LTC Advisors

08/15/2022

Here are three things that you might not know about long-term care insurance. We think that focusing on in-home care is key.

Long-term care insurance can come to the rescue if you need care. Here are three things that most people don’t realize about LTCI.

08/13/2022

Real Life Stories
Long-term care insurance is NOT just for the elderly. It was a financial lifeline for this couple when they were in their 40s.

Children of Cuban immigrants, Lissete and Felipe Montes de Oca made sure to increase their insurance needs as their family and incomes grew. Felipe was diagnosed with leukemia, but it was because of his long-term care insurance they didn’t need to use their retirement savings to pay for his care. ...

08/12/2022

Got a minute? That’s all you need to find out what long-term care insurance is and if you may need it.

Learn the basics of long-term care insurance and how it can protect your independence and retirement savings. more at https://lifehappens.org/long...

08/10/2022

Here are 10 great reasons to look into a hybrid long-term care insurance policy.

Hybrid life insurance with long-term care is becoming more popular. Learn why along with the top reasons to consider hybrid life insurance.

08/09/2022

Come on down to our monthly educational seminar! Free of charge!

07/15/2022

Pre-Planning for Long-Term Care

Are You in the Middle Age Bracket?
Middle age is defined as the period between early adulthood and old age, typically including 45 to 65 years old. This is also the prime age to consider a plan for long-term care that includes long-term care insurance. Pricing for long-term care insurance is based on age and health, so clients who purchase long-term care insurance at a younger age can take advantage of more affordable rates. Additionally, their health may decline as they get older. Our clients are typically healthier when they are younger.

The Demand for Long-Term Care is Increasing
The increasing demand for long-term care is due to the population shift that came with the Baby Boomer generation. The Baby Boomer generation can expect an increased life expectancy but also an increased risk of dependency and disability as a result of aging. As people age, they are at a greater risk for injuries and medical conditions that require care. Today, an estimated 133 million Americans – nearly half of the adult population – suffer from at least one chronic illness, such as hypertension, heart disease, and arthritis. That figure is 15 million higher than just a decade ago and is projected to rise to 170 million by 2030.

The Cost of Long-Term Care in Skyrocketing
The national average cost for a home health care aide is $169/day. This has increased over 10% in the last year and over 5% in the last 5 years on average. Just as our groceries, gasoline, and housing expenses have increased in the last few years – our health care is also increasing. This is due in part to the growing demand for care as well as the heightened safety protocols as a result of the Covid-19 pandemic.

Planning with Long-Term Care Insurance
If you haven’t a plan for your long-term care costs yet, you may want to consider pre-planning with long-term care insurance. When you purchase a long-term care insurance policy, you transfer this risk to the insurance company. A long-term care insurance policy provides you with an income stream to pay for care at home or in a facility. Your loved ones can provide support to them as care managers rather than as daily caregivers. Long-term care insurance can be purchased with multiple funding sources, such as a Health Savings Account, a 1035 Exchange from an older annuity or life insurance policy, 401k, or IRA accounts.

Please contact our team at 407-949-6722 to discuss the options available to you.

06/17/2022

Spring Has Sprung!
June is a popular month for weddings. The tradition of a June wedding dates back to Roman times. The origin of June derives its name from Juno, who was the Roman goddess of love and marriage. It was thought that couples who married in June would be blessed with prosperity and happiness.

Marriage and the Blended Family
The idea of a traditional family has evolved over the years, and it has become more diverse, inclusive, and flexible. Blended families are more common than ever. In fact, it’s estimated that 1 in 3 Americans are part of a blended family and that 2,100 new stepfamilies are formed every day in the US. 42% of Americans have at least one immediate step relative.

The Importance of Planning with a Blended Family
Statistics show that second or subsequent marriages have higher success rates than first marriages. However, blended families also have more challenges to overcome. Initially, as children are young, childcare, discipline, and education are ongoing issues that are addressed with stepparents. As children age and become adults, it’s important for children to plan (with their parents and stepparents) for their parents’ need for long-term care. This can be a point of contention if it’s not discussed and documented before a long-term care crisis occurs. Children may want to be involved in decisions related to their parents’ declining health. Additionally, children may want to help in a caregiving role or may be concerned about spending assets to pay for care.

The Solution: Long-Term Care Insurance
Long-term care insurance provides benefit dollars to pay for care. Care can be provided at home, in an assisted living facility, or at a skilled nursing facility. A LTCI policy can protect assets for children while also offering needed respite to a caregiving spouse. A policy can stop any argument over where care should be provided and how to pay for it.
When we advise our clients, especially those who belong to blended families, we should be recommending that they design a plan for their long-term care. If there are assets to protect, we recommend that they consider a long-term care insurance policy. However, regardless of income and assets, everyone should have a plan for their dependency that includes answers to the following:
· Where do they want to receive care?
· Who will provide their care?
· How will they pay for their care?
For more information on the policies available in our state, please contact a member of our team at 407-949-6722.

06/15/2022

https://khn.org/news/article/health-care-sharing-ministry-insurance-complaints-jericho-share/

Some consumers who think they are signing up for Obamacare insurance find out later they actually purchased a membership to a health care sharing ministry. But regulators and online advertising sit…

04/04/2022

Myth – I can save the money I’ll need for joint long-term care protection

04/03/2022

Statistics show 70% of those who reach 65 will need long-term care protection .

04/01/2022

Is Self-Insuring a Good Option to Fund a Long-Term Care Crisis? Does self-insuring make financial sense for when you become dependent?

The downsides of self-insuring
You may need care longer than expected or care may cost more than expected. For the average woman who may need 3.7 years of care, costs for professional services can range from about $203,000 for home healthcare services to over $391,000 for Skilled Nursing facility care. Men, whose average need is 2.2 years, may incur a total cost of $120,000 for home healthcare services to over $232,000 for Skilled Nursing facility care. These averages are based on today’s dollars – healthcare costs especially for long-term care services have been increasing rapidly due to staffing shortages and supply and demand.

Depending on how long care is required, there might be less of an inheritance than expected. Are the assets ear-marked for an inheritance or a charity? If these assets are used for care, how would that affect the beneficiaries?

Your spouse’s lifestyle may be affected if assets are depleted for your care. Will there be enough money left for your spouse to travel, pay day to day expenses or even their own long-term care needs when they become dependent?

Family members may delay needed care because they are afraid of running out of cash. It’s always easier to spend someone else’s money (the insurance carrier). Oftentimes, family members delay hiring professional care because they are hesitant to spend money. Also, if they don’t hire professional care, the care burden falls on the family members.

Are your assets subject to changes in the economy? Many investments can fluctuate over time and world circumstances. Investments may not be as lucrative today as they were yesterday. Is there a tax consequence that needs to be considered?

Long-term care insurance is usually recommended for those under 65 years old with a net-worth of $200,000 to $2,000,000. Under $200,000 is typically not financially viable since Medicaid will kick in once assets are depleted. Over $2,000,000, they may have enough assets to pay for care from their assets. For those that fall in between, the protection that comes with long-term care insurance often makes sense. Long-term care insurance can act as a coupon - leveraging your client’s money to be used later. For information on the long-term care policies available in your state, please contact us at 407-949-6722.

03/30/2022

Family Caregiving: Recognizing
the Problem and Finding the
Solution
A recent study has documented that 1 in 5 Americans are now providing unpaid care to
a family member or friend. If your clients are included in the 53+ million Americans that
are caring for a loved one, they could be suffering from Caregiver Burnout.

What is Caregiver Burnout?
Caregiver Burnout is a state of physical, emotional and mental exhaustion. Stressed
caregivers may experience fatigue, anxiety and depression. Nearly half of caregivers
report an increased level of stress that affects both their mental and physical
well-being.

Resources Available for Help

 Home health services: These agencies provide home health aides and
nurses for short-term care, if your loved one is acutely ill. Some agencies
provide short-term respite care.
 Adult day care: These programs offer a place for seniors to socialize,
engage in a variety of activities and receive needed medical care and
other services.
 Nursing homes or assisted living facilities: These institutions
sometimes offer short-term respite stays to provide caregivers a break
from their caregiving responsibilities.
 Private care aides: These are professionals who specialize in assessing
current needs and coordinating care and services.
 Caregiver support services: These include support groups and other
programs that can help caregivers recharge their batteries, meet others
coping with similar issues, find more information, and locate additional
resources.

When the time is appropriate, caregivers should establish their own plan for long-term
care. Many of the resources listed above would be covered under a long-term care
insurance plan. This would eliminate their own loved ones and friends from being in a
similar situation. Most long-term care insurance policies include a benefit for Respite
Care along with the traditional benefits of home healthcare services, assisted living
facilities, adult day care, skilled nursing facilities and more.

A Solution
A male age 62 and a female age 58 can purchase a private LTCi policy for less than
$200/month that will provide up to $3000/month reimbursement for care at home.

Long-term care insurance can help alleviate some of the stresses that come from being
a caregiver. For more information on the plans available in your state, please contact us
at 407-949-6722.