9 Ways to Help You Pay For Long-Term Care
Long-Term Care Insurance Policies
LTC insurance policies reimburse policyholders a daily amount for services to assist with activities of daily living. You can pick the benefits, care options, amount of coverage, length it lasts, and how long you wait before receiving the benefits. Normally, you pay an annual premium for life or you can pay a set amount monthly. If you already have a debilitating condition you are likely not eligible for LTC insurance.
Hybrid Policy
Annuity combined with life insurance policies[…]
Assisted Living vs. Nursing Home: How to Choose
Deciding when it’s time to look for senior living arrangements for a loved one can be overwhelming. There are many types of senior living options but the two best known are assisted living communities and nursing homes. First and foremost you must evaluate and understand the needs of the person and their personality. This will best prepare you for your search, findings, and decisions.
Defining the two…
Nursing Homes:
Residents in nursing homes require 24/7 care, medical support, and monitoring. These are normally people with complex, chronic, and or debilitating health conditions. Due to their[…]
Long-Term-Care Insurance Isn’t Dead, but Why People are Looking More Into Hybrid-Policies
Long-term-care insurance isn’t dead, according to a 2018 Wall Street Journal article, instead it is being used as an estate-planning-tool. Today Americans are more interested in hybrid policies and these policies are reshaping the U.S. insurance industry.
When LTC insurance first came about in the 90’s, middle class Americans were insurer’s target market. Pitching policies that would hopefully save the average American from exhausting their life savings or depending on Medicaid or their children. Considering LTC insurance is important, once you hit your 50’s, but especially the costs. Waiting to buy insurance isn’t an option once you already have a debilitating[…]
Do you have enough money to pay for 23 Years of Alzheimer’s Care?
My mom went in for surgery to have her left knee replaced in 2005 and the day after the surgery she fell in the hospital tearing all the knee ligaments in her knee. After 13 unsuccessful surgeries to try and repair the damage, she finally gave up her independence and accepted her new fait of being wheelchair bound for the rest of her life.
If that’s where the story ended it would be sad, but manageable. Over the next couple of years her lack of mobility slowly started to creep into her mind to where her cognitive functions declined. She developed[…]
Are Millennials Being Smarter About There Future?
As surprising as it may be, millennials are in fact planning ahead for their long term care over baby boomers. Interestingly enough, majority of the baby boomers have not taken action in regards to preparing for their future. According to Senior Housing News, only 1 in 5 people have taken any type of action towards financing their future and preparing for long term care.
Not to mention, most of the older generations were much less informed and thought that the government would pay for their long term care. Millennials on the other hand, expected to pay for it themselves. They were[…]
Adults Worried About LTC Costs
Once you are getting close to retirement and long term care, many start to stress about the cost of long term care. Not being able to afford it is one of their biggest concerns. Many surveys suggest that many people will not be prepared financially to handle the impact of growing older will have on their finances.
According to an article published by insurancenewsnet.org they claimed that, “…only half of the respondents said they plan to take personal financial responsibility for their own care as they age. The others said they would leave that worry to the government, their children or[…]
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A side-by-side comparison of each company’s policy features. We cover the similarities and the differences.
Price comparisons customized to suit your specific needs from top carriers such as Nationwide, Thrivent, New York Life, National Guardian Life, Mutual of Omaha, and more.