The federal government and some state governments recognize the significant financial burden providing long term care services to individuals will be. As a result the federal government and number of states have enacted certain tax benefits to encourage individuals to purchase long term care insurance, and take personal financial responsibility to address their long term [...]
When purchasing a long term care insurance policy most people think of the daily benefit they will receive from their policy. This is common because when articles or surveys are published most of them report the daily cost of things like home healthcare and nursing home facilities. There is a significant benefit to knowing that [...]
When an individual has to go through a long term care event there is often a support team that exists to help out. This support team usually consists of family members, and in some cases neighbors, friends, or religious groups. This group of people will usually do their best to provide assistance to the individual [...]
Many high net worth individuals may feel long term care insurance isn’t necessary in order to pay for long term care expenses. This is likely because most high net worth individuals have the liquidity to cover the costs of a long term care event. But, recent trends would suggest more and more high net worth [...]
On June 3rd, 2011, the California Assembly passed a bill that would limit a long term care insurance companies ability to increase rates for existing policyholder’s. The bill, A.B. 999, was introduced by Assembly Member Mariko Yamada, and sponsored by the California Department of Insurance. The bill passed the Assembly with a vote of 42-33. [...]
There seems to be a lot of activity in the long term care insurance marketplace as it relates to premium rate increases. Often times, people will hear an announcement regarding a rate increase and automatically assume that if they have a policy from that particular long term care insurance company that their policy will automatically [...]
Daily benefit amount, benefit period, elimination period, and inflation protection – these are the four basic components of a long term care insurance policy. Any change or variation of these four components will result in an increase or reduction in premium. The most important of these four components is either the daily benefit amount and/or [...]
A long term care need can result from any number of factors, from cognitive impairments like Alzheimer’s Disease to an unforeseen accident. Unlike health insurance, long term health care insurance can cover all types of long term care needs. Generally, long term care services fall into two categories: skilled care and non-skilled assistance. Skilled care [...]
