Category Archives: long term care insurance california

Long Term Care Insurance and Healthcare Professionals

healthcare-workers- 2

Ask most any nurse, doctors, or health care professionals the value of long-term care planning, and you are bound to get stories of joy, love, compassion, perseverance. Ask again, and you may get the stories of sadness, desperation, fear, and frustration felt by the families that failed to plan.

Healthcare professionals have a unique perspective on Long Term Care planning. Faced with daily exposure to illness, injury, disease, and the effects of old age that create a long-term care need makes them more inclined to think “what if?” about their planning needs.

Interestingly, if you were to take a random survey of those that had long-term care plans in place against those that do not, you would most likely find health care professionals do not have any plan in place, or have an inadequate or overpriced plan through their employer or group.

Some organizations (hospitals, unions…etc.) offer a negotiated group offering for Long-term care protection to healthcare professionals but this is not always the best rate available to them. It is highly recommend that before committing to group coverage, health professionals should consult with an independent agency to explore all their options.

In addition, with the constant advances in medical science, people are surviving more conditions than in the past, but facing an increased need for ongoing care. Protecting your choices for ongoing care with long-term care plans is where you make the best decision.

There are some basic considerations when thinking about long-term care planning. Healthcare professionals are often advised about patient’s Living Wills. A living will tells which treatment you want if your life is threatened, including Dialysis and breathing machines, resuscitation if you stop breathing or if your heart stops, and/or tube feeding.

Often, patients and their families will reveal information about their intentions for long-term caregiving too. Unfortunately, many times patients and families will ask for advice because no plans have been made for how to manage a long-term care event or how to pay for it.

The government reports that 70% of people that reach age 65 will have a long-term care event during their remaining lifetime. The majority of the people needing care will be woman. Also noteworthy is that 37% of people needing long-term care services are under 65.

Nurses are a particularly vulnerable group because their job demands can create musculoskeletal problems. The American Nurses Association published a report in 2011 that showed 42% of nurses surveyed had been injured on the job at least once in the last 12 months.

Healthcare professionals are often motivated to pursue their chosen field because of their motivation to help. That generous spirit can be a burden late in life for even the most generous.

For this reason we find that we have had a significant number of people from the healthcare field investigate Long Term Care plans and make those plans part of their safety and security. A Long Term Care plan secures their income, assets and futures. Take a moment today and see how simple planning for long-term care can be: fill out the form to the right for your free guide.

Is Purchasing Long Term Care Insurance Worth It?

Affordable LTCI Premiums

Katie O’ Rourke
Managing Partner

There are two main reason why so many people that are planning for their retirement years tend to ignore the need for purchasing Long Term Care Insurance. One is lack of education and the other is denial of their likely need for care.

Some facts and figures from the insurance industry and the Department of Health and Human Services can help people find out if long term care insurance is worth it and the right time to learn about options:

  • 79% of the people purchasing Long Term Care policies are between ages 45-64
  • 99% of buyers keep their policy for the rest of their life
  • 49% of people receiving long-term care do so in their own homes
  • Another 24% get funds for Assisted Living Facilities
  • Each year the percent receiving insurance funds for home care services increases
  • Only 9% of baby boomers have planned for their Long Term Care needs
  • 70% of those over the age of 65 will need long term care in their lifetime
  • 71% of the benefits are paid to females
  • 67% of unpaid caregivers are female
  • 67% of the people who plan to have a loved one provide care have not ask the loved one to take care of them when the need arises
  • The number of Americans 65 or older will double over the next 35 years

The most eye opening long-term care statistic we found is the fact that 70% of people age 65 and older will need some form of long-term care services, either in their homes, in an assisted living facility, or in an acute care facility.

So if you are asking is long-term care insurance worth it… you need to consider if you will be part of the 30% who get lucky enough with their health and genetics to not require the $2,000 to $8,000+ per month in medical expenses the other 70% find they will need.

Most people do not realize how many options they actually have available to them when it comes to long-term care insurance planning. That is why when they get the facts, as the statistics prove, 99% of buyers do keep their policies for life.

You can get the facts today with no cost and no obligation and find out if long-term care insurance is worth it to you, your family, and your future.

Contact us directly and let us help you get the facts.

Long Term Care Facts Don’t Lie

Affordable LTCI Premiums

Katie O’ Rourke
Managing Partner

Long Term Care Facts Don’t Lie … Could This One Mistake Cost You Your Retirement Savings?

You’ve worked hard all your life and now it is time to retire. You’ve got your expenses figured out and it looks like you can finally stop working and live off interest, savings, social security, and maybe even a pension. You might even choose to work a fun part time job to stay in the mix and enjoy life a bit.

Then it happens… An unforeseen health event takes place like cancer, stroke, heart disease, or some other debilitating event.

 Luckily, you got insurance to help cover most of the medical bills, but you find out it will not be enough because this event is going to require a long-term care treatment plan that normal insurance or Medicare does not cover.

 And when 70% of those over the age of 65 will need long term care in their lifetime, you wonder why you didn’t take care of this sooner. Sure, you’ve probably heard the concept of long term care insurance, but like most other people you didn’t believe you would need it, or you simply didn’t get the right information about it.

 Did you know that 79% of the people purchasing Long Term Care policies are between ages 45-64, but only 9% of baby boomers have planned for their Long Term Care needs? When someone is unprepared for the time, cost, and emotional commitment required of family to have to take care of you, retirement doesn’t look as fun as you thought.

 And because only 9% of boomers even planned for this, 67% of the people who plan to have a loved one provide care have not asked the loved one to take care of them when the need arises. This is going to create stress among the family no matter what because most long-term care events are not a quick 30-day recovery period, they can last for 5 to 10 years, or longer in some cases. And, when long term care costs can run between $2,000 to $8,000+ per month, this can wipe out most retirement accounts efficiently.

 We know the thought of having to buy another insurance policy does not sound like a fun thing to do. But, you have so many options you may not even be aware of right now. For example, if you are in the 30% of people that enjoy health during retirement, you might be eligible for a return of premium plan where if you do not use it, you get your money back.

 Regardless of return of premium options, the fact is 99% of buyers keep their policy for the rest of their life because they know the peace of mind it provides when the unexpected happens.

 We know you want to have a fulfilling retirement full of joy and love, we also know that you do not want to become a burden or cause any strain on those that care about you most.

 That is why you can get all the facts about long-term care today when you speak to our highly trained staff and learn about what options are available to you now.

 Contact us today and get the facts about long-term care planning for retirement and you.

Return of Premium and Repositioning for Long Term Care Insurance

Affordable LTCI Premiums

Katie O’ Rourke
Managing Partner

What if I buy a long term care insurance policy, pay them premiums for 10, 15. 20 years and never use it? Does that mean I lose money? One of the things that makes people hesitate to purchase Long Term Care (LTC) insurance is the possibility that they may never need to use it.  This is really more of a hope since 70% of us will need care during our lives.

This is very valid concern, and many people feel the same way. What most people find though is that when a catastrophic claim happens, they think less about the few dollars they saved switching carriers and more about if they have the best policy that is going to cover their losses and get them even again. Insurance professionals know that the only time their clients are not worried about insurance premiums is when they call in with a claim and need help.

 Have you ever taken an insurance inventory? Think about all the policies you have right now… do you own a car and have car insurance? How about a home with homeowners insurance? Do you have life insurance through work or a private policy on someone you love? Do you carry health insurance, maybe dental and vision coverage?

 If insurance is so expensive and we worry about the “what if” we never use it, then why buy insurance at all? If you look at the entire business of insurance, it is based on losses and insuring against the “what-ifs” that most people prefer to not think about. Insurance companies understand this, and so to make it easier, they have developed policies that protect their clients, and give them relief should they never actually use certain policies.

 Frankly, I hope that planning for long-term care means I will not need it. (I also hope I do not need to use my homeowners, auto and health insurance.)  There are few ways to solve this problem.  One is to get coverage that includes a Return of Premium feature.  If you never need to use the policy then the premiums are returned to your estate or beneficiary. 

 Another option is to move the cash value of an existing Life insurance or Annuity into a policy that includes LTC coverage.  This repositioning of the value can provide coverage at no cost.  A final thought is to purchase a Life insurance or annuity plan with an LTC rider.  Then you get the money no matter what happens between now and then.  There are many ways to plan for the worst and hope for the best. 

 Some of these policies can be complex and confusing, and that is why agents specialize in certain types of insurance, attend on-going education each year to stay on top of laws, policy changes, and regulatory matters. When you want to buy an insurance policy that will not only cover you in the event of a loss, but also give you your money back should you never use it, you ought to speak to a licensed and qualified professional who specializes in this coverage. You wouldn’t go to a brain doctor for heart surgery right?

 That is why we screen all of our agents based on their commitment to the industry, industry training credentials, and areas of expertise. When you speak to one of our agents today about a Return of Premium policy, or Rider based product, you are going to know you have the most qualified person to help answer your unique questions, and provide you with the best options to choose from.

 Go ahead and get in touch with our specialists today, simply enter your details on the right hand side and we look forward to speaking to you shortly to give you the information you need.

Alzheimer’s research and Long Term Care Coverage

CB106024_LoRes2-300x200Alzheimer’s and Dementia can be some of the hardest health challenges for families to cope with. They are also the hardest to accept and recognize as the child of a parent who is starting to become forgetful, or seems to misplace things more frequently. They can also be incredibly expensive conditions to manage because of the 24-hour care that is needed in the later stages of the condition.

Some families will try to manage by taking turns caring after loved ones that suffer from early stage dementia or Alzheimer’s. When it gets too challenging, they will often seek out agency help for a few hours of respite care when needed. As the conditions progresses though, it can become very hard on family to maintain the needed level of care, no matter how much they want to.

When my grandfather developed Alzheimer’s, we found out what a lack of planning costs. We were fortunate enough that he had built up some assets over his life, and when we sold the family home, there was enough money to pay off the $347,311.27 bill over the last four years of his life. I remember writing that final check and asking the finance person what happens to people who cannot afford it.

I was told that most of them end up in Medicaid homes having to rely on the State for help in receiving care. They do not get a lot of choice, and in many cases, the homes are only staffed at the minimum requirements because their simply is not enough money for all the extras that make the kind of care you would hope to receive possible.

With medical advances, there are now early detection tests to help people find and fight certain types of cancers, genetic conditions, and other diseases. The problem is, if you have not planned your insurance prior to screening, you could be denied coverage, and worse, face the financial ruin that can occur when the medical bills come due. IT is not uncommon on insurance applications to see the question typically worded… have you in the last six months been advised of, sought treatment for, and been told you have any of the following conditions (two pages later).

Recently NPR hosted a program on Alzheimer’s research. No cures are on the immediate horizon but they have found a genetic screen for Alzheimer’s and some techniques to slow the progress of the disease. Human trials have just begun on a drug that showed promise during animal trials. This has happened before so the head of the research team cautioned listeners to not get overly optimistic.

He strongly encouraged people with a family history of Alzheimer’s to be screened. However, he advised that they should first purchase Long Term Care insurance. Once the genetic test results are in the insurance companies may not be willing to offer them insurance policies. The results become part of your medical records and could adversely affect eligibility. His message of preparing for a long term care need before the test is good advice.

There is no better time to plan for and buy certain types of insurances then when you don’t need them. It sounds counter-intuitive we know, but that is why most insurance companies have waiting/elimination periods; they know most people don’t buy something until they plan to use it. So if you have a family history of any condition, including Alzheimer’s, get in touch with one of our specialists today to learn all the facts about coverage options so you can plan your next step before getting screened. You might be surprised at how affordable coverage can be for the people that don’t need it yet.

To speak to a representative or schedule an appointment, simply fill out the form to the right to contact us.

Long Term Care Insurance in Estate Planning: A Key Piece to the Puzzle

Long Term Care Insurance and Estate PlanningWhen people reach their fifties, they typically begin to consider estate planning. One of the main elements which needs to be taken into account during this planning, is the living will. It is a vital part that gives you and your family peace of mind for whatever circumstances may happen. The living will is not something that will be necessarily easy for yourself or your family, since it confronts you with your own mortality. However, it is essential in order to have your wishes carried out on your behalf and to have your care covered financially. 

What is a Living Will?

If something should happen to you, it is essential that your relatives are informed about your wishes. This is what a living will is for; it displays your wishes regarding prolonging medical treatments. It informs your relatives, but also healthcare workers, if you are no longer capable of conveying your wishes.

A living will is usually supported by two physicians, declaring their support when you are suffering from a terminal illness or permanent vegetative state. It is also a document that can give someone power of attorney when you are no longer capable of making decisions about your current quality of life and medical treatments. This might be a difficult conversation with the person you will be entrusting this to, but again, it is essential to ensure the comfort and peace of mind for your family and loved ones. Even though it is a difficult thing to discuss, you must make sure that someone is aware of your living will. If nobody knows, it will be of no use when something happens to you. Once you write your living will, you need to ensure it is financially covered.

What is Long Term Care Insurance and the benefits?

Long Term Care Insurance will cover medical costs, and even home care, something most medical insurance plans do not cover. When you encounter serious medical costs at a point later in life, it might eat up your entire pension and even your savings. So why not prepare yourself for these types of scenarios? Make sure you are covered, but also make sure your family is protected by choosing a long term care insurance plan.

Role of Long term care insurance in estate planning

We cannot predict what will happen in our lives. We could become gravely ill and encounter serious medical costs. We could even be in need of a live-in health professional. Although these are things we do not like to think about, we want to be prepared if the worst does happen.

The long term care insurance helps to pay for assisted living, nursing facilities or even physiotherapy if you have been injured in a serious accident. It also covers illnesses such as Alzheimer’s. You won’t have to worry about paying for a care worker that will help you or a relative bath, dress and even eat. The long term care insurance plan will be there in your time of need and not take away the hard earned money that you have been saving for years. Including long term insurance in your living will, as a means of covering potential costs for you and your family in the future, is a key piece to the estate planning puzzle.

To speak to a representative or schedule an appointment, simply fill out the form to the right to contact us.

Long Term Care Insurance Benefits Mean Better Choices

Affordable LTCI Premiums

Katie O’ Rourke
Managing Partner

Many people don’t start thinking about long term care insurance benefits until it’s too late. However, it is important to understand that illnesses and accidents often happen unexpectedly throughout life, and being prepared can help protect you from large out-of-pocket expenses.  

What is long term care insurance?

Long-term insurance, or LTC, is a type of health insurance that will cover long-term care, not having the standard time limitations.

In contrary to what many believe, long term care insurance is not only for elderly, since many people encounter costs for medical care earlier in their life. By signing up before any issues arise, you can protect your future more affordably.

Long Term Care Insurance Benefits Everyone

Many people who become sick, and do not use a long term care insurance plan, will have to rely on family members for help, or end up with debt due to high medical bills. However, if you use long term care insurance coverage, those medical bills won’t be a problem and you will only have to worry about getting better.

What does Long Term Care Insurance cover?

The coverage depends somewhat on the policy you have, but always covers more than your average health insurance plan. LTC usually covers nursing homes, assisted living, home care, respite care, adult daycare, hospice care and even Alzheimer facilities. It can pay for a companion, live-in caregiver, therapist, housekeeper or private duty nurse.

Why consider Long Term Care Insurance benefits on top of my health INSURANCE?

Contrary to what is believed, normal health insurance does not cover the majority of your long-term medical expenses. Even though you have health insurance, you might encounter an expensive surprise when you, or a family member, needs permanent care. Making sure you and your family are taken care of is therefore the number 1 priority.

Home care services

Home care services are essential to people with long-term illnesses. They are usually provided by healthcare professionals or caregivers that can help with everyday activities such as dressing, bathing and eating.

Live-in Caregiver

In some cases, you or a family member might become ill and need the help of a live-in caregiver. This is something that also falls under the Long Term Care Insurance. If you are covered, you won’t have to worry about unpaid medical or care bills, because this type of insurance will take care of everything for you.

These services are not necessarily always for those who are fully debilitated. One of my clients has a full time live-in care giver because she suffers from vertigo and has fallen several times. She needs assistance with bathing, dressing and housekeeping because of her balance problems. However, she still drives and we go out to lunch together regularly. That’s probably not what you expect to hear about someone that needs care.

Everyone can benefit!

Unforeseen circumstances can affect people at any age, including under 65, and to varying degrees. This is a reality that many people neglect to foresee, which unfortunately causes them to be unprepared. Brain tumors, cancer, injuries, accidents, strokes, aids and even mental conditions, can leave you with hefty medical costs if they are not covered by the proper insurance. Therefore, understanding the options and benefits of long term care insurance now can help protect your health, finances and future. Having a plan, means having better choices.

To speak to a representative or schedule an appointment, simply fill out the form to the right to contact us.

Affordable California Long Term Care Insurance Premiums

Affordable LTCI Premiums

Katie O’ Rourke
Managing Partner

My husband and I are in our fifties.  A few years ago we were looking for affordable California Long Term Care premiums. We did our research,  decided to take the plunge and purchased Long Term Care insurance (LTCI).  Most of our friends are in the same age range.  I am often asked at social events how much the yearly premium is and people are surprised to hear that our premiums for our plans are $100 each per month. 

The average premium for LTCI is between $100 – $300 per month.  Everyone I talk to has heard that LTCI is expensive and expects to hear a number much higher. However, with the help of a licensed agent, you can find affordable California Long Term Care Insurance for around $100 per month.  

The premium depends on many factors. For example my car insurance could be a lot more expensive than it is but I chose coverage that keeps the premium lower and searched for discounts that would help, like a good student discount for our teenager.  LTCI is similar.  Some companies offer better deals than others depending on your situation.  Your health and marital status can impact the premium.  However, the biggest factor besides the coverage you select is your age; the younger you are when you purchase LTCI the lower the premium you pay throughout your lifetime. 

Besides the peace of mind, another thing that helps us my husband and I feel better about purchasing LTCI is that the premiums are tax deductible as a business expense. 

What I want you to take away from this blog is despite the conventional thinking, affordable California Long Term Care Insurance premiums are possible. We can find the best plan for your budget and give you details on the tax treatment for individuals and businesses.

To speak to a representative or schedule an appointment, simply fill out the form to the right to contact us.

California Long Term Care Plans Cost More Today!

California Long Term Care Plans

Jim Grauel
VP of Sales & Marketing

News flash!  

California Long Term Care plans cost more today than they did 20 years ago! While it is true that the cost of LTCi insurance has gone up in recent years, see all the press releases, so has the cost of care. Cost is relative to everything, remember what you were paying for medical coverage in 1994? How about a gallon of gas? Now, think about your income in 1994 and today. Everything is relative right?  This doesn’t negate the need to plan ahead and prepare for something that will affect 7 out of 10 Americans.

The interesting thing about the 7 out of 10 is that it doesn’t differentiate between economic classes. The need doesn’t change for someone earning $50,000 annually or someone earning  $150,000 annually. Loss of your ADL’s or cognitive issues could care less about your income. Having the funds available to pay for care is a necessity not a luxury. Not having a plan is a plan, just not a good one. Cost of care will continue to rise forcing you to spend more to get quality care. You can pay that difference yourself or get some help from an insurance carrier to pick up the majority of the bill. Choosing to work with an insurance carrier will definitely help lower your California Long Term Care plans cost.

Designing a personalized plan to protect your family and assets doesn’t mean you have to sacrifice today. With medical advances and the odds being in your favor of living longer and needing care it is important to protect as much as you can. A good friend of mine has been known to say that people live on budgets all the time; why would that change if you were in need of care? The question is would $2,000 or $3,000 make a difference in the care you received? So no matter what your income, the risk remains the same, now is the time to look through the different your options for California Long Term Care plans. Cost will vary but you can  put together a plan so when the need arises you have the ability to receive care and protect your family.

To speak to a representative or schedule an appointment, simply fill out and submit the short form to the right.

Support Beyond Purchasing Long Term Care Insurance

It is often hard for consumers to see the benefits of purchasing Long Term Care Insurance.  They also often overlook the value in working with an agent and an agency that specializes in LTC.  Our work as an agency definitely does not end with our client’s initial decision in purchasing Long Term Care Insurance. Two recent real-life experiences illustrated why a specialist agent and agency can make a difference:

  •  A client called and said he needed to use the policy for nursing home care.  He said he had used home care services for the past 6 months.  His health had deteriorated and he felt a facility was a better fit for him now.  I asked why he didn’t use the coverage for the home care help.  He thought it wasn’t covered because he had hired a private caregiver.  He mistakenly believed that only aides from a home care agency qualified for reimbursement.  He was able to get all of the long term care services covered.  He moved to an assisted living facility and his wife lives in the independent living unit nearby. 
  • A client called and asked to review her coverage.  During the conversation she said she thought she may need to use the insurance sometime in the future.  She described her circumstances and I realized that she might qualify use the insurance now.  I convinced her to file a claim. This activated the Care Coordination service.   They helped her find caregivers and put together a plan of care.  The plan of care outlines the details of needs and how they are met by the aide and various community services like Meals on Wheels.  Her care is covered by the insurance policy. 

We at California Long Term Care Insurance Services, Inc have been working with these types of policies for over 20 years. An agent or agency that does not have as much exposure to Long Term Care insurance plans may not have realized the opportunity to help the client use the insurance.  In both these cases we helped protect our clients’ income and assets but also improved the quality of their lives. We helped make their decision of purchasing Long Term Care Insurance a great tool in improving their quality of life when they most needed it.

Our LTCI specialists make your shopping experience easy, by helping compare the costs and benefits of policies from select insurance companies. More importantly, our agency will be there for you beyond purchasing Long Term Care Insurance. To speak to a representative or schedule an appointment, simply fill out the short form on the right and start with your Free consumer guide or contact us.