Coordinating Long-Term Care Insurance with Government Benefits
If you re a senior, the future may present more of a concern than it once did--you may wonder what you ll do if your
health deteriorates.
If you must enter a nursing home, for example, how will you pay for it? Fortunately, you may have
several options.
One such option is...
More
Coordinating Long-Term Care Insurance with Government Benefits If you re a senior, the future may present more of a concern than it once did--you may wonder what you ll do if your health deteriorates. If you must enter a nursing home, for example, how will you pay for it? Fortunately, you may have several options. One such option is long-term care insurance (LTCI). Government-regulated programs can also help. These include Medicare, Medigap, and Medicaid. If you lack sufficient resources to pay for long-term care on your own, should you buy LTCI, rely only on government programs, or use an LTCI policy to supplement government benefits? Before you can answer this question, you ll need to know what types of long-term care are covered under each program. Figuring out where one program leaves off and another begins can be a challenge, so here s an overview. Thethreetypesoflong-termcare There are basically three types of long-term care: skilled care, intermediate care, and custodial
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From BeamaLife Corporation
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11/24/10
Long-Term
Care
Insurance:
How Does It
Work?
www.
BeamaLife.
com | 1-866-972-3262
From BeamaLife Corporation
Microsoft Powerpoint
Pub. on Nov. 24th 2010
Pages: 16
Views: 1
Downloads: 0
Five Things to Watch Out for When Buying Long-Term Care Insurance
You ve researched long-term care insurance (LTCI) and are seriously thinking of buying a policy.
Just make sure
you re doing it for the right reasons--don t be swayed by unsubstantiated sales pitches.
Here are some claims you ll
want to think twice about....
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Five Things to Watch Out for When Buying Long-Term Care Insurance You ve researched long-term care insurance (LTCI) and are seriously thinking of buying a policy. Just make sure you re doing it for the right reasons--don t be swayed by unsubstantiated sales pitches. Here are some claims you ll want to think twice about. Along-termcarepolicyisagreattaxwrite-off Though it s true that premiums paid on a tax-qualified LTCI policy can reduce your tax burden, you must itemize deductions to be eligible. When you re older, perhaps you ll no longer itemize deductions. And even if you do, LTCI premiums fall under the write-off for medical and dental expenses, which is limited to expenses that exceed 7. 5 percent of your adjusted gross income. So, for example, if your adjusted gross income is $60,000, you are able to deduct only that portion of your unreimbursed medical and dental expenses (including LTCI premiums) that exceeds $4,500. And there s another caveat. Even if your LTCI premium
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From BeamaLife Corporation
Click to edit Master subtitle style
11/24/10
Should You
Buy LongTerm Care
Insurance?
www.
BeamaLife.
com | 1-866-972-3262
From BeamaLife Corporation
Microsoft Powerpoint
Pub. on Nov. 24th 2010
Pages: 13
Views: 0
Downloads: 0
Long-Term Care Insurance: How Does It Work?
Whether you ve had a long-term care insurance (LTCI) policy for years or you re thinking of buying one, it s critical to
understand exactly what set of conditions will trigger coverage.
This information is the bread and butter of any LTCI
policy.
In addition, you should know how to file a...
More
Long-Term Care Insurance: How Does It Work? Whether you ve had a long-term care insurance (LTCI) policy for years or you re thinking of buying one, it s critical to understand exactly what set of conditions will trigger coverage. This information is the bread and butter of any LTCI policy. In addition, you should know how to file a claim, preferably before you re on the verge of needing care. Whatdeterminesifyou reentitledtobenefits? LTCI policies differ on how benefits are triggered, so it s crucial to examine your individual policy. Here are some typical ways you can become eligible for benefits: • You re unable to perform a certain number of activities of daily living (ADLs) without assistance, such as eating, bathing, dressing, continence, toileting (moving on and off the toilet), and transferring (moving in and out of bed). Look in your policy to see what ADLs are included, the number you must be unable to perform, and how your policy defines "unable to perform" for each ADL,
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From BeamaLife Corporation
Click to edit Master subtitle style
11/24/10
Understandin
g Long-Term
Care Riders
and Options
www.
BeamaLife.
com | 1-866-972-3262
From BeamaLife Corporation
Microsoft Powerpoint
Pub. on Nov. 24th 2010
Pages: 18
Views: 0
Downloads: 0
Should You Buy Long-Term Care Insurance?
The longer you live, the greater the chances you ll need some form of long-term care.
If you re concerned about
protecting your assets and maintaining your financial independence in your later years, long-term care insurance
(LTCI) may be for you.
Whoneedsit?
Approximately 40 percent of...
More
Should You Buy Long-Term Care Insurance? The longer you live, the greater the chances you ll need some form of long-term care. If you re concerned about protecting your assets and maintaining your financial independence in your later years, long-term care insurance (LTCI) may be for you. Whoneedsit? Approximately 40 percent of Americans age 65 or older will need long-term care at some point during their lives. (Source: The National Clearinghouse for Long-Term Care Information, 2008. ) And with life expectancies increasing at a steady rate, this figure can be expected to grow in the years to come. Butwon tthegovernmentlookoutforme? Medicare pays nothing for nursing home care unless you ve first been in the hospital for 3 consecutive days. After that, it will pay only if you enter a certified nursing home within 30 days of your discharge from the hospital. For the first 20 days, Medicare pays 100 percent of your nursing home care costs. After that, you ll pay $137. 50 per day (in
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From BeamaLife Corporation
Click to edit Master subtitle style
11/24/10
Using Life
Insurance
Riders to Pay
for Long-Term
Care
www.
BeamaLife.
com | 1-866-972-3262
From BeamaLife Corporation
Microsoft Powerpoint
Pub. on Nov. 24th 2010
Pages: 10
Views: 0
Downloads: 0
Click to edit Master subtitle style
11/24/10
Comparing
Long-Term
Care
Insurance
Policies
www.
BeamaLife.
com | 1-866-972-3262
From BeamaLife Corporation
Microsoft Powerpoint
Pub. on Nov. 24th 2010
Pages: 21
Views: 0
Downloads: 0
Understanding Long-Term Care Riders and Options
There s no such thing as a standard long-term care insurance (LTCI) policy.
Some policies are comprehensive
(including most group LTCI policies), building many important features into the base plan--while charging a higher
premium.
Other lower-priced policies provide only basic coverage...
More
Understanding Long-Term Care Riders and Options There s no such thing as a standard long-term care insurance (LTCI) policy. Some policies are comprehensive (including most group LTCI policies), building many important features into the base plan--while charging a higher premium. Other lower-priced policies provide only basic coverage but offer you the choice of buying greater benefits at an additional cost. That s why it s important when comparing policies to look at both the basic coverage an LTCI policy offers and the optional benefits you can add. Aquicklookatlong-termcareinsurancebasics Most LTCI policies today cover a full range of services, including full-time nursing home care (skilled care), part-time nursing home care (intermediate care), or assistance with daily living activities (custodial care). Coverage for mental incapacity (including Alzheimer s disease) is now standard in most policies. Also, a good basic policy won t require you to spend time in a hospital before
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From BeamaLife Corporation
Click to edit Master subtitle style
11/24/10
What Do
Long-Term
Care
Insurance
Policies Cover?
www.
BeamaLife.
com | 1-866-972-3262
From BeamaLife Corporation
Microsoft Powerpoint
Pub. on Nov. 24th 2010
Pages: 15
Views: 0
Downloads: 0
Click to edit Master subtitle style
11/24/10
Coordinating
Long-Term
Care
Insurance
with
Government
Benefitswww.
BeamaLife.
com | 1-866-972-3262
From BeamaLife Corporation
Microsoft Powerpoint
Pub. on Nov. 24th 2010
Pages: 23
Views: 0
Downloads: 0
Using Life Insurance Riders to Pay for Long-Term Care
If you re thinking about buying a stand-alone long-term care insurance (LTCI) policy, you might have another option.
An increasing number of states are permitting the sale of long-term care hybrid products that allow you to obtain longterm care coverage with a special rider added...
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Using Life Insurance Riders to Pay for Long-Term Care If you re thinking about buying a stand-alone long-term care insurance (LTCI) policy, you might have another option. An increasing number of states are permitting the sale of long-term care hybrid products that allow you to obtain longterm care coverage with a special rider added on to your life insurance policy. Howdoesitwork? When it comes to long-term care, you might be able to add an acceleration rider to your life insurance policy that will allow you to tap into (accelerate) your death benefit if you need long-term care during your life. For such a rider to take effect, most insurers require a prognosis of death within 12 months, and your benefits may be limited to a percentage of the face amount in your policy. Of course, your death benefit will be reduced by the amount of benefits you receive. If your long-term care costs are high, you may eventually deplete your death benefit (assuming your policy allows it). This woul
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From BeamaLife Corporation
Comparing Long-Term Care Insurance Policies
Because long-term care insurance (LTCI) is a relatively new product, policies are not standardized.
This can make it
especially difficult to compare policies when you re shopping for this type of insurance.
However, comparing LTCI
policies is a lot easier when you know what to look for and...
More
Comparing Long-Term Care Insurance Policies Because long-term care insurance (LTCI) is a relatively new product, policies are not standardized. This can make it especially difficult to compare policies when you re shopping for this type of insurance. However, comparing LTCI policies is a lot easier when you know what to look for and follow a few simple guidelines. Compareinsurancecompanies One of your first steps should be to compare and evaluate insurance companies. But since there are many companies that sell LTCI, how do you narrow the field down to a few good ones? You can start by talking to friends, family members, or anyone else you know who s bought LTCI. How satisfied have these people been with their companies handling of claims and overall customer service? To learn more about company reputations, check out consumer websites and publications. You can also contact your state s insurance department for information about different companies, such as customer complaints l
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From BeamaLife Corporation
Click to edit Master subtitle style
11/24/10
Five Things
to Watch Out
for When
Buying LongTerm Care
Insurance
www.
BeamaLife.
com | 1-866-972-3262
From BeamaLife Corporation
Microsoft Powerpoint
Pub. on Nov. 24th 2010
Pages: 16
Views: 0
Downloads: 0
What Do Long-Term Care Insurance Policies Cover?
Long-term care refers to a broad range of medical and personal services designed to assist people who ve lost their
ability to function independently.
If you re thinking of buying long-term care insurance (LTCI), you ll want to make sure
it covers the services you may need....
More
What Do Long-Term Care Insurance Policies Cover? Long-term care refers to a broad range of medical and personal services designed to assist people who ve lost their ability to function independently. If you re thinking of buying long-term care insurance (LTCI), you ll want to make sure it covers the services you may need. Typesoflong-termcare Because some LTCI policies subsidize only certain forms of care, it s important to understand the terms. Long-term care may be divided into three levels: • Skilled care may be continuous round-the-clock care designed to treat a medical condition; it s ordered by a doctor and administered by skilled medical workers, such as registered nurses or professional therapists, as part of an established treatment plan • Intermediate care is intermittent nursing and rehabilitative care provided by registered nurses, licensed practical nurses, and nurse s aides under a doctor s supervision • Custodial care helps the patient perform daily living activities
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From BeamaLife Corporation
Health Insurance for College Students
As your child prepares to head off to college, probably the last thing on his or her mind (and yours) is health
insurance.
But getting sick or injured away from home can be an unpleasant experience--more so if your child doesn t
know his or her health-care options.
You ll want to make sure that...
More
Health Insurance for College Students As your child prepares to head off to college, probably the last thing on his or her mind (and yours) is health insurance. But getting sick or injured away from home can be an unpleasant experience--more so if your child doesn t know his or her health-care options. You ll want to make sure that your child s health insurance is in place before you pack up the car. There are basically two ways to insure your child s health while at college: your family health plan or a health plan provided through the college. Yourfamilyhealthplan Most family health plans will cover your child until 20 to 24 years of age as a full-time student who s still dependent on you, regardless of whether he or she lives at home. If you have a traditional indemnity plan (i. e. , one that provides coverage no matter which doctor you choose), then your child should be able to see any doctor near campus, and your insurer should cover a certain percentage of the expenses as se
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From BeamaLife Corporation
Click to edit Master subtitle style
11/23/10
Health
Insurance for
College
S tudents
www.
BeamaLife.
com | 1-866-972-3262
From BeamaLife Corporation
Microsoft Powerpoint
Pub. on Nov. 23rd 2010
Pages: 14
Views: 0
Downloads: 0
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