Reverse mortgages have become a popular means of acquiring the necessary funds to pay for long-term care costs because they provide a way for senior’s to turn their home equity into cash. What makes reverse mortgages so appealing is that the elder does not have to have an income, will owe no monthly payments, and [...]
The Health Insurance Portability and Accessibility Act of 1996 is most commonly referred to as HIPPA. While HIPAA covers a lot of different aspects of patient rights, it also affects how premiums and benefits are taxed. Nothing is ever simple when it comes to taxes, so if you have concerns about how long-term care insurance [...]
When comparing long-term care insurance policies, you should first do some research to find out how much long-term care costs in your area. Can you get the type of care you will need locally, or will you need to go to a larger area or city? Once you know what the costs are, consider the [...]
There are certain standards you should look for when shopping for a long-term care insurance policy. The National Association of Insurance Commissioners has developed standards to protect consumers, but when shopping for a new policy look for one that includes: Coverage for Alzheimer’s disease and dementia A minimum of one year of nursing home or [...]
Like any insurance policy, there are certain terms you are likely to hear or see used when your policy or benefits are explained. Understanding these terms will only help you navigate the waters of shopping for long-term care insurance. Ability to Renew: In today’s market, nearly all long-term care policies are guaranteed renewable. This means [...]
All insurance policies have a list of limits and exclusions. This is necessary to keep premiums affordable and protect the insurance companies, which ultimately are a business, and businesses need to make a profit to stay in business. The list of limits and exclusions for long-term care policies will vary from company to company, and [...]
Long-term care services are typically needed when a person cannot perform certain Activities of Daily Living, or ADLs, or becomes cognitively impaired due to Alzheimer’s or dementia. The most common ADLs that qualify a person for long-term care are: Self-Feeding Bathing Dressing Toileting Transferring (getting from bed to a chair) Continence Need for supervision due [...]
Elimination periods or deductible periods are terms you may hear tossed around when shopping for long-term care insurance. It’s important to understand what these terms mean, and how they could impact your future financial situation should you need long-term care. Elimination period is a term used to describe the number of days that you must [...]
The cost of long-term care insurance varies greatly, depending upon your age, the type of insurance you choose, how long you are willing to wait before eligible for coverage, where you live, and whether or not you opt for inflation coverage. For example, let’s compare a policy that looks like the following: Four year benefit [...]
Long-term care insurance is sold through private insurance companies. Each year, we see more insurance companies offering the polices, which is great news for those shopping for coverage. The first place most people look when wanting to add long-term care insurance to their planning is their place of employment. Typically, insurance rates are cheapest when [...]