The Long Term Care (LTC) Blog
Some Helpful Hints For Financial Planners Concerning Long Term Care
I realize LTC is not a topic you relish discussing. Hopefully your clients won’t need such care, and if they do perhaps they can pay for it out of cash flow (at possibly $100,000 a year). However, if the topic comes up, here are some ideas and strategies that might help. Let’s say you have…
Read MoreIt’s The Holidays, Let’s Talk
How long has it been since you saw all of the family? How are they doing? Perhaps not as well as last year? Perhaps it’s time to talk. This is the time of year when many families realize someone is not doing as well as they have been in the past, and may need some help. …
Read MoreMedicaid Enrollments Surge
With the Affordable Care Act now signing up health insurance customers online (in theory), statistics are emerging. For every one person getting healthcare from an insurance company, four more people are enrolling in Medicaid. The government has only so much money to go around. With 10,000 Americans a day turning 65 and signing up for…
Read MoreI (Think That I) Can’t Get LTC Insurance – What Can I Do?
There are many people who are under the assumption that they cannot get LTC insurance. Some because of medical concerns, and others because they applied once and were turned down. Just like in high school, just because one gal declined to dance with you, it does not mean the next one won’t! I have been…
Read MoreMeetings in Washington DC With Congressmen
This has been a busy week, traveling to Washington DC to meet with congressmen and staffers on Medicaid and LTC issues. Many were not aware of the Partnership between Medicaid and LTC insurance which came about as part of the Deficit Reduction Act of 2005. Partnership is an incentive from the government to encourage people of…
Read MoreHealthCare.Gov (ACA) and Long Term Care
No, long term care is not directly affected by the Affordable Care Act (ACA, AKA Obamacare) but there are some scary correlations between the two. I refer to this morning’s Wall Street Journal article about what is coming – in both healthcare and long term care. Doctors are retiring in droves. Those near are taking early retirement to avoid the…
Read MoreNew Study Details Financial Costs of Caregiving
Numerous studies have underscored the physical and psychological strain of taking care of an aging, ailing loved one. However, a recent study by Genworth quantifies the monetary loss that caregiving entails without the benefit of Long Term Care insurance. The new report, titled “Beyond Dollars: A Way Forward” calculated that, on average, families would be able…
Read MoreI Don’t Want to Buy LTC Insurance, I’ll Pay Out For My Care Out of Savings
That can work. Currently nursing homes run about $8500 a month and assisted living type facilities run half of that. You are fortunate to have savings sufficient to pay a bill like that for several years. Hopefully you will not be withdrawing the money from an IRA or 401K and paying taxes in addition to…
Read MoreFor Medicaid to Pay For Your LTC You Must Cash In Your Life Insurance & Go Broke
I was at a health fair yesterday, and was amazed at the level of optimism displayed. One woman came by my table using a walker and said she had no need for LTC insurance as she was still healthy. Another said she did not need care, yet, but would call me when she did. It’s…
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