Retirement Planning 101 – Shop for LTCI Quotes

A long term care specialist and fellow blogger, Beatrixxx Lewis of http://longtermcaretalk.wordpress.com/ has shared another insightful entry about the importance of early retirement planning and the perks of comparing long term care quotes.

Long Term Care Insurance Costs: Saving on Premiums

In today's guest post, Nann Witt, a long term care (LTC) expert who handles the LTCIGuru channel on Youtube will help our readers know how much should they expect to pay for services and what are the ways to save on premiums.

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Long Term Care Insurance Costs: Saving on Premiums

Long term care insurance costs should be considered before buying an insurance policy.  The rates are quite high and not everyone can pay for it.  The prices in each state vary greatly.  For those who want to save, it is advisable that you research and compare first. One state may have more expensive rates than the others.

Additionally, there are other factors that can affect them.  Usually, a long term care quote form may ask for information such as age, gender, existing health conditions, exact state, location or area preferred to receive care.  All these can affect how much a person will pay for his future health care.

The cost of LTCI increases annually.  Buying a plan early can help one save on his premiums for about 10 to 12%.  When one is younger, he is likely to be healthier and the chances of getting underwritten and receiving approval are higher.  Delaying purchase may just put more strain on the financial sources of most families.  Buying today can make a significant difference.

There are other ways to save aside from early purchase. One is getting familiar with available discounts. Strong body and mind can help a policy buyer avail of good health discounts.  Married couples and partners are entitled to spousal discounts which can save them about 15% to 40% annually.  There are also group discounts for those whose employment can make him eligible for coverage.  For those who may not be entitled to discounts, there is still the Partnership program.  Individuals can save on long term care by protecting their assets from Medicaid’s spend down requirements.  Each state has their own rules when it comes to this program.

Those who are thinking of buying plans should gather resources first on LTC specially long term care costs.  It would be better to consult financial experts like financial planners, long term care experts, and insurance agents on the various ways to effectively handle the costs and save on long term care premiums.  The LongTermCare.Gov website is also a helpful and useful resource for additional information.

How to Know If You Need Long Term Care Insurance

A lot of people still lack information on what long term care (LTC)  is.  Additionally, people often misunderstand the products that provide coverage for specialized custodial care.  Below is an informative video that can help you determine if you should buy LTCI.

So, who needs long term care insurance?  The answer is below.

Now that you already know the answer and is already considering of getting a policy, the next thing you might be concerned about is the cost of such policies.  Getting free quotes can help you compare and save on prices.  Check out free long term care quotes.

What to Consider in Buying Long Term Care Insurance

If you've already answered the question,  Is Long Term Care Insurance the Best Option for You?" , you already got a long term care quote, and you're planning to buy long term care insurance, here are four factors which you should consider.  These are important specially on your coverage.

1. Maximum daily benefit amount 

This is how much your policy is going to pay out to once you qualify for LTC.  To determine the amount of benefits that would need you have to know the long term care insurance costs  in your area.  For example, the average daily cost of LTC in your place is $235 so choose a policy which would pay out a daily benefit amount of $250.  

2. Maximum benefit period

This is the length of period that you will receive benefits from your policy.  According to LTC experts, most elderly folks in a nursing home would require three years of care, on average, before they are moved to home-based care.  Others with serious health conditions, however, would stay up to 10 years.  Try to anticipate what type of care will you likely require for this can help you determine your policy’s benefit period.     

 3. Elimination period 

This refers to the length of time that you will pay for care using your personal resources.  This period should be met to be able to receive your benefits. 

4. Long Term Care Insurance Inflation protection 

Be sure that the benefits in your policy will keep pace with inflation.  

Anticipating Future Long Term Care Insurance Costs

Long term care insurance costs increase annually.  While the costs are already quite staggering, buying it tomorrow, next month, or next year may put more strain on the nest eggs of most families.  This is why most financial experts advise interested buyers to buy LTC plans early.

The cost of this type of insurance is a major factor for consumers.  Some would really like to purchase policies but after learning how much they need to shed out for premiums, they are often discouraged.  Here's an informative article on How Much Does Long Term Care Insurance Cost Today And In The Future?

Families who are planning to buy LTC plans should gather resources first on long term care to know Is Long Term Care Insurance the Best Option for You?.  Similarly, they should also consult financial experts like financial planners, long term care experts, and insurance agents on possible ways they can save on long term care premiums.

Long Term Care as Employee Benefit

How would you like to have a long term care insurance care of your employer?

As we all know, long term care insurance costs are staggering.  Every year, the prices of the services covered and the actual premiums of the insurance shoot up.  This is one of the reasons why a lot of people are discouraged to purchase this type of plan.  But for those who are working, it may be a good news to know that you may soon find your employer assisting you if you decide to get an LTC plan.

See the complete article here: Find an Employer that Provides Long Term Care

Assisted Living Costs in Arizona

If you are living in Arizona or just prefer to receive long term care in this state, it is important to familiarize yourself as early as now on what possible care options await you and how much are you likely to spend on it.  Getting a long term care quote today is a good idea.

Let's say you are looking at assisted living facilities as care setting.  In Genworth's 2011 Cost of Care per State survey, the median annual rate for assisted living facilities based on one bedroom/single occupancy was pegged at $36,000.  The range for the annual rates for all state were between $28,000 to $66,000.

On the 2010 survey, the monthly rates for private rooms in assisted living facilities were published by region.  Those in Lake Havasu City had to pay higher at $3,450 monthly, as compared to the other regions.  The lowest cost was marked to be at Yuma region wherein the rate was $2,813.  In the Phoenix-Mesa-Scottsdale region, rate was $3,050.

Rates are expected to rise annually.  If you want to be sure that you can receive premium care, you may opt to get a long term care insurance.  Know about long term care insurance costs.

Similarly, if you want more information before deciding what care option or setting to choose, you can visit longtermcare.gov for additional resources.

Long Term Care Soon to Be Added on Employee Benefits?

How would you like it if you learn that long term care may be the next big thing in your employee benefits?


We are all familiar about the staggering costs of long term care insurance but the fact that there is a possibility for you to make it a fruit of your hard-work makes it something to look forward to.


LTC Financial Partners LLC (LTCFP) announced an agreement with EraNova Institute to send out to selected employee benefit brokers, human resource managers, and heads of business and non-profit organizations a special report discussing the probability of long term care insurance as an employee benefit.


According to news, there will be two available benefits: group LTCI and voluntary multi-life LTCI. Both types look promising.

Read more here: http://www.sacbee.com/2012/05/23/4510306/millions-in-workplaces-may-get.html#storylink=cpy

The question now is whether this report can encourage employers and influence them in saying "YES!" to this possibility.  If this happens, employees can look forward to long term care protection.  


So Do You Really Need Long Term Care?  Well you might in the future.  It will be good to know that you have benefits to use for LTC services. 


Let's all just pray for the best.




Sources:
http://www.sacbee.com/2012/05/23/4510306/millions-in-workplaces-may-get.html
http://www.seattlepi.com/business/press-releases/article/Long-Term-Care-Insurance-May-Be-the-Next-Big-3583910.php

Read more here: http://www.sacbee.com/2012/05/23/4510306/millions-in-workplaces-may-get.html#storylink=cpy

Price Differences of Long Term Care Costs By State

We may now be aware that the LTC rates are quite high and not all individuals could afford getting one even if they know the many advantages that they could enjoy from owning it. And even if they realize this, some are still distracted on the expensive monthly premiums that they have to pay. But sometimes, they tend to forget that there are still other means on how they could get favorable rates from their insurance providers and maybe one of the aspects that they should focus on is the long term care insurance costs  by state.

This might not ring a bell or may even be vague for some but the fact still remains that the costs and rates of LTC services and facilities vary by state. There are some areas in the country that offer or provide more expensive LTC costs than the others.

This is the reason why most insurance providers, when trying to generate long term care quote for a certain individual, ask the LTC plan applicants to inform them of the exact state, location or area that he prefers to receive and use his policy benefits. This is needed in order to come up or obtain more appropriate quotations for the potential insurance owner.

But the public must not think that just because a particular state offer lower LTC costs means that the facilities are of poor quality. Just for the record, all accredited, authorized, and licensed assisted living facilities and nursing homes that are currently operating in the country provide high quality of services, regardless if their costs are cheaper than the rest of the other states.

The long term care costs by state are determined by several factors that is why it is best for an individual to know and be informed of the latest costs of nursing homes in the area where he plans to stay while using his LTC policy benefits.

As of the present day, the state of Alaska has the highest and most expensive LTC costs among all the states in the country. A private room in a nursing home facility in Alaska would cost around $230,000 to $232,000 per year while an individual who would stay in Connecticut to receive his policy benefits would have to pay for at least $145,000 every year for the same facility mentioned previously. Other states that have higher LTC costs include Hawaii, Massachusetts, and New York.

On the other hand, those who will use their LTC plan benefits in the states of Arkansas, Iowa, Kansas, Missouri, and Oklahoma would just have to pay an average of $55,000 to $65,000 a year for a private room in a nursing facility every year. The LTC costs of the states that were not mentioned in this article would probably amount to $80,000 to $150,000 for the same nursing home accommodations.

Knowing the long term care insurance costs by state would definitely help an individual decide on his LTC plan purchase. Careful evaluation and planning are needed so that he can make full use of all the potential perks that his insurance plan could give him. Ask for some more details and assistance from your insurance provider. Get in touch with them now and discuss the LTC policies that suit you.  You can also visit LongTermCare.Gov for additional information

Long Term Care Costs by State

Long term care costs differ in each state.  You might think that the costs in a bigger state may be more expensive than the smaller one.  However, that's not always the case.  The daily rate of nursing homes in Colorado can go way up to $267 a day, while in Texas, where it is more populated, the highest rate would only be at $257.  When you're looking for a care setting try to ask for long term care insurance quotes in various states specially if you have budget constraints for your specialized care.

Here's a comprehensive data on long term care costs by state.

More on the cost of long term care insurance: The Staggering Costs of Long Term Care Insurance

Long Term Care Industry Continues to See Growth

The long term care industry had seen remarkable growth in the past 5 years.  This is according to a recent news article from Marketwire.  The revenues of nursing homes, assisted living facilities, and home care agencies had experienced a 5.5% growth between 2006 and 2011.

Could this mean that more Americans are now seeing the importance of preparing early and the possibility of needing premium health care in the future?

Based from the news, the growth in the industry is also influenced by the increasing elder population, however, these health agencies can expect challenges and difficulties when it comes to their customers ability to pay.  Kalorama's research also stated that the lack of changes or developments in federal long term care benefits brought by budget deficits may cut some Medicaid funding, therefore this can be another reason for people to turn into private insurance for their needs.  Seems like the Government Not Ready for Increasing Long Term Care Needs

With the expansion of the industry, people are also provided with more health care options.  Before choosing a care setting or buying a long term care insurance, be sure to check out other choices and weigh first their pros and cons.

Before Buying Long Term Care Plans

1. Know your needs.
- Since long term care plan is expensive, know if it is really the health insurance that can answer your health needs

2. Research
- Find out everything you want to know about long term care insurance.  Right down your questions and find the right answers from the right people or resources

3. Meet the reliable carriers
- Deal only with trusted and reputable insurance companies

4. Get long term care quotes
- To have an idea about the cost of LTC services, get free quotes.

Check this out for a Quick Guide on Long Term Care Costs by State

Choosing from America's Best Nursing Homes

Annually, the US News Health rates, ranks, and recognizes the best nursing homes around the country.  This is based on the inspection and ratings by Centers for Medicare and Medicaid Services.  These facilities need to pass qualifications on health inspections, nurse staffing, and quality of care in order to receive high marks and make it to the honor roll.


For those considering nursing homes for their long term care setting, you can be more confident and have a peace of mind if you select a nursing home from this list.  This is because only the top facilities with excellent ratings and topnotch services are included in this so you can be sure that you can make a good choice for your premium health care.


Connecticut looks like a promising location for long term care, as four nursing homes from the state made it in the 2011 honor list.  Here is the complete list: Best Nursing Homes US News Honor Roll


Start planning for tomorrow's care, get long term care quotes as early as today.  Decide in which part of the country would you like to stay to receive your specialized extended care and begin gathering information on long term care costs by state.

Do You Really Need Long Term Care

Long term care (LTC) services can really be costly.  That is why, you have to ask yourself first if you really need this type of insurance.  Here are some ways to assess your needs.

Looking at Medical and Personal Needs

LTC services are comprised of both medical and custodial care.  This specialized care is actually designed to cater to patients who were inflicted with a chronic disease, disabling condition or serious injury and accident, thus giving them difficulty in performing activities of daily living (ADLs).  Included in these ADL's are bathing, feeding, clothing, transporting, etc.

Given these special conditions, family members must analyze if these needs can be covered by a long term care insurance. Can an LTC policy help them in paying for care?

The next thing to ask is where can the patient's needs be best provided.  In here, families will choose the care setting where they will take in their loved ones.  Again, be sure to assess if a nursing home, an assisted living facility, or home care will best work for the extended care.  The daily or monthly rates of these care providers can really be costly so be sure to choose one that you can really afford.

Moreover, there are other resources that can assess your patient's needs such as his physician or a care specialist.  As for other matters concerning LTC insurance, you can seek advice from lawyers or financial advisers, as an addition to what agents can tell  you.  If you are interested in getting long term care insurance quotes, most insurance companies have websites that give free quotes online.