It is estimated that 44 million people eighteen years of age and older in the United States provide unpaid assistance to adults who are aging or have disabilities. The value of this unpaid group is almost double that of both the nursing home ($115 billion) and home health care industries ($43 billion), coming in at $306 billion annually. While this shows a remarkable amount of care for one’s family and community, evidence shows that most caregivers do not have the necessary support they need and are not prepared for what is required of them. This has created an entire group […]
You may have heard that Medicare premiums were due for a drastic increase in 2016. However, thanks to the Bipartisan Budget Act of 2015 that was signed into effect on November 2, 2015, those costs are not going to be as high as originally thought for Medicare Part A and Part B participants. There are 52 million Americans that are expected to be enrolled in Medicare Part B in 2016. The premiums are broken up into two categories: 1) Those that are considered to be “held harmless” from a premium increase, which constitute about 70% of Part B users. 2) […]
Whatever your decision it is important to understand the full physical, financial, and emotional impact on yourself and your loved ones. A long term care insurance broker can help you evaluate the options available to you such as: long term care insurance, life insurance with a long term care insurance rider, an annuity with a long term care rider, life insurance with a chronic illness rider, private pay, or a blended approach using some of these. Long-term care planning is an extremely personal decision and there is no one correct answer for how to go about preparing, it is just essential that you do so.
Have you been a caregiver for a loved one who did not have insurance to pay for long term care and they relied solely on you for help? Did it impact your health, your lifestyle, or income? Would you have preferred that you could supervise the care instead? Throughout their working years most people look forward to a long life, dream of what they want to do when they retire, and save with hopes that it will be a worry-free time for finances. However, while budgeting for retirement many people forget to account for one of the most important […]
Here are the 2015 Tax deductible limits for eligible long-term care insurance premiums. Attained Age Before The Close of the Tax Year Limitation on Premiums 40 or Less $ 380 More than 40 but not more than 50 $ 710 More than 50 but not more […]
The carriers has re-priced their products, so I don’t have a standard recommendation based on age of the applicant. Here is an approach that may be helpful to you in the current environment. What is the cost of care increase in the recent years? Let’s say it is 5% each of the last 5 years. Of the current monthly cost in your locale, how much do you want insurance to pay vs. your personal funds? This is your monthly benefit. Now inflate that monthly benefit by 5% and what is the premium? Next, using the approximate premium, what monthly […]
The insurance companies have been making pricing and underwriting changes to ensure their financial longevity. Starting in mid-April, premiums for new policies will increase. Some insurance companies will be pricing based on gender. This means higher prices for women since they have higher claims 2 to 1 to those of men. In addition, some companies are reducing spousal discounts in half and the medical underwriting process will be more thorough taking into account not only your health history but also your family health history. This change may affect some individuals who are currently easily insurable. So if you want to […]