Long Term Care Insurance Blog

What Are Florida Long-term Care Insurance Costs?

Ian — Tue, 18 May 2010 05:42:05 +0000

A good chunk of the US population likes to spend their retirement years enjoying the beautiful weather of Florida. What this means is, a large portion of that same population will most likely need some type of long-term care should they stay (and who wouldn’t!) So if you too decide to head south for the good life, maybe it’s worth considering what Florida long term care insurance costs are.

Consider this: according to a survey conducted by CareScout in April 2008, the average monthly cost of long term care in a Florida nursing home is $202.28 daily, or over $73,000.00 annually. Makes that retirement sound not so big, doesn’t it? Home health care can be comparable in cost (and sometimes can exceed it). Assuming a 5% rate of inflation in long-term-care costs, these numbers will triple over the next 20 years.

The good news is, Florida is one of a handful of states that currently offers its resident’s access to “Partnership Policies”. These long term care insurance policies offer significant advantages, and cost savings, to their plan holders. Click this link to read more about Partnership Policies.

To receive a free Florida long term care insurance quote, click the map below…and then send us a postcard when you arrive!

Some Thoughts About The CLASS Act

Ian — Fri, 14 May 2010 13:31:23 +0000

There have been many conversations of late about the CLASS Act and it’s impact on long term care & long term care insurance: what it means, what it will do to premiums, when it go into effect, etc. The folks over Center for Long Term Care Reform just happened to write about this very topic, so we thought we’d share a short blurb from their website:

This was a question they received:

“In January of 2011, the government will start taking between $150-$250 out of our paychecks every month. And, not to worry, there is no discrimination here. ALL of us will be taxed on this one. Rich, poor, everyone except people who don’t have a job, is included. If you have a job and get a pay check, the government will take this tax from you. Just to clarify, this is not a fee per household. It is a payroll tax deduction PER PERSON.”

Here is the reply:

“OK, let’s clear this up. First of all, nothing will start January 1, 2011. That’s just an effective date. No real plan is due until October 1, 2012.

“Secondly, no one knows what the premiums will be. That all depends on what CLASS can afford and still remain ‘actuarily solvent’ for 75 years.

“Regarding participation, employers may opt to automatically deduct CLASS premiums on behalf of the government. They don’t have to. I think most won’t.

“For employees of companies that opt not to enroll employees and for the self-employed, the government has to come up with alternative methods to ‘automatically’ opt them in. No matter what, anyone and everyone may opt not to participate in CLASS.

“CLASS is to be fully funded by participants’ contributions. No government money will be used. That’s in the law. But it is misleading. Because every penny CLASS collects will go to fund current government expenses, the only ‘reserves’ CLASS will retain will be IOUs, i.e. bonds, showing that the federal government borrowed the money.

“When it comes time for CLASS to pay claims, say in seven or eight years, as it will be 2013 before it starts and another five years before any claims are due, where will it get the money to pay? By cashing the bonds, which means the federal government will have to raise the funds, through extra taxes or printing money or borrowing more, to pay the CLASS claims. So much for the promise that no government funds will be used.

“But not to worry, this boondoggle will collapse of its own weight long before any of that comes to pass.”

What are your thoughts on CLASS Act? Do you believe the government will be able to replay claims when they start rolling in? Please share your comments!

Today’s Top Long-Term Care Stories

Ian — Thu, 06 May 2010 23:03:10 +0000

Long-Term Care Coverage Headed for Change in California – California Healthline
An Opinion on Long Term Care Insurance – Calgary Herald
New: a hybrid annuity with LTC coverage - bankrate.com
Putting together the pieces of the retirement puzzle - philly.com
Long-term care costs cheapest at home – US News

Featured Video: What You Need to Know About Long-Term Care

Ian — Thu, 22 Apr 2010 00:13:38 +0000

Finding & Choosing A Nursing Home

Ian — Fri, 16 Apr 2010 23:43:08 +0000

Here is another great “guide” from the Metlife and the National Alliance for Caregiving. Choosing a nursing home is NEVER easy, but this piece should provide some extremely helpful input, including finding a nursing home, costs, visiting a facility, types of services that are and can be found within a nursing home.

Employee-Sponsored Long-Term Care Insurance – Do You Offer It?

Ian — Thu, 15 Apr 2010 02:55:17 +0000

The American Association for Long Term Care Insurance recently completed a study on employee-sponsored long-term care insurance.

According to the annual study, over a third (37.2%) of new group buyers were age 55 or older compared to 28 percent for the prior year (2008). “Younger employees likely decided they could postpone the decision,” Slome suggests.

The odds of long-term care affecting one of your employees is 50%, whether the person directly needing long term care is the employee or family member. If it is a family member without coverage, employees often must provide care themselves leaving them less able to give their best at work.

We recommend everyone, employees and employers alike, take some time to visit the AALTCI website here to read more about this interesting study.

The health and wellbeing of a business is more reliant upon long term care coverage than most realize.

Elderly Medications…A Medication Guide

Ian — Wed, 14 Apr 2010 05:44:06 +0000

While people age 65 and older account for about 14% of the population, they take one-third of all prescription drugs dispensed every year.

Hiring Independent Caregivers – What You Need to Know

Ian — Fri, 02 Apr 2010 19:04:12 +0000

If you’re thinking about hiring an independent caregiver, you must read what we have below. This very useful guide provides things you need to know and some helpful tips on hiring independent caregivers and how to go about finding a reliable and experienced independent caregiver. If you have any questions, please don’t hesitate to contact one our long-term care specialist.

How Can We Tell It’s Alzheimer’s Disease?

Ian — Tue, 30 Mar 2010 05:23:39 +0000

If you’re concerned about or at all interested in learning more about Alzheimer’s Disease, you must read this. This is one of the many resources you can find on our Caregiver Resources page.