance and long term care insurance.

Here’s What Our Clients Love About Life Insurance with Long Term Care Benefits

You absolutely need to consult with a professional to make sure the hybrid is a good fit for you situation, but, in the meantime, here are the things our clients love about life insurance with long term care rider in California.

  • The best part of the hybrid is that if you don’t use the long term care benefits, your loved ones get a big payout.
  • Your premium payments don’t go to waste.
  • Your premiums are guaranteed; they will NEVER be raised.

Here’s What to Do Next

Your next step is to determine which kind of long term care insurance product is the best fit for you, if any.  

Life insurance with long term care benefits works for many folks.  To find out if it is right for you, we welcome your call , contact us.  During our conversation we’ll chat about the best way for you to pay for long term care.  There is no fee for this conversation, no obligation, and never any pressure to buy.  It’s okay to call right now.