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Old 09-18-2008, 02:43 AM
 
1 posts, read 1,844 times
Reputation: 10

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Hello Pat from Southwest:
First of all congratulations that you have decided to purchase Long Term Care Insurance, unfortunately not too many people buy LTCi for several reasons, unaware, too expensive, don't believe that they will be needing it, too many scams sourranding this type of insurance.

I must tell you that Long Term Care Insurance is a subject very close to my heart for the simple reason that my mother would had benefit from having it. Taking care of her was very difficult for me, although I have a large family when the time came no one was around. Consequently I knew that I did not want to reapeat the cycle with my own children and did some research. What I learned was that Long Term Care Insurance is:

A complex product, is not one size fits all.

That there are some insurance carriers that have a pattern of increasing their policies as much as 200% (Horrible rip-off because these companies bank on people dropping their coverage)

That there are good insurance carriers who pride themselves for not having increase their rates in the last 15 years.
That there are an abundance of insurance agents that will tell you anything just to make the sale
But here are some tips:
Allianz has one of the best rates, and has not increased its premiums since it begun selling LTCI. Allianz , Genworth, John Hancock, Prudential, Met Life
Basic you want to make sure that your policy has inflation, it is a must when you are 70 and younger. Rember we are living longer.
That it covers all levels of care in different settings, for example, at home, assisted living, skilled nursing, non-skilled facility, in a community ( Boarding Facility) Adult Day Care. If you want to stay home, which is the ideal place to remain you must have 100% coverage, however if there are no relatives that can keep an eye on you and your care providers, it may be best to opt this feature out because there is always a posibility of abuse or exploitation when there are no family members to watch over your. Must have waiver of premiums meaning that when you need the services, you no longer have to pay.

Depending where you live, the policies can vary, I am in California and Allianz has the most competive coverage, if you are marry or living with someone like a partner, even if there same sex couples living together, you qualify for a discount. Again, Allianz is the best in giving 30% discount, which is a big saving. Even you end up getting divorced or break the relationship you qualify.

Since this is a fairly new concept insurance carriers are constanly upgrading their policies. There are some States that have what is called Long Term Care Partnersip, which is a good deal because they have adhere to a set of rules. If you are self employed or own your own business there is a way in which you can deduct the cost 100% Some agents will try to sell policies features like return of premiums, this is not a good deal because you will end up paying so much more and at the end your estate may receive just the premius without interest.

Just for your information, after seeing the need for ethical, knowlegeable agents specialized in this field, I decided to become an independent agent. I have always been an advocate, worked with homeless families and abused children. I have a degree in social work and a master in business administration. My presentations are aimed at educating consumers, because this type of insurance is not for everyone.

There are so many details involving this product that people become paralyzed when facing the decision of purchasing LTCi. If you are within the 30 days free look period you may want to decline it and take your time to check for a well sound policy, it because this is a serious investment you are about to make.

Do you have children, if yes any of them work for the federal government, state, county or teachers, because they offer fairly decent programs and you as a parent can be eligible. I would love to give you personalized advised according to your needs and state you live in.
post a message I will get back to you.
I am licensed in various states, and know the programs availables including the laws as related to Medicare and Medicaid.
My Best

Last edited by ltcsavvy; 09-18-2008 at 02:54 AM.. Reason: typing too fast and too many typos
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Old 09-21-2008, 06:51 PM
 
43 posts, read 121,732 times
Reputation: 28
Thank you for your advice. I am seriously thinking of declining the policy and really look for one I can understand. My Phi Beta Kappa/attorney daughter gave up trying to understand the papers I handed her-she said it was 'way too confusing. Enough said. Thanks again.
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Old 09-23-2008, 07:18 PM
 
4,948 posts, read 16,540,810 times
Reputation: 2866
regarding l.t. care. There now is something else around which is longjevity insurance for people
who think they will out live there money. I think it was in money or smart money. You put say 50,000
at age 60 into the policy then at age 80 it pays you a big sum. They will I am sure be coming out
with many such types as baby boomers age. people also are retiring inot the ccrc places such as Erickson, because you get back 100 per-cent
of your apartment, and then if you do need further care and you do run out of money they use the deposit. What you do not understand do not buy or sign.
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