Seek Specialist to Help with Long-Term Care Insurance Plan
Many people know long-term health care's consequences on their families and finances. Family caregivers are ill-prepared and untrained for this demanding job. Professional care is costly and growing rapidly. When shopping for LTC Insurance, find a qualified specialist to help you navigate the many options.
Aging happens, and most people today are very aware of the need to plan for longevity and its impact on savings and lifestyle. Interest in Long-Term Care Insurance has increased as American families see first-hand the impact aging and health have on a family's savings and lifestyle.
Long-Term Care Insurance is already helping American families pay for care. In 2020 the major insurance companies spent over $12.3 Billion in long-term health care benefits. Much of that money is helping people stay in their homes.
Long-Term Care Insurance can provide the resources to safeguard income and assets while reducing the stress and anxiety placed on the family. While many people turn to the internet or a local insurance agent or financial advisor, many people ask who they should turn to find accurate information so they can make a good decision.
LTC Insurance Specialist Can Help You Plan
The American Association for Long-Term Care Insurance (AALTCI) is a national consumer education and advocacy group. They recommend consumers find an experienced, qualified specialist who represents multiple major companies.
Many general insurance agents and financial advisors lack the proper understanding of policy design, underwriting, partnership requirements, and claims. Since every company has its own features and benefits and underwriting niches, it is best to find a person who can navigate the complexities and make them simple.
Insurance premiums are regulated, but premiums can vary dramatically from company to company for the same coverage. In fact, premiums vary over 100% between insurance companies. If you live in a Long-Term Care Partnership state, additional policy design requirements exist that a specialist would understand.
LTC Specialists Will Help You Plan and Prepare
Most likely, the most qualified specialist will not even be in your state. Most top specialists will help consumers by using the internet and the telephone. You can start your research and learn about your options and shop all the companies safely within your home without your need to ever go to an office.
When you find a specialist, be sure they ask you very detailed questions about your health, family history, and financial situation. The specialist will need to understand your future (or current) retirement plans to make the proper recommendations and determine suitability.
Most insurance companies use electronic applications to simplify the application process and reduce paper waste. The process is easy and safe.
If the insurance agent or advisor doesn't spend considerable time discussing these areas listed above, you should be suspicious. Experts say an insurance agent or financial advisor cannot provide accurate quotes or provide professional recommendations without getting this information before generating the quotes.
Experts say underwriting rules are very specific but differ from company to company. Plus, you might qualify for discounts with one company and not another. Options like shared spousal benefits might give your plan flexibility.
LTC Insurance is Affordable, but Premiums Vary Over 100%
Premiums can vary over 100% for the same benefits. A Long-Term Care Insurance specialist will match your age, health, family history, and other factors in generating quotes and recommendations. Armed with this information, the specialist can save you money.
Start your research by finding the current and future cost of care services where you live. The LTC NEWS Cost of Care Calculator is a great tool that allows you to see the financial impact long-term health care will have on your assets and income. You will also see any important state-specific information like available tax incentives available in your state, plus the availability of partnership plans which provide additional dollar-for-dollar asset protection.
You can find a trusted and experienced Long-Term Care Insurance specialist by clicking here.
Maintain Control Over Your Life - Avoid Dependency
As you are thinking about planning for the financial costs and burdens of aging, understand the reality of getting older. You will face many changes in the coming decades that will affect your health, body, and mind. The consequences can be enormous.
The fact is long-term care creates dependency. Most people don't want to be dependent on anyone. You want control and independence. Plus, most people don't want to place the stress and burden of caregiving on their family members. Affordable Long-Term Care Insurance keeps you in control, protecting your savings and easing this burden otherwise placed on those you love.
Know the facts. Longevity means a greater risk of needing extended care.
As we get older, many of us will require help with routine activities of daily living or even supervision due to cognitive decline. Caregiving is hard on loved ones, and paid professional care will drain your hard-earned savings and adversely impact your income and lifestyle.
Affordable Long-Term Care Insurance is a solution that will give you and your family peace of mind. But don't delay. Act before you retire, ideally in your 40s or 50s, when you can enjoy low premiums and even preferred health discounts.
About the Author
An LTC News author focusing on long-term care and aging.
James Kelly
Contributor since August 21st, 2017
Editor's Note
Being prepared for declining health and the consequences of aging should be a crucial part of your overall retirement plan. People need long-term care services due to an illness, accident, or the impact of aging. Health insurance and Medicare (including supplements) will not pay for most of these costs.
Family caregivers find it hard to juggle their careers and family responsibilities with that of a caregiver for an older parent. The burden is something most people have said in surveys that they don't want to place on their family.
The solution is affordable Long-Term Care Insurance. LTC Insurance provides guaranteed tax-free benefits to access your choice of quality care options, including care at home. You will protect your income and assets and reduce the stress and anxiety otherwise placed on loved ones.
Resources Available on LTC NEWS
You can find many tools and resources on LTC NEWS to assist you in your research for a planning solution or help your family find the appropriate care for a loved one at the time of crisis.
To help you plan the costs and burdens of changing health and aging, LTC NEWS has put in place several resources, including:
- The LTC NEWS Cost of Care Calculator will show you the current and future cost of long-term health care services where you live. Plus, each state has vital state-specific information you should know - Cost of Care Calculator - Choose Your State | LTC News
- The Ultimate Long-Term Care Guide is an outstanding read to help you get a good overview of the topic area.
- Compare the major insurance companies that offer Long-Term Care Insurance products here - Top Insurers for Long-Term Care Insurance | LTC News.
- A detailed tax guide that includes available tax incentives can be found by reviewing the Long-Term Care Tax Benefits Guide.
Find all the resources on LTC NEWS - Resources for Long-Term Care Planning | LTC News.
Get Professional Help
Insurance rates are regulated, so no insurance agent, agency, or financial advisor can give you special deals. However, insurance companies' premiums vary over 100% for the same coverage.
Experts suggest using a qualified Long-Term Care Insurance specialist to help you navigate the many options available to you and your family.
A specialist who works with the top companies can match your age, health, family history, and other factors and find you the best coverage at the best value. A specialist will save you money, and you will have peace of mind knowing they are making the appropriate recommendations - Work With a Specialist | LTC News.
Finding Quality Care for Mom or Dad
Start by reading our four guides -
- Finding Quality In-Home Care | LTC News
- Adult Day Care Centers (ADCCs) | LTC News
- Assisted Living and Memory Care Facilities | LTC News
- Finding a Quality Nursing Home | LTC News
If they are lucky enough to own a Long-Term Care Insurance policy, be sure they use it. Sometimes families wait, thinking they can save the benefits for a rainy day. Waiting on using available Long-Term Care Insurance benefits is not a wise idea.
Get Help in Filing a Long-Term Care Insurance Claim
Quality care obtained early will help provide a better quality of life and reduce the risk of a deep decline and facility care. If you need help in starting the process of a Long-Term Care Insurance claim, LTC NEWS can help.
LTC NEWS provides free assistance with no obligation to help you or a loved one complete the claims process with a Long-Term Care Insurance policy. We have teamed up with Amada Senior Care, who will do all the work, free with no obligation.
You can also get support in finding quality caregivers and get recommendations for a proper care plan, whether a person has a policy or not. - Filing a Long-Term Care Insurance Claim | LTC News.
Benefits of Reverse Mortgages
Today's reverse mortgages for those aged 62 and older could be an ideal resource to fund a Long-Term Care Insurance policy OR even provide money to pay for care if you, or a loved one, already needs help and assistance.
Some people have much of their savings invested in their homes. With today's reverse mortgages, you can find ways to fund care solutions, care itself, even help with cash flow during your retirement.
Learn more by asking questions to an expert. LTC NEWS columnist and host of the TV Show "62 Who Knew" will answer your questions regarding caregiving, aging, health, retirement planning, long-term care, and reverse mortgages.
- Just "Ask Mike." - Reverse Mortgages | LTC News.
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You can write a story or ongoing column for LTC NEWS. You can write about many topics, including aging, caregiving, health, lifestyle, retirement planning, and long-term care, to name a few.
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Email your story idea or article: newsroom@ltcnews.com - LTC News Contributors | LTC News
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