This topic is only going to get more and more popular as the “Silver Tsunami” approaches. Best to plan ahead now!
Author Archives: tennesseelongtermcare
Click HERE to read this great article featured in the health section in US News and World Report.
Accomplished Journalist Greg O’Brien describes his battle with Alzheimer’s to NBC News. This is a riveting account of bravery and persistence that need not go unnoticed.
Are you going to buckle under the stress of becoming your spouse’s caregiver? Extended care coverage will provide relief.
Interesting article exploring the different reasons why so many Americans are exploring how they will manage the cost of changing needs, either from normal aging or an accident or illness.
Read the article here.
No one ever wants to hear they are experiencing an increase in their long term care insurance premium…or any premium, for that matter. There’s a few things, however, that recent media reports don’t always explore that are important to point out:
1. A rate increase must be substantiated. Carriers do not want to increase, it’s bad PR and not in their interest. An increase in rates underscores the need for their coverage. People are living even longer, becoming even sicker, with conditions that are even more chronic. And the costs keep rising.
2. The increases are usually based on much older issue ages. The average age of a new policyholder has gone from 72 to 56. So increases, even modest increases, are felt much more harshley. The fastest growing group of new policyholders are 45-54. If they are subject to rate increases in the future, the difference will be much more manageable, since it will be based on a much lower number.
Just a thought…
The founder and head of the American Association for Long Term Care Insurance is redoubling efforts to help consumers avoid some costly mistakes.
Among them: assuming their group coverage is a better deal than an individual plan (it often is not, especially for married couples), working with an agent who can only show one carrier (potentially ignoring companies that can offer better coverage for less money) and not taking advantage of their good health (carriers with stricter underwriting tend to have better value).
This video, from Suze Orman’s Money Class (and featured on the OWN network) is just the latest example of the financial guru’s promotion of long term care insurance. We are so pleased that she is continuing her effort to make people aware of the need to plan ahead. What’s even better is she has changed her tune about when to begin investigating (she used to say 60, now late 50s – I suggest ages, 45-54 the fastest growing age bracket).
I would amend one piece of her presentation – she does speak a lot in this video about nursing home care. She’s right to mention it, but part of LTC awareness is helping people understand long term care insurance is the most potent tool people have to never darken the door of a nursing home and to age safely in place. Thanks, Suze!
See the video here: http://www.youtube.com/watch?v=jPUo8CivUz8&feature=share
Genworth’s new spokesperson, 1976 Olympic gold medalist Wendy Boglioli, conducts an insightful interview that shows the toll long term care has on families, particularly women of the “sandwich generation”.
This article, featured in the San Francisco Chronicle, briefly details why business should be thinking now about offering long term care as a sponsored or voluntary benefit.
It’s a low-cost or no-cost way to attain recruitment and retention while maximizing long-term productivity.
AFLAC no longer offers the coverage, but that doesn’t mean you shouldn’t still “ask about it at work”! We’re happy to help.
After some hand-wringing to account for the cost of payroll deductions, the Marion County Commission has unanimously voted to allow their workers to purchase the long term care plan from the State of Tennessee.
This is just the latest in a series of government and other very large employers’ recognition that long term care insurance provides an invaluable tool for recruitment and retention and ensures future productivity. Every year, billions of dollars are lost by businesses and governments due to long term care costs. It makes sense to offer this coverage since it can be done at little or no expense to the organization!
The State of Tennessee plan is a wonderful option for those who cannot be approved for coverage on the individual market and we applaud Marion County’s decision. However, for those who are healthy (and especially those who are married) it is vital to first understand your options on the individual market vs. buying into the group. Often times, a custom-built plan can provide much more coverage per dollar. We are well versed in the top carriers as well as the State’s offering and are happy to provide an independent expert comparison.
John Hancock Life Insurance Company conducted a survey last fall of Americans between the ages of 21-75. The survey found some shocking results:
1) 52% said it was “irresponsible” not to plan for their own long term care, but 85% of respondents said they do not have a plan for long term care
2) 70% agreed that a year in a nursing cost $30,000 (the real figure is around $85,000.00, nationally). When confronted with this, 62% responded they could likely not be able to afford a full year of nursing-level care.
3) 46% were not aware of the spend down requirements to get Medicaid benefits
4) 61% said they would prefer to pay for long term care with insurance, but 89% did not have coverage.
5) While 80% mentioned cost as a reason for being uninsured, 70% claimed to have at least $14,000 per year available to pay for care (500-750% the cost of a typical new premium).
This shows we all have a ways to go in getting the message out about long term care planning. We will work in the coming year to improve public knowledge so that everyone has the opportunity to plan ahead with current and unvarnished facts.