Tag Archives: long term care insurance california

Have You Accepted The Default Long-Term Care plan?

Default Long-term care planIn a recent article on Marketwatch.com by Retirement Reporter Elizabeth O’Brien, she discussed what the costs for long-term care insurance look like, and how people plan for their health care needs in the future when they are no longer able to care for themselves.

In O’Brien’s article, she references the average cost for a 55-year old couple on a common LTC plan to be around $5,000 per year in premium dollars. While that is a sizable amount for people to budget with insurance, O’Brien comments, “Consumers should think of long-term care insurance as one way to help defray the cost of home health aides or a care facility and to protect their hard-earned nest eggs in the process…”

The article continues on covering the common misconceptions about Medicare and custodial care. Unfortunately, many people believe Medicare covers long-term care expenses. The reality is, while Medicare may cover up to 100 days of skilled nursing, it is not going to cover long-term custodial care. There is a difference between skilled care and custodial care.

O’Brien offers from her research that the median annual cost for private rooms runs over $91,000, and a home health aide could run upwards of $45,000 or more. Without a solid nest egg in place, these costs could easily wipe out any savings available to most families.

An interesting point in the article is how people could end up with a “default long-term care plan”.

“Everybody has a long-term care plan, said Eileen Dunn, a geriatric care manager with Associates of Clifton Park, a Clifton Park, N.Y.-based company that sells long-term care and other insurance to clients of financial advisers. Those who do not consciously make a plan are on the “default plan,” Dunn said. “When something happens, you’re not going to have a choice.” That is, you’re not going to have a choice but to spend down your assets” (O’Brien, 2015, pp. 7)

If you have accepted the default plan as your option, then you should at least research “spend down” requirements for your State, so you know what will happen and how it will affect your family. You can usually get these requirements from the State welfare offices.

The choice is yours, make yours!

Choice 1: I am willing to lose the things I worked for in life.

Choice 2: I want to protect my assets and have a choice.

If you selected Choice 2 and would rather have options in your care, fill out the form to the right and contact a California Long Term Care specialist today to get the conversation started.

Reference:

O’Brien, E., (June 2015) Can you afford $5,000 a year for long-term care insurance? Retrieved 8/9/2015 at http://www.marketwatch.com/story/can-you-afford-5000-a-year-for-long-term-care-insurance-2015-06-25

Affordable California Long Term Care Insurance Premiums

Affordable LTCI Premiums

Katie O’ Rourke
Managing Partner

My husband and I are in our fifties.  A few years ago we were looking for affordable California Long Term Care premiums. We did our research,  decided to take the plunge and purchased Long Term Care insurance (LTCI).  Most of our friends are in the same age range.  I am often asked at social events how much the yearly premium is and people are surprised to hear that our premiums for our plans are $100 each per month. 

The average premium for LTCI is between $100 – $300 per month.  Everyone I talk to has heard that LTCI is expensive and expects to hear a number much higher. However, with the help of a licensed agent, you can find affordable California Long Term Care Insurance for around $100 per month.  

The premium depends on many factors. For example my car insurance could be a lot more expensive than it is but I chose coverage that keeps the premium lower and searched for discounts that would help, like a good student discount for our teenager.  LTCI is similar.  Some companies offer better deals than others depending on your situation.  Your health and marital status can impact the premium.  However, the biggest factor besides the coverage you select is your age; the younger you are when you purchase LTCI the lower the premium you pay throughout your lifetime. 

Besides the peace of mind, another thing that helps us my husband and I feel better about purchasing LTCI is that the premiums are tax deductible as a business expense. 

What I want you to take away from this blog is despite the conventional thinking, affordable California Long Term Care Insurance premiums are possible. We can find the best plan for your budget and give you details on the tax treatment for individuals and businesses.

To speak to a representative or schedule an appointment, simply fill out the form to the right to contact us.

Winning in the Second Half

Join us on November 14 for an informational webinar on “Winning in the Second Half”, no this is not about football. This is about preparing for the second half of your life, the retirement half. What are your plans? How do you plan to live and where? How will you pay for it and more importantly for the healthcare needs that arise?

We will be discussing these topics, and more, during the webinar. The idea is to provide you with our thoughts and ideas to help you be better prepared to” win the second half”. Let’s face it losing is never fun and losing this second half can mean the difference between enjoying what you worked hard for or watching it all evaporate from lack of planning. Every good coach has a contingency plan; this webinar will help you think about putting that plan in place…if the time is right.

Winning in the Second Half

Life can be considered in two parts: working years and retirement years. This workshop describes the risks people face, along with ways to mitigate those risks and meet long-term goals.

Register for a session now by clicking a date below:

Thu, Nov 14, 2013 9:00 AM – 9:45 AM PST
Thu, Nov 14, 2013 1:00 PM – 1:45 PM PST
Thu, Nov 14, 2013 6:00 PM – 6:45 PM PST

Once registered you will receive an email confirming your registration with information you need to join the Webinar.

System Requirements

PC-based attendees
Required: Windows® 8, 7, Vista, XP or 2003 Server
Mac®-based attendees
Required: Mac OS® X 10.6 or newer
Mobile attendees
Required: iPhone®, iPad®, Android™ phone or Android tablet

Choice & Dignity

long term care insurance can help you. Aides can come into your home, but these costs are not usually covered by ordinary health insurance policies and Medicare. These expenses can quickly deplete your nest egg, no matter how much you’ve saved. This is when long term care insurance can help.

Long term care insurance (LTCI) can help cover the cost of care you receive at home from nurses’ aides, home health aides and therapists. It can help cover services in an assisted living facility and, if you require skilled care, nursing home expenses can be covered.

It helps you maintain your dignity and financial freedom and gives you the flexibility to participate in making choices that impact your care — about the services you receive, where you receive them and who provides the care you need.

Someone who has a chronic condition or is returning from a stay in a hospital or rehabilitation facility may need these services, which can be covered by long term care insurance:

Nursing Home Care

Nursing homes give residents skilled nursing care 24 hours a day, along with medication monitoring, rehabilitation and physical therapy, room and board and personal care and supervision.

Skilled In-Home Nursing Care

In-home and live-in nurses provide skilled nursing services like clinical assessment and monitoring, intravenous therapy, ventilator and tracheotomy management and cardiac care.

Adult Day Care

Based in the community, adult day care centers provide daytime supervision, giving family caregivers much needed assistance. Along with social activities, they may provide health services and therapy.

Hospice Care

Hospice care furnishes medical services and emotional support for those in the last stages of terminal illnesses. Hospice helps patients manage their symptoms so they can continue an alert, pain-free life and spend their final days with dignity, surrounded by loved ones. It also helps their family members with the practical details and emotional challenges of caring for a dying loved one. These programs offer services 24 hours a day, 7 days a week, in homes, hospice centers, nursing homes, long-term care facilities and hospitals.

Personal and Home Health Aides

These aides help the elderly, disabled or ill with personal care like bathing, dressing, eating and taking medication. By receiving these services at home, people can remain in the comfort of their own homes longer

Homemaker Services

These aides help people complete those household tasks that they can’t manage alone, like housecleaning, cooking and running errands, making it possible for their clients to continue to live independently in their own homes.

Assisted Living Facilities

Assisted living facilities (or residential care facilities) can provide personal care and health services for people who may need assistance with activities of daily living, but not the level of care provided by a nursing home. Assisted living is an intermediate level of long term care, not an alternative to a nursing home.

Ready to learn more? Call us today at (800) 303-1527.

What are the Odds?

Long Term Care is one of the most pressing issues and likely the greatest retirement expense facing Americans today– it will only get more urgent as the nation ages.

Consider this:

  • The number of persons aged 65 or older is expected to double in the next 20 years; there will be 110 percent more people 80 or older – U.S. Census Bureau, News Release, August 14, 2008
  • At least 70% of people over age 65 will require some long term care services at some point; more than 40% will need care in a nursing home – U.S. Department of Health and Human Services, September 2008
  • The cost of long term care in the U.S. has increased for the sixth consecutive year, most of these increases are outpacing inflation – Genworth Financial Cost of Care Survey, conducted by CareScout, April 2009
  • The national average median cost of one year in a private nursing home room is $74,208 – Genworth Financial Cost of Care Survey, conducted by CareScout, April 2009

what are the odds you'll need long term care?It’s important to consider care options while a person is healthy. That’s when the best rates and options are available and families are in much better emotional shape to discuss long term care-related planning. The simple truth is that during a crisis, situations can quickly escalate and cause tension or introduce issues that could have otherwise been avoided.

While there is much to gain by talking as soon as possible, there’s a staggering amount to lose if we miss the chance. The list is long, but here are just a few things you should know now, rather than discovering them the hard way later:

  • Health insurance and Medicare cover virtually none of the cost of nursing homes, assisted-living facilities or in-home care– the care many people require late in life. Many people pay out of pocket until they are practically destitute and then Medicaid kicks in. Many who thought they had saved adequately end up impoverished, getting substandard care.
  • Without a durable power of attorney (a simple document that is easy to obtain), you may have to go to court to gain guardianship over your parent so you can handle his or her affairs if he or she becomes incompetent. Guardianship is necessary so you can handle your parent’s affairs. Going to court is expensive, time-consuming and stressful.
  • A loved one’s health status can change over night. It’s better to have long term care plans and insurance in place prior to their health taking a turn. At that point it may be cost prohibitive or simply may no longer be an option due to the age or health of the person who will need care or coverage.
  • Many of the best care facilities have waiting lists, and some of them require that your parent be able to live independently in order to move in.
  • Sometimes it is not the big health problems that ruin the golden years, but the smaller annoyances– the inability to pursue a loved hobby, the difficulty hearing, or the fear of falling. When you talk, try to get at these less obvious issues too, as many of them can be resolved.

Being prepared will mean less work, less stress, less worry and fewer regrets. Talk. Talk now. Because we need to prepare for aging like we prepare for everything else in life

If you are ready to talk to a long-term care insurance expert call
us today at (800) 303-1527.

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.

 

How to Find Affordable Long-Term Care In California

How to Find Affordable Long-Term Care

A prolonged illness or chronic condition could end up being one of your biggest retirement expenses. Medicare pays for a maximum of 100 days of nursing home care before retirees must absorb the remaining cost themselves. However, depending on the level of assistance that you need, there are some inexpensive care options and ways to protect yourself from excessive long-term care costs. Here are a few ways to find affordable long-term care:

Read more…

To protect yourself from long term care expenses, let California Long Term Care Insurance Services help you get the protection you need. Visit us at www.californialongtermcare.com for more information.

Buying Long Term Care Insurance in California

BUYING INSURANCE
By Thomas Day

Why Should You Buy Long-Term Care Insurance?

1. It will help you keep your independence and dignity. Here’s how. . . some of you will spend all your assets on care while others plan to give their money away or put it in trust. With no assets you will now qualify for a welfare program called Medicaid. Medicaid typically pays for a semiprivate room in a nursing home, and; not all nursing homes take Medicaid patients. In many states it’s not easy to get Medicaid to cover home care or pay for assisted living. Many people want to stay at home, but with Medicaid may not be able to. And assisted living is rapidly becoming a preferred alternative to nursing home care for certain disabilities but Medicaid may insist on a nursing home instead.

A nursing home is not the most desirable place to finish out one’s life. For many, a terminal stay in a nursing facility robs them of a purpose in life and strips away their dignity. As an example, have you ever thought of the indignity of being bathed, toiletted or diapered in a nursing home environment? No wonder many people express the desire to die before ever having to go into a nursing home.

For some conditions a nursing home is the only alternative, but for many long-term care patients there are more options than nursing homes. A good long term-care insurance policy covers those options and when all else fails, it pays for nursing homes too.

2. If you are married and you have a need for long-term care, your spouse may be forced to pay for an outside care giver. The cost is likely to come from your combined income and assets. If the need for paid care drags on too long, your spouse may be left with minimal cash assets for future needs. Insurance solves this problem and allows your spouse to keep the assets.


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Visit www.californialongtermcare.com for more information regarding Long Term Care Insurance in California.

LTC Insurance Prevents Financial Wipeout In California

LTC Insurance Prevents Financial Wipeout In California
By Jennie Phipps • Bankrate.com

Long-term care insurance is a tough sell, yet it’s something middle-income people with substantial nest eggs should consider since the need for personal care can quickly deplete financial reserves. A relatively new partnership program adopted by many states may make this insurance more palatable to more people.

Why consider it? The likelihood of filing a claim for long-term care is higher than for a home wrecked by fire. A 65-year-old man has a 27 percent chance of entering a nursing home at some point in his life; a 65-year-old woman faces a 44 percent probability of doing so, according to the Centers for Medicaid and Medicare Services. The cost of a private room in a nursing home averages more than $70,000 per year.

State governments on average spend 18 percent of their general fund budgets on Medicaid. But Medicaid doesn’t pay the bill for those with financial resources. The jointly funded, federal-state health insurance program is designed for low-income, needy people. Medicare, the federal health care program for those over 65, doesn’t cover routine nursing home care.

Read more…

If you would like more information about Long Term Care Insurance, visit www.californialongtermcare.com.

The Cost of Elderly Health Care in California

The Cost of Elderly Health Care in California

On average, the cost of elderly health care is $5,531 annually. Family members not only provide hands-on care but often dig into their own pockets to pay other expenses which include groceries, drugs and medicines, medical equipments such as wheelchairs, toilet seat risers and transportation. Many times family members have to miss work and lose out on their income to take care of elderly family members.

Many family members take loans, skip vacations and often ignore their own health. Government must start providing tax deductions and tax credits to family caregivers.

The expenditures incurred for elderly health care is increasing rapidly and reaching astronomical heights. Elders have many special needs when it comes to health care. One is often left frustrated when there are gaps in insurance coverage. Medicare programs offer only minimal assistance for serious health disorders.

There are some programs that cover senior citizens. It covers hospital expenses and doctor visits, even if you continue to work. All one needs to do is pay a premium every month. These programs are popular among a vast number of senior citizens.

One needs to apply for these programs before one reaches the age of 65. In case you don’t then one has to pay a high premium. One also has the option of enrolling for these programs after retirement.

The premium that one pays depends on your income and which company you will be purchasing coverage from. Senior citizens with low income are also eligible for the entire coverage under Medicare.

Prescription drugs which are used to treat a wide variety of diseases and illness are fully covered if one has a private insurance coverage. If you do not have private insurance, this could be matter of serious concern. Sometimes drug prices are simply not affordable, forcing the senior citizens to forgo other needs to pay for drugs.

Recent Medicare legislation has been a big disappointment for senior citizens, as drug coverage continues to be limited and fails to reduce the rising cost of drugs. Many seniors are forced to manage their medical plan on their own.

At times, the drug industry provides free drugs to the needy who are not covered under private insurance or any government program. Retail stores in the vicinity provide drugs at discounted rates. There are various medicine manufacturing companies that offer assistance to lower income senior citizens. One can seek out these discount programs if they have a financial need.

Katie Appleby is an accomplished niche website developer and author. To learn more about the cost of elderly health care, please visit Senior Health Today for current articles and discussions.

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Visit us at www.californialongtermcare.com if you have any questions or need more information regarding Long Term Care Insurance!