Long Term Care Insurance Blog

As the debate over universal health care heats up, LTCI continues to receive far more attention then it used to. Some argue it needs to be further regulated, while others believe their just needs to be more transparency into how policies work.

Last week there was a new piece on long term care insurance in the NY Times, one that takes a stab at answering 5 pretty common questions regarding long term care insurance. These questions included:

• What should I look for in a policy?
• I’m only in my 50s. I don’t need to worry about this insurance yet, right?
• Why should I buy this insurance?
• Don’t Medicare and Medicaid cover long-term care?
• This insurance is expensive. What can I do to get more for my money?

These are all very good issues to address, ones that we get often. Although some of the answers provided in the column lack details, they provide some basic answers for those looking into LTC insurance. We’ve covered many of these topics in past posts, including (click on any of the links to go to that post):

• the medicare medicaid services issue (that is, neither of these services cover long term care under most circumstances.)
• At What Age Should I Purchase Long Term Care Insurance & CLICK HERE
• Reducing Long Term Care Insurance Premiums

Please feel free to contact us anytime you have questions regarding LTCI. You can also read the rest of the NY Times column HERE

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If you are considering a long term care insurance (LTCI) policy you should be aware that there are many ways to save money through discounts offered by insurance companies. These discounts and potential savings include;

• Spouse / Partner – Savings up to 40%
• Preferred Health – Savings up to 20%
• Increase your Deducible – Save up to 10%
• Small Business – Save up to 5%
• Buy Before an Age Change – Savings of 5-10%

Over the next several blogs we will be describing each in more detail. In the meantime if you speak with an insurance professional make sure they are aware of these savings opportunities.

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A short piece on the McKnights blog spells out a growing concern among the community of long term care providers in regards to Obama’s ideas for cuts to Medicare Medicaid services.

Nursing homes, long-term care hospitals and rehabilitation facilities, would see their share of Medicare and Medicaid money reduced by $14.4 billion over the next decade under Obama’s new proposal.

It will very interesting to see what the reactions are to Obama’s plans. What do you think should be done? Does this make a stronger case for having long term care insurance?

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The American Association for Long Term Care Insurance last week released a report summarizing the amount long term care insurance companies paid for long term care claims in 2008.

Insurers paid $8.5 billion in long term care insurance claims for 180,000 U.S. insureds in 2008

There are some very interesting pieces of information to take from the report:

The Association’s study revealed that 30.5% of claims start between ages 70 and 79; some 60.6% after age 80.

While the percentage of claims started after the age of 70 is large, the amount of money saved on yearly premiums for those who purchased insurance for long term care at a younger age is remarkable. Just comparing the two largest claims in 2008, we see a huge difference in long term care premiums.

The largest reported open LTC claim has paid out more than $1.2 million in benefits, the AALTCI says.

The claimant, a woman, bought coverage at age 43 for an annual premium of $1,800. Her claim began just 3 years later and has continued for almost 12 years.

Compare this rate with the following:

The second largest claim was submitted by a woman who bought her LTC insurance policy at age 72, for an annual premium of $12,766. Her claim began 3 years later and has continued for almost 9 years, paying a total of more than $1 million in nursing home benefits.

Purchasing long term care insurance at a younger age can and will save you a lot of money in the long run. Sure, you may be healthy now, but as the above quote suggests, nothing is guaranteed, as the women needed her insurance when she was just 46.

Read the rest of the article HERE where you can also purchase the entire story.

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