How much you'll pay for long-term care insurance is based on three factors. Your age when you apply, how much protection you want and your health when you apply. Where you live today and where you plan to retire also play a part.
But here is information that's most important for Los Angeles, CA residents. Your long-term care insurance can be far more reasonable than you think.
Let me share a few ways people I advise significantly reduce the cost of long-term care insurance. Before I share, I thought the following statistic from the American Association for Long-Term Care Insurance (http://www.aaltci.org) that was especially interesting. In 2008, individuals between the ages of 55 and 59 paid as little as $844-a-year for LTC insurance protection. The maximum paid by someone in this age range was $6,939.
So, how can one reduce the cost? Start by considering a policy that might protect a specific amount of your savings and assets. The coverage you buy today can increase in value over time. So, a policy that provides $115,000 of protection today can grow to $305,000 in 20 years. If you are married, some long-term care insurance policies allow one spouse to access the other spouse's benefit pool. That's an option well worth looking into.
Consider adding a deductible to your long-term care insurance policy. Most people have a deductible on their car insurance and their homeowner's policy. When it comes to long-term care insurance, adding a deductible will significantly reduce the cost and the majority of people select a 90-to-100 day period. You'll save as much as 20 percent yearly.
Finally, know that costs vary significantly from one long-term care insurance company to another. Members of the industry's long-term care insurance association and they share enormous information. Once a year AALTCI undertakes a Price Index Study and the costs for almost identical coverage can vary by as much as 100 percent depending on your age and marital status.
If you’d like to learn more on long term care insurance please take a moment to call the Association at 818-597-3227 or E-mail us at mailto:info@aaltci.org. We will get you in touch with an area professional who can provide free information without any obligation. Thanks for reading our blog today we really appreciate it.
Thứ Hai, 10 tháng 8, 2009
Thứ Sáu, 7 tháng 8, 2009
Nursing Home Studies Reveal Benefit of Long Term Care Insurance
While less than a third of benefits from U.S. long-term care insurance companies pays for nursing home care, most Americans still associate policies with a costly nursing home stay according to the American Association for Long-Term Care Insurance. Two studies now look at the benefits of this increasingly popular protection.
A report published in the organization's annual Sourcebook revealed that nine percent of nursing home residents would have delayed going to a nursing home for necessary care in the absence of a nursing home policy. Some 13 percent reported they would have used a less costly provider in the absence of having long-term care insurance.
A new report issued this week has found that non-profit nursing homes provide better care than for-profit facilities. According to Canadian researchers, a review of 82 studies conducted starting in 1965 reported that 40 studies found that non-profit nursing homes provided significantly better quality care, while three studies concluded that for-profit homes delivered better care. The remaining studies had mixed results. Most of the studies were conducted in Canada and the United States.
Non-profit homes did better in four important quality measures: more or higher quality staffing; lower rates of pressure ulcers; less use of physical restraints; and fewer deficiencies cited by regulatory agencies. Based on their findings, the researchers calculated that if all nursing homes were non-profit, nursing home residents in the United States would receive 500,000 more hours of nursing care per day, while those in Canada would receive 42,000 more hours of nursing care per day.
The findings of the second study which were published online in the British Medical Journal suggest a trend toward higher quality care in non-profit nursing homes than in for-profit homes, said the researchers.
Last year American long-term care insurance companies paid some $8.5 billion in benefits to some 180,000 individuals. Some of the largest claims, typically for care in skilled nursing home facilities, exceed $1 million according to the industry organization. Long-term care insurance provides individuals with the ability to choose where care is provided, notes one industry expert. Choice and control are great benefits.
Posted On E-Max health by Jesse Slome from the American Association for Long Term Care Insurance
A report published in the organization's annual Sourcebook revealed that nine percent of nursing home residents would have delayed going to a nursing home for necessary care in the absence of a nursing home policy. Some 13 percent reported they would have used a less costly provider in the absence of having long-term care insurance.
A new report issued this week has found that non-profit nursing homes provide better care than for-profit facilities. According to Canadian researchers, a review of 82 studies conducted starting in 1965 reported that 40 studies found that non-profit nursing homes provided significantly better quality care, while three studies concluded that for-profit homes delivered better care. The remaining studies had mixed results. Most of the studies were conducted in Canada and the United States.
Non-profit homes did better in four important quality measures: more or higher quality staffing; lower rates of pressure ulcers; less use of physical restraints; and fewer deficiencies cited by regulatory agencies. Based on their findings, the researchers calculated that if all nursing homes were non-profit, nursing home residents in the United States would receive 500,000 more hours of nursing care per day, while those in Canada would receive 42,000 more hours of nursing care per day.
The findings of the second study which were published online in the British Medical Journal suggest a trend toward higher quality care in non-profit nursing homes than in for-profit homes, said the researchers.
Last year American long-term care insurance companies paid some $8.5 billion in benefits to some 180,000 individuals. Some of the largest claims, typically for care in skilled nursing home facilities, exceed $1 million according to the industry organization. Long-term care insurance provides individuals with the ability to choose where care is provided, notes one industry expert. Choice and control are great benefits.
Posted On E-Max health by Jesse Slome from the American Association for Long Term Care Insurance
Thứ Năm, 6 tháng 8, 2009
Long-Term Care Insurance Association Commends U.S. Congressman
Los Angeles, CA - August 6, 2009 - The American Association for Long Term Care Insurance commended U.S. Representative Rodney Alexander (R - LA) today for his leadership and efforts to encourage Americans to take personal responsibility for long-term care planning.
"The Congressman's comments recommending tax deductions for individuals purchasing long-term care insurance creates an enormous incentive for people to consider this protection," states Jesse Slome, Executive Director of the national professional organization. "When more Americans plan, the nation avoids an unsustainable liability that will fall on all taxpayers."
According to Association data, some 8.25 million individuals currently own long-term care insurance. "The Congressman's proposal could rapidly double the number of people protected," Slome notes. Social Security and Medicare have promised $42.9 trillion more in benefits to senior and disabled workers than the programs will be able to pay, according to a new report by the Heritage Foundation.
"The Congressman understands that Americans must plan for their own future and that a tax incentive is a small price to incent action," Slome adds.“Increased life expectancy, coupled with the rapidly aging baby boomer generation forces more Americans to face the challenges of caring for either themselves or their loved ones," Congressman Alexander remarked. “To ease the burden and encourage taxpayers to take steps towards securing long-term care, I have introduced the Sunset of Life Protection Act of 2009 (H.R. 1891). This legislation seeks to provide individuals a 50 percent non-refundable tax deduction on the cost of long-term care insurance costs."
“My intention is to minimize the need for individuals to rely on public resources in their later years by taking measures now to ensure a comfortable and complete long-term care coverage package," he added. "As Congress looks for ways to improve the affordability and availability of quality health care for all Americans, this is an option to lessen the costs of tomorrow by investing in insurance today.”
The American Association for Long-Term Care Insurance is the national organization serving insurance and financial professionals who market LTC solutions. The organization was founded in 1998 and is headquartered in Los Angeles.
"The Congressman's comments recommending tax deductions for individuals purchasing long-term care insurance creates an enormous incentive for people to consider this protection," states Jesse Slome, Executive Director of the national professional organization. "When more Americans plan, the nation avoids an unsustainable liability that will fall on all taxpayers."
According to Association data, some 8.25 million individuals currently own long-term care insurance. "The Congressman's proposal could rapidly double the number of people protected," Slome notes. Social Security and Medicare have promised $42.9 trillion more in benefits to senior and disabled workers than the programs will be able to pay, according to a new report by the Heritage Foundation.
"The Congressman understands that Americans must plan for their own future and that a tax incentive is a small price to incent action," Slome adds.“Increased life expectancy, coupled with the rapidly aging baby boomer generation forces more Americans to face the challenges of caring for either themselves or their loved ones," Congressman Alexander remarked. “To ease the burden and encourage taxpayers to take steps towards securing long-term care, I have introduced the Sunset of Life Protection Act of 2009 (H.R. 1891). This legislation seeks to provide individuals a 50 percent non-refundable tax deduction on the cost of long-term care insurance costs."
“My intention is to minimize the need for individuals to rely on public resources in their later years by taking measures now to ensure a comfortable and complete long-term care coverage package," he added. "As Congress looks for ways to improve the affordability and availability of quality health care for all Americans, this is an option to lessen the costs of tomorrow by investing in insurance today.”
The American Association for Long-Term Care Insurance is the national organization serving insurance and financial professionals who market LTC solutions. The organization was founded in 1998 and is headquartered in Los Angeles.
Thứ Năm, 30 tháng 7, 2009
Leaders From 18 Long Term Care Partnership States To Attend LTC Agent Summit
Executives from 18 states offering long term care Partnership pla
ns will attend the National LTCi Producers Summit. The Summit takes place November 14-16, 2009 at the Westin Hotel in Kansas City and brings together hundreds of producers who market long-term care insurance products.
This year's Summit will combine two conferences - the producer sales and marketing conference organized by the American Association for Long-Term Care Insurance and the conference for state officials organized by the Center For Healthcare Strategies (CHCS).
Over 18 states will be represented each sending three or four executives from the State Medicaid office, the Department of Insurance, the Agency on Aging and State Dept. of Commerce. Summit attendees will have the opportunity to attend special Partnership workshops in addition to the extensive Summit program.
States Sending Executives Include
Arkansas
Colorado
Georgia
Idaho
Illinois
Maryland
Michigan
Minnesota
Missouri
New Jersey
Ohio
Oklahoma
Oregon
Pennsylvania
Wisconsin
South Dakota
Texas
Virginia
Summit registration is $275 ($324 for non-Association members) through September 30th.
Registration includes sessions, meals and receptions. Hotel discounts are currently available.
Complete information and registration forms are available online at http://www.aaltci.org/2009summit or by calling the American Association for Long-Term Care Insurance at (818) 597-3227.
ns will attend the National LTCi Producers Summit. The Summit takes place November 14-16, 2009 at the Westin Hotel in Kansas City and brings together hundreds of producers who market long-term care insurance products.This year's Summit will combine two conferences - the producer sales and marketing conference organized by the American Association for Long-Term Care Insurance and the conference for state officials organized by the Center For Healthcare Strategies (CHCS).
Over 18 states will be represented each sending three or four executives from the State Medicaid office, the Department of Insurance, the Agency on Aging and State Dept. of Commerce. Summit attendees will have the opportunity to attend special Partnership workshops in addition to the extensive Summit program.
States Sending Executives Include
Arkansas
Colorado
Georgia
Idaho
Illinois
Maryland
Michigan
Minnesota
Missouri
New Jersey
Ohio
Oklahoma
Oregon
Pennsylvania
Wisconsin
South Dakota
Texas
Virginia
Summit registration is $275 ($324 for non-Association members) through September 30th.
Registration includes sessions, meals and receptions. Hotel discounts are currently available.
Complete information and registration forms are available online at http://www.aaltci.org/2009summit or by calling the American Association for Long-Term Care Insurance at (818) 597-3227.
Thứ Tư, 22 tháng 7, 2009
Study Reveals Federal Long-Term Care Insurance Plan Flaws
The proposed federal health plan being discussed by the U.S. Senate includes proposed long-term care protection. The Community Living Assistance Services and Supports Act (CLASS Act) would provide coverage paid by individuals who would have the ability to opt out.The goal of the American Association for Long-Term Care Insurance, the industry's professional organization, is to serve as an advocate for sound long-term care planning that ensures the future of all Americans -- those who can afford private long-term care insurance, and those who can not.
That said, the proposed CLASS Act (Senator Kennedy's new tax on Americans) is not the solution and a report released today by the American Academy of Actuaries reveals the plan's significant flaws. The plan's proponents believe a $65-per-month tax for individuals would be sufficient to provide a $50 average monthly benefit. The study reveals that the sound monthly premium level would be closer to $110 a month or over $1,300 a year per-individual.
The CLASS Act proposes a voluntary federal program that is sustainable and actuarially sound over a 75-year horizon. Based on the current assumptions, the independent actuaries project the new government fund established to pay long-term care claims will be insolvent by 2027. Sometime well before that date, taxpayers can expect the voluntary plan to become a new mandatory tax.
The report notes that part of the problem with the proposed plan is the increased likelihood of adverse selection. Simply stated, those individuals in poorer health will sign-up for the plan and those who are in better health will likely opt-out. Once claim payments begin after the five-year waiting period, one can expect an increasingly steady flow that will stretch the fund beyond what proponents expect.
The American Association for Long-Term Care Insurance is the independent trade organization providing information on long-term care planning to consumers and providing marketing and sales support to information. The organization maintains the industry's most comprehensive website on long-term care planning which can be found at http://www.aaltci.org/
If you would like to receive a PDF copy of the American Academy of Actuaries letter to the U.S. Senate Committee on Health, Education, Labor and Pensions, please click here to send an E-mail to Jesse Slome, Executive Director.
That said, the proposed CLASS Act (Senator Kennedy's new tax on Americans) is not the solution and a report released today by the American Academy of Actuaries reveals the plan's significant flaws. The plan's proponents believe a $65-per-month tax for individuals would be sufficient to provide a $50 average monthly benefit. The study reveals that the sound monthly premium level would be closer to $110 a month or over $1,300 a year per-individual.
The CLASS Act proposes a voluntary federal program that is sustainable and actuarially sound over a 75-year horizon. Based on the current assumptions, the independent actuaries project the new government fund established to pay long-term care claims will be insolvent by 2027. Sometime well before that date, taxpayers can expect the voluntary plan to become a new mandatory tax.
The report notes that part of the problem with the proposed plan is the increased likelihood of adverse selection. Simply stated, those individuals in poorer health will sign-up for the plan and those who are in better health will likely opt-out. Once claim payments begin after the five-year waiting period, one can expect an increasingly steady flow that will stretch the fund beyond what proponents expect.
The American Association for Long-Term Care Insurance is the independent trade organization providing information on long-term care planning to consumers and providing marketing and sales support to information. The organization maintains the industry's most comprehensive website on long-term care planning which can be found at http://www.aaltci.org/
If you would like to receive a PDF copy of the American Academy of Actuaries letter to the U.S. Senate Committee on Health, Education, Labor and Pensions, please click here to send an E-mail to Jesse Slome, Executive Director.
Thứ Hai, 20 tháng 7, 2009
Five Questions to Ask Before Hiring a Home Care Provider
When it comes to needing long-term care, the majority of Americans today receive care in their own home. "People mistakenly associate long-term care with nursing home care," explains Jesse Slome, Executive Director of the American Association for Long-Term Care Insurance.
"Today most long-term care takes place outside of a skilled care facility and the vast majority of long-term care insurance claims are not nursing home related."According to studies conducted by the industry trade group, some 42 percent of long-term care insurance benefits paid are for care at home (AALTCI's 2009 Long-Term Care Insurance Sourcebook). "Another 28 percent was for care in assisted living communities and only 30 percent was for care in skilled nursing facilities," Slome notes."
Home care services cover a wide range of needs, from memory care and companionship to meal preparation and medication reminders," says Jennifer Tucker, Vice President with Homewatch CareGivers, a national provider of homecare services. "They may also include help with the activities of daily living, including home care services like bathing, dressing, and grooming or care coordination services rendered by a registered nurse."
When selecting a home care agency, it is important to know what questions to ask. Here are five important questions that consumers should ask of a prospective service provider:
How long has the agency been providing private duty home care?
Is a written, customized care plan developed in consultation with the client and family members, and is the plan updated as changes occur?
How are emergencies handled after normal business hours?
Do they closely supervise the quality of care, including maintenance of a daily journal in the client’s home and non-scheduled supervisory visits?
Does the agency employ a nurse, social worker, or other qualified professional to make regular visits to the client’s home?
"A great way to find quality home care providers is to speak to a knowledgeable long-term care insurance professional," states Jesse Slome. "If they've been in the business for a few years, they likely have clients who are receiving care."
For additional information on home care for long-term care needs or to find local long-term care insurance professionals, visit the online Consumer Information Center from the American Association for Long-Term Care Insurance and request information from any of the organization's 3,500 members nationwide.
"Today most long-term care takes place outside of a skilled care facility and the vast majority of long-term care insurance claims are not nursing home related."According to studies conducted by the industry trade group, some 42 percent of long-term care insurance benefits paid are for care at home (AALTCI's 2009 Long-Term Care Insurance Sourcebook). "Another 28 percent was for care in assisted living communities and only 30 percent was for care in skilled nursing facilities," Slome notes."
Home care services cover a wide range of needs, from memory care and companionship to meal preparation and medication reminders," says Jennifer Tucker, Vice President with Homewatch CareGivers, a national provider of homecare services. "They may also include help with the activities of daily living, including home care services like bathing, dressing, and grooming or care coordination services rendered by a registered nurse."
When selecting a home care agency, it is important to know what questions to ask. Here are five important questions that consumers should ask of a prospective service provider:
How long has the agency been providing private duty home care?
Is a written, customized care plan developed in consultation with the client and family members, and is the plan updated as changes occur?
How are emergencies handled after normal business hours?
Do they closely supervise the quality of care, including maintenance of a daily journal in the client’s home and non-scheduled supervisory visits?
Does the agency employ a nurse, social worker, or other qualified professional to make regular visits to the client’s home?
"A great way to find quality home care providers is to speak to a knowledgeable long-term care insurance professional," states Jesse Slome. "If they've been in the business for a few years, they likely have clients who are receiving care."
For additional information on home care for long-term care needs or to find local long-term care insurance professionals, visit the online Consumer Information Center from the American Association for Long-Term Care Insurance and request information from any of the organization's 3,500 members nationwide.
Thứ Tư, 8 tháng 7, 2009
Colorado Governor Praised For New Long-Term Care Awareness Campaign
The American Association for Long-Term Care Insurance commended Colorado Governor Bill Ritter, Jr. who announced a new campaign encouraging Coloradans to start planning now for their future long-term care needs. The State of Colorado has partnered with the U.S. Department of Health and Human Services to help Coloradans with the long-term care planning process through the Own Your Future campaign.
"We praise this visionary leader for promoting the importance of long-term care planning," stated Jesse Slome, the Association's Executive Director. "Over 100,000 Colorado residents already own long-term car insurance, " Slome notes, "and the new outreach effort will help educate many more people about this important issue." Nationwide, some 8.25 million Americans own long-term care insurance.
"Coloradans are living longer healthier lives due to advancements in science, medicine and health education," said Governor Bill Ritter. "There is nothing more important than taking care of your health, and as your Governor, there is nothing more important to me than ensuring strong, healthy futures for all Coloradans. Over the past two years, we've taken a number of steps to ensure health care is more affordable and accessible for all residents of our state and emphasizing the importance of long-term care planning is a critical part of that effort."
The Own Your Future campaign is led by The Colorado Partnership for Long-Term Care. The Partnership is a public/private arrangement between long-term care insurers, Colorado's Medicaid program, the Division of Insurance, the Department of Human Services and the citizens of Colorado. It enables Colorado residents who purchase Long-Term Care Partnership insurance to have more of their assets protected if they later need the state Medicaid program to help pay for their long-term care. Through the Partnership, Coloradans have greater control over how they finance their long-term care.
As part of the program Coloradans between the ages of ages 45 to 65 will receive a letter from Governor Bill Ritter, Jr. about the Own Your Future campaign. The letters will include information about how to order a free planning kit as a first step to managing future long-term care needs. The planning kits are a great tool to help Coloradans make smart, safe decisions about long-term care.
Coloradans seeking more information on long-term care insurance can visit the online Consumer Information Center from the American Association for Long-Term Care Insurance
"We praise this visionary leader for promoting the importance of long-term care planning," stated Jesse Slome, the Association's Executive Director. "Over 100,000 Colorado residents already own long-term car insurance, " Slome notes, "and the new outreach effort will help educate many more people about this important issue." Nationwide, some 8.25 million Americans own long-term care insurance.
"Coloradans are living longer healthier lives due to advancements in science, medicine and health education," said Governor Bill Ritter. "There is nothing more important than taking care of your health, and as your Governor, there is nothing more important to me than ensuring strong, healthy futures for all Coloradans. Over the past two years, we've taken a number of steps to ensure health care is more affordable and accessible for all residents of our state and emphasizing the importance of long-term care planning is a critical part of that effort."
The Own Your Future campaign is led by The Colorado Partnership for Long-Term Care. The Partnership is a public/private arrangement between long-term care insurers, Colorado's Medicaid program, the Division of Insurance, the Department of Human Services and the citizens of Colorado. It enables Colorado residents who purchase Long-Term Care Partnership insurance to have more of their assets protected if they later need the state Medicaid program to help pay for their long-term care. Through the Partnership, Coloradans have greater control over how they finance their long-term care.
As part of the program Coloradans between the ages of ages 45 to 65 will receive a letter from Governor Bill Ritter, Jr. about the Own Your Future campaign. The letters will include information about how to order a free planning kit as a first step to managing future long-term care needs. The planning kits are a great tool to help Coloradans make smart, safe decisions about long-term care.
Coloradans seeking more information on long-term care insurance can visit the online Consumer Information Center from the American Association for Long-Term Care Insurance
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