Long Term Care Insurance Blog

We wanted to share some insight into something BIG that is hidden in much of the health care reform talk. It’s the CLASS Act – Community Living Assistance Services and Supports (CLASS) Act. In short, the government would provide certain long term care services (once someone pays into the program for a certain number of years.) You’ll hear both sides of the story, but for a quick overview, I’d recommend reading Howard Gleckman’s piece HERE

Every worker would get basic coverage under CLASS, for care either at-home or in a nursing facility. They’d pay premiums for five years, and they’d have to need help with at least two activities of daily living (such as bathing or dressing) before they’d be eligible for benefits. While these would be modest (perhaps $75 a day), they would be available in cash. It is hard to overestimate how significant this could be for those Americans who need assistance and the 40 million family members and friends who care for them.

Tomorrow we’ll share the first of some video interviews with Claude Thau, who comments on the CLASS Act and what it may mean for long term care and to long term care insurance companies.

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Have you ever thought about who actually pays for long term care? According to the Health Policy Institute, in 2007, a report confirmed that “…more than $200 billion is spent each year on long-term care in the US.”

That’s a lot of money, so it begs the question is, who is paying for this?

Those who are fortunate enough to have family near by can count on family for long term care, and therefore save lots of money. The reality is though, as families live further and further apart, this is becoming more difficult. So…

The top 5 payers of long term care are:

• Medicaid – $101.1 billion
• Medicare – $42.2 billion
• Out-of-pocket – $37.4 billion
• Private Health & Long Term Care Insurance – $14.9 billion
• Other Private – $5.6 billion

These statistics, and a lot more, can be found in Kiplinger’s “The Next Step”, a fantastic workbook on planning for long term care. As mentioned in the workbook, reading these numbers may create an assumption that the government is willing to pay the bill for long term care. Click the image below to read more about why one, the government most likely isn’t going to cover the tab and two, why it’s important to educate yourself now about how to handle the escalating costs of long term care.
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Seven in ten people who live to age 65 will need some long-term care services at some point in their lives.

Click HERE (opens in PDF) to start reading this recently published guide by Kiplinger on everything you need to know about long term care and long term care insurance. Topics include:

• what long term care costs are in your state
• who pays for long term care (from Medicaid to your family)
• how to, if you choose to do so, create the best long term care insurance policy that meets your needs.
• what does long term care insurance cost
• help from employers


And more. It’s a great read for anyone who wants to know more about long term care and how it can/will impact them later in life.



Click below to open the PDF


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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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In recognition of the enormous social and economic impact of long term care and the costs associated with that care, a bill was introduced in the House of Representatives to increase the accessibility of long term care insurance (LTCI) to Americans.

The “Long-Term Care Affordability and Security Act” would would permit LTCI to be included in employer-sponsored cafeteria plans and flexible spending accounts (FSAs), enabling people to pay LTCI premiums using pre-tax dollars.

You can visit govtrack.us to read the full text of the document and track the bill’s progress.

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Managing the cost of long term care. It’s a topic we often discuss here on the Long Term Care Insurance Blog, as we hope to educate and inform everyone about how to deal with both the financial and mental obligations that often fall hand-in-hand with with long term care. This is why we’re constantly browsing the web in search of resources we can share with our readers.

Today we came across an article on the WebMD website titled “How to Help Your Aging Parents without Going Broke“. (If you haven’t seen this site, take a moment to browse it’s huge library of resources.) So it’s not necessarily the most comforting headline, but it does get straight to the point. The article is broken into a couple sections, which are helpful, including “Have the Conversation”, “Get the Right Help”, “How to Save Money”, “Dealing with Alzheimer’s or Dementia” (Although the article goes into more detail about these specific issues, the discussion in the article can be applied to many long term care issues.) and “Paperwork Prep”.

One of the first issues the article tackles is that of your parents financial status. Are they prepared to pay for care out of their own pockets or have they purchased long term care insurance? This is very important, because understanding your parents financial stability (or instability) will greatly impact the type, and ability, to maintain quality long term care.

You can read the full article here. It discusses medicare medicaid services but also provides some input into ways you can lower costs of daily care.

If you have any questions regarding long term care, please don’t hesitate to contact us. We’ve experienced our own family long term care issues and will be happy to share our wealth of history on long term care.

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It’s an ongoing topic of conversation, one that is often quite heated, and, at times confusing. We’ve written about medicare medicaid services in the past in an effort to educate what medicare & medicaid will, and won’t, cover, versus LTC insurance. In the end it is a personal decision, though the best thing to do is to simply contact a long term care insurance specialists and ask them questions, lots of questions. Discuss your situation, your health, your financial status. Take this information and sit it on overnight. Talk to friends an others who are in similar situations.

Why are we bringing up this topic again? Here’s the premise from a recent news story by the Washington Post, titled “Medicaid Planning Is the Wrong Call”.

My sister says our family should begin elaborate “Medicaid planning” to shelter our elderly parents’ assets and make them look poor enough to qualify for government-paid nursing-home assistance, even though they’re in good health today. I think this is unethical. What do you think?

What’s the right thing to do here? Is there a right answer? You can read the rest of the story HERE, but we’d love to hear your reaction.

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Written last October, this piece in the New York Times is just as relevant then as it will be 100 years from now. It illustrates the ongoing challenge of maintaining our own long term care as well as that of our aging parents.

MOST of the nation’s 78 million baby boomers are watching their parents grow old. While investigating caretaking options for their parents, they should also be thinking about their own old age and planning how they will pay for nursing homes or home health aides for themselves, experts say. With life expectancy steadily rising, the odds are that they will eventually need some help with basic functions, like dressing or walking, maybe for decades.

But many boomers are ignoring this prospect.

That doesn’t mean people aren’t aware of the issue. As we stated in a prevous post, the average age of those seeking insurance for long term care is falling and last year studies estimated that nearly 84% of those needing long term care services were under the age of 65.

That doesn’t mean we all need to rush out and buy LTCI. Consider your income and current wealth. If you have enough money saved up and are healthy (typically a couple million $$), long term care insurance may not be for you. (Just make sure to plan for the unexpected in this case!) Furthermore, if you have limited wealth or assets, you will probably be able to take advantage of certain medicare and/or medicaid services. But again, this is limited too, so make sure to read up on what medicare medicaid services will cover in the event you need long term care.

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We have found a great site worth bookmarking, McKnight’s Long Term Care News & Assisted Living.

McKnight’s offers multiple, short and informative news reports every day on issues surrounding long term care and assisted living. Some of the most recent reports examine such issues as healthcare reform in the new Obama administration and the challenges facing the call by healthcare experts for Medicaid expansion.

This is definitely a great resource as you explore your long term care options. For more information about long term care and long term care insurance please visit our Resource Center.

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Last week we wrote a short piece on how Medicare relates to long term care. You can read it HERE. As we pointed out, these services are quite different from insurance for long term care. This week we’re taking a quick look at Medicaid, and what type of long term care coverage you can expect from that.

Wikipedia defines Medicaid as:

Medicaid is the United States health program for eligible individuals and families with low incomes and resources.

It’s important to note, though, that even those with low incomes may not be covered by Medicaid. According to the US Department of Health and Human Services website:

Medicaid is available only to certain low-income individuals and families who fit into an eligibility group that is recognized by federal and state law.

What does this mean for you? Were you depending on Medicaid for long term care coverage? Some things to keep in mind:

• Medicaid is a national welfare program created for the poor. Even though you have little income, the government may think otherwise.
• Provides primarily for institutional care
• You must meet asset and income spend-down guidelines to meet welfare standards.
• Access is becoming MORE RESTRICTIVE. The government has sent clear messages that Medicaid will no longer be a viable option for long term care planning.
• Avoid indignities of Medicaid

Furthermore, medicaid guidelines and health care coverage may vary greatly from state to state. This page will help clarify medicaid coverage for your state.

Do you want to risk not having long term care coverage while you age? Long term care insurance may not be for everyone, but it can surely help alleviate some of these concerns.

LTC Connects can provide you with state long term care insurance quotes from the countries top providers. If you just have some questions and would like to speak to a LTC specialists, please contact us and we can answer any questions you may have regarding medicare medicaid services as well as long term care.

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