Thursday, April 26, 2012

Ten Reasons to Purchase Long Term Care Insurance

1. Protect Your Assets and Retirement - The average cost of a nursing home care in 2010 is $75,190 for a private room. Home Health Care services can cost as much as $19 per hour (1.). Long-term care insurance can protect these assets by covering these high costs. Don't let all of your hard earned money go to long-term care services, LTC Insurance can help!

2. Preserve Your Independence - Most long-term care insurance policies today allow you to have choice and remain independent as long as possible, with allowing you to receive care in your home or a community setting, instead of immediately entering a nursing home.

3. Avoid being a Burden on Others - Most long-term care today is provided by a family member or loved one. With most long-term care insurance policies you have the option to pay for home health care aide or homemaker to come into your home and provide your care. Instead of being a burden to a loved one.

4. Avoid going on Medicaid - To qualify for Medicaid you would have to be in a low income bracket, deplete all of your assets on long-term care services, or spend down all your assets unless you choose a long-term care insurance partnership policy.

5. Tax Advantages - Many states offer a tax deduction or special tax credit for purchasing long-term care insurance. In addition, Tax-Qualified policies allow your premiums to be added to your other medical expense deductibles, and then deducted from the amount which is more than 7.5 percent of the adjusted gross income on the federal income tax return.

6. Medicare Won't Pay Fully - You should not rely on Medicare to pay for all of your long-term care needs. Medicare strictly provides skilled care for a short period of time and most LTC is not skilled care, nor is it short term.

7. If you have a family history of a chronic disease or longevity it is a good idea to purchase long-term care insurance.

8. If your age and health permit, purchase long-term care insurance. Typically, as you get older health problems occur and you may be uninsurable. Therefore it is a good idea to buy long-term care insurance before it is too late.

9. Your gender - women are more likely to need long-term care services than men, 75% of women are nursing home residents.

10. Health insurance won't cove long-term care costs.


Thursday, April 19, 2012

Genworth LTC Cost of Care Map Now Available for iPod, iPad, and iPhones

Genworth has launched their Cost of Care mobile Apple iTunes app to be downloaded to any iPod, iPad, or iPhone at no charge. This will enable people interested in purchasing long term care insurance and advisors to calculate their expected long term care expenses right at their finger tips! With this app, you can find specific locations costs by state for 437 cities and regions across the country, you can compare daily, monthly and annual costs for up to three regions across the country and you can calculate the anticipated cost of care for 10, 15, 20 and 30 years to help you pan for the future. This is a great tool and easy to use! To view the full app description visit -

Wednesday, April 11, 2012

How People Pay for Long-Term Care Services

One of the biggest misconceptions about long-term care insurance is that it is paid for by Medicare. This is far from the truth, on the Medicare website it even states "Generally, Medicare doesn't pay for long-term care." Medicare pays for a very limited amount of time for some medically necessary care in a skilled nursing home facility or in the home. To even receive these care benefits you must meet certain requirements.

Most long-term care is paid by personal funds, long-term care insurance or by government programs. By using personal funds you may have to use your retirement savings, retirement income, assets, or adult children may have to bear the responsibility for these costs.

Medicaid is a government program that is designed to provide care for the poor. In most states to qualify for Medicaid, you would be only allowed to have $2,000 countable assets in your name.

That leaves long-term care insurance! WSJ wrote a great article "Don't Grow Old Without It".

Visit to learn more!

Thursday, April 5, 2012

Prudential Exits the Long-Term Care Insurance Market

Last month Prudential exited out of the long-term care insurance market, and it leaves a lot of questions and concerns to many current policy-holders as well as people who are interested in purchasing a policy. First, Prudential will continue to offer group long-term care insurance coverage. In addition, Prudential will continue to pay claims on current long-term care insurance policyholders. If policyholders pay their premiums their policies will remain and they will continue to receive customer service and claims support. Prudential's decision is based on they want to focus on the group market where they see their greatest opportunity.

For those who are concerned whether they should purchase long-term care insurance with this news, one thing is for sure - the need for long-term care insurance has never been stronger. Our country is an aging demographic with a strong likelihood of living longer and needing some level of care. It is more than ever evident that long-term care insurance is one of the more effective ways to help with financial risks.

Visit for more information.