Here are all the articles I've written about Long Term Care Insurance. Enjoy!

June 10th, 2015

Can you measure the value of time?

Tim Wiholt, an insurance broker from Nashville, wrote this lovely LinkedIn post.  I adored it!  I just had to share his sentiments.

Life by the numbers . . . the average person lives to be about 80.  We spend roughly the first 20 years learning, the last 20 retiring, and the 40 in the middle ‘making a life.’

His message?  We all have the same amount of time on this little planet.   Make those precious minutes for the time in the middle count.  And take care of yourself mentally, physically, and financially to enjoy those last 20.

The best way to make sure the latter 20 years go smoothly is to plan ahead with Long Term Care insurance.  The best way to make sure your loved ones are protected is to get Life insurance, so your family has choices, not expenses.  No way to predict the future, but there is such a thing as smart planning.

Bravo, Tim!  Wiser words were never spoken.  Read the whole article with tips on time management here: https://www.linkedin.com/grp/post/42972-5989768525483438081

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March 4th, 2015

Pop Quiz! Did you study LTC?

Whether or not you’ve studied the articles in the last week on Long Term Care Insurance, The Insurance Mom has a pop quiz to see if you’re ready for Long Term Care Insurance!

 

Answer the following for yourself and your family, True or False:

I’m between the ages of 40-65 or I have parents in that age range.

We’re relatively healthy and have no major medical problems now.

We for sure don’t have an extra $90,000 for unexpected expenses should I (or my parents) need long term care in the future.

We’re not strong enough to fireman carry each other!

 

If these ring true for you or a family member, you should think about Long Term Care Insurance – TRUE!  Call The Insurance Mom and heave a sigh of relief!…

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February 27th, 2015

What’s the cost of getting older? $90,000 a year!

$90,000.   That’s a lot of money!   On a national average, it’s what you’ll pay  if  your Mom or Dad lands in a nursing home for a year (and the average stay is 2.5 years).  That’s really a ton o’money!!

If your Mom or Dad would prefer to get better at home (and who wouldn’t?), today the cost of home care is about double.

Do you have over $225,000 (or more?) to pay for long term care services?   No?  Do your parents have over $225,000 to pay for long term services?  No?  What ever will you do?

The Insurance Mom knows!  Doesn’t that make you feel better already?    Long Term Care Insurance is the answer.   Let an insurance company pay the bills.

Find out how.   What better reason to call The Insurance Mom?…

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February 25th, 2015

Repost! 4 Simple Rules About Long Term Care Insurance

Another oldie but a goodie (with some updates) about Long Term Care Insurance.  Is it time for you or your parents to think about Long Term Care Insurance?  Here’s 4 quick rules about LTC . . .

First, always consult with a qualified broker, like The Insurance Mom!

Second, buy a plan that’s affordable.  Don’t go hog wild and buy a plan that’ll  cover 100% of anticipated future costs just because you think it’s better.  It is much smarter to buy a policy you can afford to pay for every month.   If you can’t pay the premium, what’s the point?  You’ll get no benefits at all if that happens!   It’s better to buy a policy that will cover at least half of future costs than buy no policy at all.

Third, buy a policy that keeps up with inflation (that’s called a Compound Inflation Rider).   The cost of care rises every year.   Get a policy that keeps up with the times.   Look for a policy with a built-in 5% Compound Inflation Rider.

Fourth, aim for the shortest possible waiting period for the plan to kick in (that’s called the Elimination Period).  For example, if you have a 30-day elimination period, you’ll pay for the first 30 days of expenses out of your own pocket.  The shorter the Elimination Period, the more expensive the policy will be.   If the Elimination Period is 90 days or longer, be sure you have the moo-la to cover you!

Now…. don’t you feel smarter?!  You get a cookie for reading!


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February 23rd, 2015

Revisiting A Short Course on LTC

Now that we have a bit of a handle on Open Enrollment for health insurance, I am getting nostalgic on my old blog posts and found this goodie on LTC:

Did you know that at least 60% to 70% of people over 65 will eventually need long term care, either at home or in a nursing home?   That can be very expensive.

The average stay in a nursing home per year is almost $90,000.

Your health insurance does NOT cover this kind of expense, neither does Medicare!   Oy.   That’s why The Insurance Mom wants you to consider Long Term Care Insurance (LTCi)  especially if you don’t have enough savings or a rich uncle.

If you have LTCi and have to go into a nursing home or need at-home care, the total cost of all your premium payments combined will likely be less than the cost of a single year in a nursing home or full-time home care — no matter how many years you’ve been paying premiums.

Think about that for a moment.   No matter how long you pay LTCi premiums, you will get it all back in one year of benefits!   That’s huge.   I think it’s a wise investment in your financial future.

Come back Wednesday for 4 simple rules to follow when buying Long Term Care Insurance.…

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July 9th, 2014

Long-Term Care Clarity!

Does Medicare cover long-term care expenses?  The answer may surprise you!

 

There was a neat article this week in the LA Times about Long-Term Care Insurance which spelled it out very nicely.

 

If you haven’t given much thought to how you’d pay for long term care expenses, you’re not alone.    Most of us haven’t.   But, the BIG question is:   Would you be able to afford it?

 

In California, the average annual cost for long term care – today — is about $82,000 a year.  Wow, that hurts!   If you cover your ass(ets) and get long-term care insurance, you’ll significantly reduce your costs.

 

So . . . DOES Medicare cover LTC?  No!     Does your health insurance cover LTC?   No!

 

Not a happy prospect.   We are all about protecting your money over here, so it may be time for you to start thinking about it, too.  Remember: the younger you are when you plan ahead the more you save.  The ‘Mom’ only wants what’s best for her little kiddies!

 

Educate yourself on the details of the ins and outs with the article here and contact The Insurance Mom for a chat about your future.  Mind your P’s and Q’s and you’ll be taken care of . . . long-term.…

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May 20th, 2011

$183,998

$183,998.   That’s a lot of money!   On a national average, it’s what you’ll pay  if  your Mom or Dad lands in a nursing home for the average stay of 2.4 years.   That’s really a ton o’money!!

If your Mom or Dad would prefer to get better at home (and who wouldn’t?), the cost of home care is about double.

Do you have over $180,000 (or more?) to pay for long term care services?   No?  Do your parents have over $180,000 to pay for long term services?  No?   What ever will you do?

The Insurance Mom knows!  Doesn’t that make you feel better already?    Long Term Care Insurance is the answer.   Let an insurance company pay the bills.

Find out how.   What better reason to call The Insurance Mom?

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March 14th, 2010

Four Simple Rules for Buying Long-Term Care Insurance

First, always consult with a qualified broker, such as The Insurance Mom!

Second, buy only what is affordable.  Do not stretch to buy a policy that covers 100% of anticipated future costs.  It is much smarter to buy the amount of coverage for which you are sure you can keep making the premium payments.  It makes no sense to buy a policy today that you won’t be able to afford in a few years;  you will get no benefits at all if that happens.   Focus on what is achievable.  It’s better to buy a policy that will cover 50% of future costs than no policy at all.

Third, buy a policy with a Compound Inflation Rider.   The cost of care rises each year; you need a policy with benefits that will also increase.   Look for a policy with a built-in 5% Compound Inflation Rider.

Fourth, aim for the shortest possible Elimination Period.  This is the time before your policy kicks in.  For example, if you have a 30-day elimination period, you will pay for the first 30 days out of your own pocket.  The shorter the Elimination Period the more expensive the policy.   If the Elimination Period is 90 days or longer, be sure you have other assets that you could use to pay for your care for that length of time.

Now…. don’t you feel smarter?!

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March 13th, 2010

A Short Course on Long-Term-Care Insurance

According to the Department of HHS, at least 60% to 70% of people over 65 will eventually need long term care, either at home or in a nursing home, and that can be very expensive.  The average stay in a nursing home is almost 4 years, at a cost of about $270,000.  Your health insurance does NOT cover this kind of expense, neither does Medicare!   Oy.   That’s why The Insurance Mom wants you to consider Long Term Care Insurance (LTCi) if you won’t have enough savings or other assets you could use.

If you have LTCi and must go into a nursing home or require at-home care, the total cost of all your premium payments combined will likely be less than the cost of a single year in a nursing home or full-time home care — no matter how many years you’ve been paying premiums.

Think about that for a moment.   No matter how long you pay LTCi premiums, you will get it all back in one year of benefits!   That’s huge.   I think it’s a wise investment in your financial future.

Come back tomorrow for 4 simple rules to follow when buying Long Term Care Insurance.

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