Resource Library - Long-Term Care Insurance
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Make sure your insurance is keeping up with your life! We share a few
critical events that should trigger a review of your policies.
Home health care is the most popular long-term care option among
families. However, according to Genworth, one-third of adults surveyed
seriously underestimate home health care costs.
As life expectancy increases, you may need to revisit your retirement strategy. Knowing the odds of a long life are in your favor, it may be wise to
review your long-term financial plan. Here are two strategies to help you meet
your potential future needs.
Many school districts have dropped their group long-term care insurance (LTCi) employee benefit and several others are considering it. If you have group LTCi through your district, you need to understand the value of this insurance and what your options are in the event your district discontinues the benefit. Here are a few helpful tips and resources.
- Don’t miss deadlines. If your district drops the group plan, you have a limited time (generally 60 days) to learn about and act on the options. This is especially important for members who are older or have health or weight issues. If you don’t make a decision within the required time frame, your options for coverage may be greatly reduced or lost.
Hit it between the pipes by using your health savings account (HSA) to save on long term care insurance (LTCi) premiums.
The majority of long-term care services
you might need as a result of an injury or illness will not be covered
by Medicare or most health insurances. Long-term care (LTC) insurance can help protect your family from the
financial burden related to LTC services and protect assets you worked
hard to earn for yourself and your heirs.
November is Long-Term Care Awareness Month. We have a few facts about long-term care costs and why buying long-term care insurance sooner than later is a smart move. [INFOGRAPHIC]
Long-term care insurance (LTCi) is an affordable way to protect yourself
against the high cost of extended care that may be required if you have
a serious illness or accident. We have a few frequently asked
questions about LTCi.
Are you taking advantage of all of your employee benefits? You may have
some untapped benefits that could improve your financial situation by
helping you save money, reduce your taxes, prepare for the future, and
minimize your financial risk.
Member Benefits makes it easy to take care of your insurance needs online. You can file a claim, update your policy, learn about your coverage, and more...whenever it's convenient to you. Here's a little summary of what you can find on our website to help you with your insurance needs.
Are you financially prepared to pay for long-term care (LTC)? Get some
facts to help you make an informed decision about LTC insurance. [INFOGRAPHIC]
It’s true. You’ll never be younger or healthier, and those two things—age and health—determine your long-term care insurance (LTCi) premium costs. LTCi is an affordable way to protect yourself against the high cost of extended care that may be required if you have a serious illness or accident.
Long term care has been called "the greatest uninsured financial risk today.” That’s because the majority of costs for extended care needed during recuperation from strokes, accidents, illnesses and operations are not covered by health insurance or Medicare, and must
Facts about long-term care insurance (LTCi).
We make it easy and convenient to get the information you need when making decisions about long-term care insurance through seminars, personal phone and online appointments, and more.
If you're considering a new long-term care insurance (LTCi) policy through Member Benefits' LTCi program, you need to act now. After September 15, 2013, significant rate increases take place. Rates for new LTCi policies are rising nationwide. Women's rates in particular will increase 60% on top of base rate increases.
Why the gender difference? Because women account for more and higher claims than men. According to a 2012 article in the Wall Street Journal, women “are paid two out of every three benefit dollars from long-term care insurance, in part because they live longer and often have no caregivers at home.”
There’s a common misconception that you don’t need to start thinking about purchasing long-term care protection until you retire. In fact, most people under age 50 think of it as something to put off into the future. But waiting can be a costly move.
The truth is that long-term care insurance (LTCi) premiums are based on your age when you apply. For younger people, costs increase at about 1% for each year you wait. As you age, premium costs grow to 8–9% for each year you wait. Insurance companies offer incentives for individuals who are in good health when applying for long-term care coverage. So, you will pay less if you purchase insurance when you are younger and in good health.
If you're considering purchasing long-term care insurance, you may want to look into it soon. Rates for new LTCi applications for women are expected to increase about 40% as women account for more and higher claims than men. Some long-term care insurers have begun to file new policies with gender-based pricing with the Wisconsin Department of Insurance and expect to start implementing new rates this spring.
Some of the facts that support that industry's trend for higher premiums for women include:
- Home health care patients: 64% female vs. 36% male
- Assisted living residents: 73.6% female vs. 26.4% male
Many people instantly think "nursing home" when the topic of long-term care comes up. Few people want to end their life in a facility, and many think their chances are good for avoiding one, so why pay for long-term care insurance (LTCi)? The reality, however, is that long-term care includes a broad range of services, and having LTCi can help pay for the types of services that allow a person to remain independent longer.
“Are you trying to put me in a nursing home?” Chances are you've heard this kind of response if you've ever talked to your parents about long-term care insurance (LTCi). It may be a challenging conversation, but it's an important one, because today's LTCi offers much more than nursing home care and could help your parents maintain their independence. Here are a few suggestions on how to approach it.
Focus on independence, quality of life, and peace of mind. Emphasize that you want to protect their ability to have choices about where and how they receive the care they need.
Even the best health insurance (and Medicare) was not designed to cover unskilled (custodial) care that’s often needed during recovery from strokes, serious accidents, or chronic health conditions like diabetes, MS, and Alzheimer’s. After the first 30–90 days, neither health insurance nor Medicare will pay for custodial care, which means the costs must come from personal savings and assets. This information is usually found in the “Exclusions” section of health insurance policies. Without LTC insurance, you will have to pay for your LTC services out of pocket and chances are you’ll need to tap your retirement accounts to cover these costs. The costs associated with long-term care can be financially devastating—upwards of $70,000 annually for a private nursing facility in Wisconsin. (Source: Annual Cost of Care Survey, Genworth Financial, April 29, 2008)
A recent ruling involving Medicare services has many members asking if the ruling affects long-term care. The federal case deals with the provision where Medicare would not approve skilled care services for individuals with chronic conditions like Alzheimer’s, strokes, multiple sclerosis, and Parkinson’s disease who had no prospects for improvement. Under the terms of the settlement, it will no longer matter whether or not a person is “making progress towards recovery” to qualify for skilled care benefits.
It’s important to understand that while Medicare is expanding its skilled nursing care services, benefits are still limited to 100 days after a three-day covered inpatient hospital stay.
A survey, sponsored by the National Institute on Aging, found that the number one category of out-of-pocket spending for families caring for an elderly relative was for long-term care (LTC) services such as a nursing home stay or assisted living. Many are surprised to learn that these expenses are not covered by Medicare.
Additionally, home healthcare services are in the “not covered” column under Medicare. With the high cost of long-term care services—the median yearly cost in Wisconsin for a private room at a nursing home is currently $93,075—your financial situation can change drastically in a short period of time.
Many school districts have dropped their group long-term care insurance (LTCi) employee benefit and several others are considering it. If you have group LTCi through your district, you need to understand the value of this insurance and know what your options are in the event your district discontinues the benefit.
You are invited to join the 19,000 members who have learned about long-term care insurance coverage (LTCi) sponsored by WEA Trust Member Benefits™. This important coverage pays for extended care following an accident or illness that often results from normal aging. This care is not covered by health insurance or Medicare. Only LTCi provides extended coverage for care at home, in an assisted living facility, or nursing home. Join us at a UniServ near you.
With life expectancy rates continuing to rise and the median age at an all-time high within the United States, more people are purchasing long-term care (LTC) insurance. Long-term care policies cover a wide range of medical, personal and social service expenses you may need if you have a prolonged illness or disability. The majority of costs for extended care are not covered by health insurance or Medicare. Without LTC insurance, these costs are paid from one's personal savings and assets.
So you are wise to consider purchasing long-term care insurance. But before you do, think about your needs and make sure you take these personal factors into account.
A recent study indicates that even a short nursing home stay can ruin your finances. The Employee Benefit Research Institute recently released the results of a study that illustrate the enormous hit your finances could take if you had need for long-term care services.
Did you know that just a single long-term care event can derail even the most careful financial plan?
Many people believe that health insurance or Medicare will fully pay for the care needed during an extended recovery, but this is simply not the case. Neither were designed to cover such care, and when policies do provide a benefit, it is usually limited to 30–100 days. Unless you have a long-term care insurance (LTCi) policy, you will pay for care with your personal savings and assets, and the costs can add up fast.
Long-term care (LTC) has been called "the greatest uninsured financial risk today." That’s because the majority of costs for extended care needed during recuperation from strokes, accidents, illnesses, and operations are not covered by health insurance or Medicare. Without LTC insurance, these costs are paid from one's personal savings and assets.
Who will need long-term care services?
- The chances of needing LTC after age 65 are 50%.
- 10% will need care for less than one year, 50% for more than one year, 20% for two to five years, and 20% for five+ years (especially in cases of Alzheimer's disease and other dementia).
- Extended care can be needed at any age: 40% of those receiving LTC are under the age of 65, often due to accidents and early-onset health conditions.
According to the Genworth 2012 Cost of Care Survey, the median yearly cost in Wisconsin for a private room at a nursing home is currently $93,075. Research shows that about 70 percent of people age 65 or older will need long-term care services at some point in their lifetime (U.S. Department of Health and Human Services), and the costs associated with it continue to increase.
When thinking about whether to obtain a long-term care insurance policy, consider the effects on your family.
Long-Term Care Facts. The chances of needing LTC after age 65 are 70% (Department of Health and Human Services, 2010). Most people want to remain at home as long as possible. The average annual cost of home health care
If you are like most retired WEAC members, the majority of your liquid assets are in tax deferred annuities and retirement accounts. You're planning to use these funds to enjoy your golden years and perhaps to leave a legacy. You've built a financial plan
Many people who have raised the topic of long-term care insurance (LTCi) to their parents—or other aging relatives—may be able to relate to these all-too-typical responses: This article contains suggestions to help you have a different type of conversation—and a better outcome.