Most health care professionals will agree that having an advance directive, or living will, is the most important document you will put together in your lifetime. This document helps your loved ones to understand your wishes when it comes to your end of life care, especially when you are no longer able to communicate your [...]
When using a geriatric care manager to assist with your long term care, you want to make sure you are choosing the right one for you and your family. Following the recommendations listed below will help to ensure that you are happy with your decision. Utilize the National Association of Professional Geriatric Care Managers website [...]
A financial power of attorney is a legal document giving an individual of your choosing the power to make financial decisions for you, should you become unable to make your own decisions. This document is a simple, inexpensive way for you to prepare for your finances. It also saves your family from having to have [...]
The first step in planning for your long term care is making sure you have all the proper legal documentation put together. Essential to your long term care is a durable power of attorney for health care and a financial power of attorney as well. A durable power of attorney for health care is a [...]
Most times when you think about an IRA account, you think about retirement. But, some people are now considering IRA-based, long term care policies to plan for their future long term care needs. These policies can be started by taking a portion of your IRA and transferring it tax free, trustee to trustee. This account [...]
For those that do not want to own life insurance, there are still options available. Some insurance companies offer fixed index annuities with guaranteed income riders that double should you need long term care in a nursing home. In a fixed index annuity, you agree to a contract with an insurance company that you will [...]
For those people that do not want to invest in long term care insurance, there are other alternatives that may fit better into their lifestyle. Strategically using your assets to help cover the cost of long term care is a good option. The main benefit of this strategy is that if you do not use [...]
With the frightening price of long term care insurance making people less likely to invest in their future, insurance companies are finding way to make this care more affordable. One way they are achieving this is by making a long term care insurance rider to go with a life insurance plan. Insurance companies are now [...]
Many people are discouraged when it comes to the cost of long term care insurance. A great way to avoid spending a lot of money is to buy an insurance policy that carries a long term care rider. The Pension Protection Act was signed into law in August of 2006. This law allows those individuals [...]
When looking for long term care insurance, another question you must ask yourself is, “How will I pay my premiums?” Most plans offer different options for you to be able to choose the one that works best for your situation. A few options available to you will be annual premium payment, 10-pay, pay to 65 [...]