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Long Term Care Insurance

Long term care insurance is a policy which provides a variety of services for the disabled or chronically ill individuals who cannot tend for themselves. Long term care benefits do not have an age limit.

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Insurance
Long Term Care Insurance

Where can you get long term care insurance quotes?

Here is advice: I recommend you talk with a local agent who can get to know your circumstances. Let them explain all the options including alternatives to traditional LTC insurance because there are some excellent options. Also, if you know you have some medical issues make sure the agent knows about them. Getting a quote for a perfectly health person may be interesting but irrelevant if you will never qualify for that rate. In my opinion anyone who would quote you without having you complete a brief pre-qualification form is wasting your time. They want to give you a low quote but will very often come back and tell you your actual rate will be higher, sometimes MUCH higher. I would prefer to be honest up front and let you make a decision based on reality. Your state insurance department is your best resource for insurance-related questions and concerns. Find information on insurance companies and agents, rate quotes and comparisons, insurance buying tips, claims filing information and much more.

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Long Term Care Insurance

At what age should one start considering the purchase of a Long Term Care Insurance policy?

The most basic answer is the same as with any sort of insurance policy. It depends on how "risk averse" you are, as economists would say. Some gamblers never buy insurance for anything. Some conservative people insure everything.

Long term care insurance is most popular among older people, especially the aging Baby Boomer generation. Elderly are the most likely to need it. However, the U.S. government estimates that 40% of the 13 million people receiving long term care are between 18 and 64. Part of the reason that number is so high is that it includes handicaps of all types. But an accident can happen to anyone.

Also, note that the sooner you get long term care insurance, the less it will cost. The premiums generally don't increase as you age.

From a financial planning perspective I encourage people to begin looking at LTC options no later than 40. The reason is two fold. First, the longer you wait, the more expensive the premium. Second, by starting early, I like to have my clients stop paying once they retire. If they start early, the premium is still affordable on a Ten Pay (pay for ten years and then have coverage for life) or Pay To 65 (pay from your start age until your 65th birthday and then have coverage for life). If you wait until you are 60 the costs are generally to high for a short pay plan so you end up paying high premiums well into your retirement which is an expense you don't need when your 80 years old.

I am certainly not an expert, but the financial counselor and talk show host Dave Ramsey recomments not getting coverage until age 60, at which point the statistics take a dramatic turn to the need for that insurance. Yes, you can get the policy cheaper at an earlier age, but the odds of needing it earlier are much lower. You can make up the difference in cost by taking the amount you would be making for insurance payments and invest it in at good growth stock mutual fund. Historically, the growth of those mutual funds, say from age 50 to 60, would be significantly higher than the amount you would have been putting out in premiums during that time. With the market like it is now this may not be true, but according to Dave, 100% of mutual funds have increased over any ten year period in history.

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Long Term Care Insurance

Can you purchase long-term care coverage for your parents?

Yes. This is quite common, although most insurers require that your parents also sign the agreement. The insured should always be aware that they are being covered. Also note that the policy is owned by them. You would just be paying for it. They would be the one with the application questions.

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Long Term Care Insurance

Does the United Mine workers insurance help pay for long time care?

You should call the union that sponsored the plan. You can also call your state insurance dept to have them assist you.

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Insurance
Long Term Care Insurance

How do you file a complaint about a company that sells long term care insurance?

If you're in the U.S., go to the state agency that regulates insurance companies. Each state has very specific laws and regulations.

All state insurance regulatory agencies have Consumer Services departments (although they may use different nomenclature). Their function is to be the gatekeeper for consumers and intercede on their behalf through investigation of complaints. Generally, you will need to complete a request for assistance (which in some states may be electronic), and specify the nature of your complaint. Be as specific as possible, including policy number, claim number, and of course the identity of the insurer; the complaint form may request that you submit a copy of your policy (never send your only copy).

Upon receipt of your material, the Consumer Services authority will request the insurer for its side of the story, and will attempt to facilitate a middle ground. Keep in mind that one side or the other is not always correct. Therefore, to better the chances that you will get the resolution that you seek, be sure to keep full documentation so that it is available for use in a dispute. Also remember to stay flexible, because it is usually the sign of a fair settlement when one side feels that they did not get quite enough and the other feels that they gave a little too much.

For those of you who want to do research on a company before you purchase a plan, many states will report the number of consumer complaints per company for their state. Many state insurance websites will report the numbers. Search using your state name plus "department of insurance."

As an agent, here is how I tell clients to interpret the complaint numbers. If a consumer reports a complaint to the state's insurance department it's probably a big complaint. Over a cup of coffee consumers may complain to each other about their insurance company, but when they report it to the state it's big. If you see a company with a large number of complaints, versus other companies, or greater than their share versus sales, I think there is good reason to possibly avoid the company. (Ratings, complaints, years in the business, history of rate increases, etc. are criteria used to compare companies).

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Long Term Care Insurance

Are long term care insurance benefits taxable?

Generally not. And you can usually take a tax deduction for the premiums you pay.Their are taxqulified plans and ones that or not

ANSWER:

Long term care insurance benefits are not taxable but long term care insurance premiums can be. Depending on the type of policy, there is tax qualified policy. But your premiums can be tax deductible depending on your AGI and your age. For the year 2014, the internal revenue has increased the tax deductibility for long term care insurance premiums from $4,550 to $4,660.

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Long Term Care Insurance

What is the difference between 'indemnity' and 'expense incurred' long term care insurance?

A "per diem" or "indemnity" long term care insurance policy will pay up to a fixed amount of benefits.

An "expense-incurred" long term care insurance policy allows you to choose the benefit amount when you buy the policy. It reimburses you for actual expenses incurred, up to a fixed amount per day, per week, or per month.

Note that no policy will pay unlimited benefits.

Answer:

An indemnity long term care (LTC) insurance pays a specific daily amount based on your policy, supposed you get an indemnity ltci with benefits amount of $300/daily for a benefit period of 3 years, and you require long term care later, let's say your daily ltc expenses is $150, you will still get $300 regardless of your daily ltc expense, you have the freedom to decide where you are going to spend the excess $150. This is fixed for 3 years, depending on the benefit period you choose. So if after three years, you still need care, you will have to pay the cost out of your pocket

An expense incurred ltci reimburesed you with exact amount for your care. Supposed you bought an expense incurred ltci with daily benefit of $200 for 3 years and your daily ltc expenses is $100, you will be reimbursed with $100 and the excess will be kept as a savings so you can extend your benefit period. If after three years you still need long term care, since you saved $100 from your benefit amount, the insurance company will cntinue paying for your expenses even if you only bought a 3 year benefit period policy, until your savings are all spent.

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Insurance
Long Term Care Insurance

What is long term care insurance?

Unlike medical insurance, long-term care insurance can cover all the assistance you would need if you had a chronic or debilitating illness. If you're unable to care for yourself for an extended period of time, long term care would cover you. This might be in a nursing home or in your own home.

Although it's becoming very popular among Baby Boomers as they age, younger people are buying long term care insurance, too. Anyone can be in an accident. The U.S. G.A.O. estimates that 40 percent of the 13 million people receiving long-term care services are between the ages of 18 and 64.

Long term care (LTC) insurance is a policy that secures financing your long term care needs, benefits are usually triggered if a policy owner develops a chronic illness or if he or she is unable to perform two or three activities of daily living including eating, dressing, bathing, etc. It pays for expenses not covered by health insurance, it is more focused on custodial of personal care providing you with options on different long term care setting (nursing homes, alf, in home, adult day care, hospice and custodia care) depending on where, what and how you want to be taken cared of.

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Home-Based Businesses
Disability Insurance
Long Term Care Insurance
Life Insurance

Can you earn money online for making assignments?

yes sir

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Long Term Care Insurance
Salary and Pay Rates

How is bankers life and casualty as an employer?

What exactly do you want to know? Are you going to be an agent on commission or a salary employee?

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Insurance
Long Term Care Insurance

Can 401K or IRA money be used to pay for long term care insurance?


Unfortunately not. You can use the new Medical Savings Account system, though.  
You may use your money to buy what you want, but you may have penalties for withdrawing the funds. The cost of care may rapidly deplete those savings. One option would be to roll your IRA into a fixed annuity that earns interest, and have that interest assigned to pay the premium for long term care insurance.  
Yes in most cases you can, by taking a small part of the money, such as the interest.It depend on the company the money is with.. And the law says that a certain amount of the money paid on long term care is tax deductible. If you or self employed it may all be ded. Also congress is working on making it all tax deductible,
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Insurance
Long Term Care Insurance
Medicare and Medicaid

Do government programs cover long term care?

Medicare only covers up to 100 days If they see improvement of the health. Doctors pen. Medicaid has a spend down limit.

Yes, Medicare covers people over 65, and some people with disabilities. And Medicaid covers some poor people. But Medicare only pays a small percentage of the cost of quality nursing home care. Medicaid can cover about half.

Also, many economists are convinced that the current Medicare and Medicaid are unsustainable as the U.S. population ages. Benefits will have to be cut even further in the future.

Medicare will only cover up to 100 days of "recovery" care. That means that a person must be showing continuous signs of improvement. If an individual has cognitive ( mental ) impairment, such as Alzheimer's, or needs continuous help with activities of daily living ( ADL's ) , such as eating, bathing, toileting, mobility, dressing or continence, then Medicare does not , and will not, cover the cost of long term care. Medicaid will cover the costs, but only after a person has spent down their assets to the poverty level of their state.

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Insurance
Long Term Care Insurance

If your mother was in an assisted living facility for a short time but has now been independent for 3 years can she qualify for LTC insurance?

== == It depends on the company and what she was in the assisted living facility for. The question "are you currently residing in, or plan to enter..." is the question on an application that would deny coverage. People could be residents of a facility that would not harm their chances to get future coverage. Joint replacement- you could have someone that decides to stay in an assisted living facility during rehab. When the rehab is done they return home. Just because they were in an assisted livng would not be important for the future underwriting consideration.

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Long Term Care Insurance
Life Insurance
Stock Options and Futures

What are non forfeiture options?

Hi,

I have some few knowledge regarding this nonforfeiture. I had only known that Standard life insurance and long-term care insurance may have nonforfeiture clauses. The clause may involve returning some portion of the total premiums paid, the cash surrender value of the policy, or a reduced benefit based upon premiums paid before the policy lapsed.

If you have any attorney issues regarding this then Law Office of Sebastian Ohanian is one of the best options for you.

Thank you

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Disability Insurance
Long Term Care Insurance

How much does long term disability pay?

It depends on how much LTD you bought. As in, $1500/mo for 2 years or maybe $2600 till age 65. Check your policy.

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Long Term Care Insurance

What is a cessionary?

CessionGenerically, the term refers to the formal giving up of rights, property, or territory.

With respect to insurance, the term "cession" is used most commonly in the context of reinsurance. In that context, a primary insurer is said to "cede" a portion of its direct risk (assumed from policyholders) to a reinsurer, in return for a reinsurance premium. In essence, the reinsurer is acting as the insurer for the insurer as to the business that is ceded.

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Insurance
Long Term Care Insurance

Does warren buffet have long term care insurance?

I don't know, but I would imagine he has enough money to 'self-insure'.

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Long Term Care Insurance

What type of insurance provides coverage for catastrophic or prolonged illness?

That will be long-term care insurance. It covers expenses for chronic illnesses such as diabetes, Alzheimer's, cancer, HIV/AIDS and injuries sustained from accidents and other cognitive and physical impairments/disabilities. It also pays for stays in care facilities if ever you needed one like a nursing home, assisted living, or adult day care. You also get coverage for in-home care just make sure that specified in your policy.

ANSWER:

Coverage for hospitalization and other services that focused on health care is provided by health insurance, while coverage for custodial/medicare/personal assistance and other long term care services brought about by disability, injuries and chronic illness is provided by long term care insurance (source: infolongtermcare). That includes long term care facilities like nursing homes, assisted living or even home are.

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Long Term Care Insurance
Life Insurance

Philippine prudential life scam or not?

Starting more than a year ago, clients of Philippine Prudential Life began to worry about the negative write-ups regarding the company's marketing strategy. Prior to that, some of the largest and most respected pre-need companies in the country had been unable to meet their contractual obligations to long-standing clients. This resulted in many pre-need planholders to file cases against these companies. Years later, these planholders continue to live in uncertainty and are still wondering if their pre-need companies would ever pay their obligations.

With much of the general public still confusing pre-need with insurance, it is no wonder then that many people continue to be hesitant and more cautious in buying policies from legitimate and reputable insurance companies. If pre-need firms, especially those that were owned or run by leading insurance companies, can collapse in a blink of an eye, how can you trust newer and less-known insurance companies to guarantee the protection of their policyholders?

Such is the case of Philippine Prudential Life Insurance Company or PPLIC. It certainly does not help matters that it has a similar name with a pre-need company called Prudential Life Plans, which stopped operating and selling pre-need plans over a year ago. This has made things more difficult for PPLIC to prove its credibility in the face of spreading news about Philippine Prudential Life scam.

I conducted my own investigation, since the negative write-ups did not satisfy or make sense to me, and discovered some little-known truths about PPLIC. Despite the various speculations and negative write-ups about it, this company continues to stand strong and respectable. Just to be clear, PPLIC is not Prudential Life Plans. The latter happens to be a pre-need company, an entirely different type of business under a different set of owners, which carried the name Prudential in its company's name.

About PPLIC

Philippine Prudential Life Insurance is a Filipino-owned company founded in 1963 with a long history of providing reputable service to its members. It currently services more than 1.5 million policyholders, including their families. Despite the collapse and losses of older and more well-known insurance companies, PPLIC continues to serve and live through the challenges of today's harsh economy.

Services

PPLIC is one of the pioneers of Mortgage Redemption Insurance, or later known as Credit Life Insurance, a policy that is designed to pay off the borrower's debt in case of the borrower's death. PPLIC is also among the few life insurance companies which offer group life insurance plans. Group life insurance plans cover labor unions, business or company employees, members of an association, etc. PPLIC also offers LABB (or Life Accident and Dismemberment Burial Benefit) designed for low-paid Filipino workers and employees. 5 in Juan Plan, a compilation of five plans, includes life insurance, LABB, accidental medical reimbursement, daily hospitalization benefits and dental services. PPLIC also offers educational, health, and individual plans.

Awards and Recognitions

PPLIC carries the Superbrands status, a globally recognized organization that pays tribute to the leaders in branding all over the world. Superbrands recognition goes beyond branding. It identifies manufacturers, companies, and brands that focus on the goodwill of the people, and are particularly chosen and preferred by the people.

Charity

Aside from offering life insurance and other product and services, PPLIC goes beyond business. The company is one of the current supporters of Kariton Klasrum, a project by the CNN Hero of 2009, Efren Peñaflorida. PPLIC also supports Gawad Kalinga, a Philippine foundation aimed at easing poverty and promoting human dignity and nation building.

Every insurance company faces the painful possibility of failure. PPLIC understands where the issues are coming from, it still stands to serve its policyholders to the best of its ability.

The decision to invest in your future is entirely up to you. Whether you want to manage your future with your own hands or let an insurance company take care of your investments, just always make sure that you have taken proactive steps to ensure that the future holds great promise for you and your family.

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Insurance
Long Term Care Insurance

What is the difference between reimbursement and indemnity long term care insurance?

Reimbursement: you pay first, company pays you after for proper expenses. Indemnity: Company pays first of proper expenses. Indemnity is always better for the client

ANSWER:

With Indemnity long term care insurance, you get the full amount of your daily or monthly benefits regardless of the cost of care you receive. Supposed your daily benefit is $300 and your daily long term care expenses is $175, you still get the full amount of $300, therefore you can spend the excess money for things other than care. Reimbursement long term care insurance on the other hand, the amount of benefits is used exclusively for ong term care services, in the same situation above, your daily benefit is $300 and your long term care expenses is $175, you only get the exact amount of $175 for ltc expenses, the excess amount which is $125 is kept so your policy can still be used for an extended period of time.

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Long Term Care Insurance
Annuities
Retirement Planning

In a joint annuity can payments be made to an annuitant if the spouse is younger than fifty nine and one half?

Perhaps, if the spouse who is 59 and a half is the principle owner, contact them, or read the conditions.

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Long Term Care Insurance
Estates
Healthcare Reform

What is meant by the term in care of when referring to heir property?

I don't know

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Long Term Care Insurance
Student Loans and Financial Aid
Taxes and Tax Preparation
IRA Plans

What is POST-TAX?

it means you are paying or contributing monies 'post' or after all taxes have been with held from your pay check........ maybe you are talking about a 401k? you can on most contribute, pre or post tax........

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