Tag Archive | Long-term care insurance
The Truth About Long-Term Care Insurance
Long-Term Care Facts Column: article originally published by the Redlands Daily Facts May 9, 2013: In my last column, I addressed recent articles published on a several well-known news websites have been riddled with half-truths and misleading information. In an effort to educate the public, here are a few more corrections to the half-truths that have cropped […]
Plan Ahead For Long-Term Care
Long-Term Care Facts Column: article originally published by the Redlands Daily Facts January 24, 2013: What is long-term care insurance and why do you need it? A simple Google Internet search yields a definition for insurance as, “a practice by which a company provides a guarantee of compensation for a specific loss.” Therefore, long-term care […]
10 Ways To Reduce Taxes With Long-Term Care Insurance
There are 10 tax-friendly ways to pay long-term care insurance premiums. Depending on your situation, you could save hundreds (possibly thousands) of dollars in income taxes over several years by applying just one of these methods. Caveat: LTCFacts.org is not a tax advisor. Each of these situations has additional requirements and you need to make sure […]
Protecting Your Assets with a Government-Approved, Long-Term Care Partnership Policy
In the old days, in order for the government pay for someone’s long-term care expenses, the person would have to spend down their assets to the “poverty level”–about $3,000 in most states. Since 2005, and the passage of the Deficit Reduction Act, most states are allowing their residents to keep more of their assets if they […]
ARIZONA Long-Term Care Insurance Information
The Long Term Care Partnership Program Under the Long Term Care Partnership Program, the Arizona Long Term Care System (ALTCS) will not count some or all of the applicant’s resources (assets) when determining eligibility if the applicant has a long-term care insurance policy that meets certain requirements. In addition to the amount not counted in […]
How does your choice of Inflation Benefit impact the Daily Benefit over the life of your long-term care policy?
How does the Inflation Benefit impact the Daily Benefit of your long-term care insurance policy? The Daily Benefit is the single most important part of your long-term care policy. The Daily Benefit, however, is linked to the Inflation Benefit. How much your long-term care policy will pay for each day you need care depends upon […]
Can a long-term care insurance policy pay a family member to care for me?
Can a long-term care insurance policy pay a relative to care for you? It depends upon the policy. Most long-term care policies are “reimbursement” policies. A “reimbursement” policy will only pay benefits after you’ve received care from a “qualified care provider.” With most “reimbursement policies”, a relative cannot be a “qualified care provider”. Under certain conditions, there […]
How much and when can long-term care insurance premiums be increased?
It depends upon the type of the policy you buy. There are two types of long-term care policies that can never have a rate increase: Single-pay long-term care policies and Limited pay long-term care policies with corresponding rate guarantees. Single-pay long-term care policies are paid up after just one premium payment. You make one premium payment and your […]
Can a long-term care insurance policy be cancelled by the insurance company?
Can my long-term care policy be cancelled when I reach a certain age? Can my long-term care policy be cancelled because my health changes? Can my long-term care policy be cancelled if I make too many claims? Can my long-term care policy be cancelled if the insurance company sells my policy to another insurance company? Can my long-term care […]
What happens to my long-term care policy if my insurance company stops selling new policies?
N-O-T-H-I-N-G. I know that’s not what the newspapers say. I know that’s not what the headlines on the “news websites” say. But fear sells newspapers and fear increases hits on their websites. Fear (and lies) zoom through cyberspace faster than the truth does. The truth just isn’t sexy enough. The fact is that whether or […]
How Much Does Long-Term Care Insurance Cost?
Here are a few facts which may surprise you: Long-term care insurance is very flexible. Every long-term care policy gives you many choices for your benefits. You choose your: Daily Benefit, Inflation Benefit, Policy Limit, and Elimination Period. The richer the benefits you choose, the higher your premium. The more modest the benefits you choose, the lower your premium. […]
What is a “Partnership Qualified Policy”?
Partnership Qualified Policy = A type of policy that allows you to protect (keep) some of your assets if you apply for Medicaid after using your policies benefits. Not all states have these policies.
10 Ways To Reduce Taxes With Long-Term Care Insurance
There are 10 tax-friendly ways to pay long-term care insurance premiums. Depending on your situation, you could save hundreds (possibly thousands) of dollars in income taxes over several years by applying just one of these methods. Caveat: LTCFacts.org is not a tax advisor. Each of these situations has additional requirements and you need to make […]
What is an “Underwriting Class”?
The cost of a long-term care insurance policy is based upon several factors: your age at the time you apply for the policy, the benefits you choose for your policy, your premium payment option (e.g. 10-pay, “pay to age 65″, lifetime pay) your state of residence, whether you live alone or with a spouse, partner, […]
