One of the major changes on February 2, 2006 was the enactment of the DRA (Deficit Reduction Act) of 2005. Certain Assets are Exempt from the Spend Day requirement and it is strongly advised if you have significant assets that you contact a Financial Advisor or attorney, who specializes in asset protection for seniors in your State. Health care flexibility: Home health care is by far one of the most popular settings for care.
That is why it’s best to find the company that is best for your particular situation and not to view LTCi as just a cookie-cutter commodity. While about one-third of today’s 65-year-olds may never need long-term care services, 20 percent of them will need care for more than five years.". The average claim for this age group lasted a year or longer. Well, according to the U.S Department of Health and Human Services, the facts are that the odds that a person that is now 65 years of age will need some form of long term care is very significant. You can get more free information, news and articles regarding long term care and aging at The Long Term Care Consumer Guide website and The Long Term Care Review Blog.
Certain Assets are Exempt from the Spend Day requirement and it is strongly advised if you have significant assets that you contact a Financial Advisor or attorney, who specializes in asset protection for seniors in your State. Beginning on the 101st Day you are responsible for all Long Term care Costs. According to the following rules A Spouse may keep between $13,740 and 68,700. The decision to purchase long term care insurance is a very important financial decision that should not be rushed.
Most people wouldn’t even consider being without homeowners and auto insurance, but there are far too many people who are not yet protected with long term care insurance. For the Next 80 Medicare and the Senior Split the Cost based on some Formulas. One of the most common objections to investing in LTCi is that some folks feel that they will probably never use the policy since they are in pretty good health now, and they don’t want to waste money on something that will never actually be put to use.
Long term care insurance is not just for older people, accident or major illness can require extended care and financial resources. Some policies cost 10% – 50% more if you are taking blood pressure medications. To Learn More Call Mike at 314 398-5547 or Visit Mike’s Web Page These Annuities would allow you to take your Annuity over a Span of 5 Years to help pay for your long term Care Expenses. Most financially stable and healthy insurance companies will have at least an "A" rating by the major insurance ratings services such as A.
Will is also a contributing editor for a FREE Informational Website Portal that is dedicated to giving people expert knowledge of real value, to help people them decide!. So a good question to ask is: What evidence is there that LTCi is a wise and sound investment?.
The most common governmental benefit is provided by Medicaid, and a married couple can have approximately $100,000 in savings while still qualifing for nursing home benefits through Medicaid. The point is that there is a great difference in LTCi policies from one company to the next, especially depending on your health history and habits. At the age of 50, depending on your state of health you should be able to get long-term health insurance for around $400 – $500. For more on long-term care, health and life insurance visit my website 24-7-insurance.com. You can get more free information, news and articles regarding long term care and aging at The Long Term Care Consumer Guide website and The Long Term Care Review Blog.
Taking out long-term care insurance another ten years later resulted in a further increase of 11% – 16%. The average claim for this age group lasted a year or longer. Other leading sources for claims included neurological disease, dementia and multiple sclerosis. Now that you have the Facts the Question is how do you protect yourself at a reasonable cost.
