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Long term care insurance

New insurance industry product that providesAnnuities." There are only a few companies
long term care insurance coverage requires nooffering this product and the structure
policy, premiums or health qualifications. Nddiffers from company to company. To give you
there is no Age Limitation Why Seniors Don'ta general overview of the concept and
Buy Long Term Care 1. In my experience, overmechanics, I am going to describe the main
half the people who shun long term careaspects of one carrier's contract. Check with
insurance do so because they feel they willyour financial planner for all the options.
never need it. It is difficult to visualizeThe underlying base of an "LTC annuity" is an
going to a nursing home. Statistically, halfannuity. Annuities have been around for a
of these people will be right. However, therehundred years. They are safe, the funds
are a number of scenarios where the personaccrue at a competitive interest rate, and
may need some kind of assistance but neverthe account grows tax-deferred. To form an
see the front door of a nursing home. InLTC annuity, the insurance company has built
fact, most people who need long term care canin a "long term care option." It is not a
receive care without ever leaving their home.rider. There is no premium. It is simply an
When you stop and think about it, theoption you elect if long term care is ever
decision not to buy long term care insuranceneeded. Sweet. To qualify, a person only
is a decision to self insure. This can beneeds to lose two of six ADLs (activities of
costly and possibly devastating. The averagedaily living). ADLs are insurance companies'
cost of a nursing home today is $80,000 permethod of determining the qualification for
year and rising.A normal man cant Afford Schlevels of care. They are eating, bathing,
a huge money towards nursing. At that rate,dressing, toileting, transferring (walking)
it doesn't take but a few years to grindand continence. The person doesn't have to be
through a modest estate. If both the husbandin a nursing home. They simply need to have
and wife need nursing home care, A person candemonstrated the inability to perform two of
spend 40 years in a career building athe six ADLs to qualify to put the long term
retirement nest egg. They spend another 40+care option in their annuity in action. An
years conservatively managing their moneyExample If a male, age 60, places $200,000
while trying to keep up with inflation. Ifinto an LTC annuity, assuming a conservative
they need to go into a nursing home duringinterest rate, the policy would grow to
the last five years of their life, it all$300,000 in ten years. If the $300,000 were
could be gone quickly. It doesn't have to beconverted into a life income, the person
that way as you will soon see. 2. Many peoplewould receive $2,200 per month for the
think long term care insurance is toobalance of their life. An 8.8% return. Not
expensive. They may be right. If a persontoo bad, considering it is guaranteed no
waits too long to apply, they may havematter what. With high intrest rate your
sticker shock. The rates are based on age.annual return and divedends are high. If this
More the Age more the Premium You can controlperson needs long term care at age 70 by
premium for a long time insurance byvirtue of losing two of six ADLs and elected
selecting the options in the policy If athe long term care option, the life income
person looks at a plan that covers homewould jump to $4,500 a month. Conclusion
health care only, the premium is lower yet.These new products, long term care annuities,
This takes care of the 50% who never willprovide the option to receive long term care
need to go into a nursing home. The onlybenefits only if they are needed. There is no
thing better is coverage without a premium,separate long term care insurance policy, no
which I will get to in a minute. 3. Mostpremiums and generally little or no
people react to a problem only when theunderwriting. Now there are no excuses. Those
problem surfaces. Its better to prevent thanwho feel they will never need long term care
cure.If a person waits to apply for long termwill simply never exercise their LTC option.
care insurance until they are experiencingThose who find long term care too expensive
health problems, any long term care insurancehave an alternative with no premiums.
plan may be prohibitively expensive orMoreover, those who have health issues can
altogether unavailable. The Solution: Theobtain long term care benefits, as
Long Term Care Insurance That is Not a Policyunderwriting is simplified or non-existent.
The insurance industry is very competitive.For more details visit Financial Directory
This very competition engenders new thinkingSilas Is a Financial Consultant and make
and creative policies. Enter "Long Term CareMoney By advertising Online .



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