All articles about long-term care insurance or related to long-term care insurance from Consumer Insurance Guide
Originally begun in the 1980s, Long-Term Care insurance has been going through major structural changes over the past few years for a variety of reasons. Companies have been leaving the market and rates are on the rise. Some experts say the time to buy a policy is now, before the market gets any tighter or rates get any higher. Those companies still in the market are becoming more stringent in what they provide, such as no…
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Many people mistakenly think long-term care is synonymous with nursing home care. A nursing home is a good example of a facility that provides long-term care services, but it’s just one of the many settings in which long-term care is delivered. In many cases, care is provided in the home often by a visiting nurse or a home health aide. Long-term care services are also provided in places like assisted living facilities and adult day…
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If you can afford long-term care insurance, you should probably consider it. Why? Because the cost of long-term care, should you need it, can quickly deplete your life’s savings. For instance, having a home health aide visit just three days a week can cost more than $20,000 annually. Full-time nursing home care, the most expensive type of care, now averages $69,000 to $78,000 per year. In some regions of the country, like the Northeast, the…
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The ongoing trend for rising costs in long-term care is for steadily rising prices, although care in the home has risen less dramatically than other types of services in recent years. According to a 2012 Cost of Care Survey by Genworth Financial, the cost to receive care in the home remained unchanged from 2011 to 2012 as other costs increased. “Overwhelmingly, Americans prefer to receive long term care in the home and the relatively muted…
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Buyers of long-term care insurance will be able to deduct more of their premiums from their federal income tax returns in 2013. These increases are across the board for all ages and allows the premium to be deducted by individuals, up to the amount allowed within their age group. “For taxable years beginning in 2013, the limitations have been increased,” Jesse Slome, executive director of the American Association for Long-Term Care Insurance, said in a…
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As with health, life or any other kind of insurance, companies have limits as to whom they’ll issue a policy. Yet those who don’t meet the typical health and age standards for buying a long-term care insurance policy might still be able to obtain coverage. According to the American Association for Long-Term Care Insurance, this issue is prevalent among those beyond age 65. “A growing number of people only start looking into long term care…
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Although buying long-term care insurance might seem like an expensive proposition, choosing a lower deductible can offer considerable savings. Choosing a long-term care insurance policy with a 90-day deductible can reduce annual costs by hundreds of dollars. “You can significantly reduce the cost of long term care insurance when you select the right combination of benefits and option,” Jesse Slome, executive director of the American Association for Long-Term Care Insurance, said in a statement. “In…
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Although millions of Americans file for tax deductions each year, many of them could be unaware that premiums for long-term health insurance could be deducted from their state and federal income taxes. Some 20 million Americans are expected to file individual tax returns this year with some 7.2 million of them itemizing deductions. To spread awareness of this issue, The American Association for Long-Term Care Insurance has published a guide detailing what options are available….
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Among the many uses for Health Savings Accounts is paying premiums for long-term care insurance with pre-tax income. An estimated 14 million Americans have these accounts. The 14 million American individuals who have health savings accounts were encouraged to use this benefit to pay for long-term care insurance protection. “Millions of Americans now have high-deductible health insurance coverage which enables them to take advantage of Health Savings Accounts, a tax advantaged medical savings account that…
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Because of a new trend in long term care insurance, it’s expected that women will be paying more for coverage than men. Providers are treating men and women differently in setting rates, so women could soon pay 20 to 60 percent more, according to the American Association for Long-Term Care Insurance. This has produced a rise in interest among women themselves who could be looking to lock in lower rates before prices rise. There are…
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LOS ANGELES, Calif. — Thousands of residents from Los Angeles
When you’re young, long-term care insurance is not something
