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If you are looking for some answers regarding our Long-Term Care and Life Insurance services or insurance packages, please see if we’ve answered your question below.  If you can’t find what you are looking for, get in touch and we’ll do our best to help.

 

What is Long-Term Care Insurance?

• LONG-TERM CARE INSURANCE POLICIES COVER SERIOUS HEALTH CONDITIONS WHICH ARE LIKELY TO LAST FOR AT LEAST 90 DAYS, AND IT IS USED PRIMARILY TO ENSURE THAT THE HIGHEST QUALITY NURSING CARE IS AVAILABLE TO OUR KUPUNA IN THE COMFORT OF THEIR OWN HOMES

• LONG-TERM CARE INSURANCE PAYS FOR NON-MEDICAL CARE THAT HELPS INDIVIDUALS WITH ACTIVITIES OF DAILY LIVING (SEE BELOW FOR A LISTING), AS WELL AS OTHER BASIC CARE NEEDS, WHICH IS NOT COVERED BY REGULAR HEALTH INSURANCE SUCH AS MEDICARE

• LONG TERM CARE INSURANCE SERVICES CAN BE PROVIDED TO OUR KUPUNA IN EITHER A NURSING HOME, AN ASSISTED-LIVING FACILITY, OR IN THEIR OWN HOME, BUT BENEFITS CANNOT  BE USED TO COVER HOSPITAL COSTS

• AMERICANS USE LONG-TERM CARE INSURANCE BENEFITS TO COVER THEIR HOME NURSING CARE COSTS, NOT FOR SERVICES PROVIDED BY A NURSING HOME OR AN ASSISTED-LIVING CARE FACILITY

• MEDICAID, THE ALTERNATIVE TO LONG-TERM CARE INSURANCE, ALSO PAYS FOR LONG-TERM CARE; HOWEVER, YOU MUST FIRST QUALIFY FOR IT.  TO QUALIFY, MEDICAID REQUIRES THAT YOU SPEND DOWN YOUR ASSETS UNTIL YOU ARE IMPOVERISHED

• MOREOVER, MEDICAID IS PRIMARILY USED BY AMERICANS FOR CARE PROVIDED IN AN ASSISTED FACILITY LIKE A NURSING HOME, NOT FOR HOME NURSING CARE

• A RECENT STUDY FROM THE BOSTON COLLEGE’S CENTER FOR RETIREMENT RESEARCH FOUND THAT 6 OUT OF 7 OF TODAY’S 65-YEAR-OLDS WILL REQUIRE NURSING CARE

Who Needs Long-Term Care Insurance?

• A RETIRING COUPLE REQUIRES ABOUT $2.5 MILLION OF ESTATE ASSETS TO FUND THEIR LONG-TERM CARE NEEDS; THEY ARE LIKELY TO BE ABLE TO COVER THEIR LONG-TERM CARE NEEDS INDEPENDENTLY, AND DON’T REQUIRE LONG-TERM CARE INSURANCE

• WITH ASSETS BELOW $2.5 MILLION BUT ABOVE $300 THOUSAND, YOU ARE LIKELY TO REQUIRE LONG-TERM CARE INSURANCE BENEFITS IN ORDER TO SUSTAIN YOUR LIVING STANDARD

• WITH ASSETS BELOW $300 THOUSAND, YOU ARE MOST LIKELY TO HAVE DIFFICULTY COVERING LONG-TERM CARE COSTS

When Should Someone Buy Long-Term Care Insurance?

• AGE AND HEALTH ARE THE KEY PREMIUM DRIVERS

• A MEDICAL EXAM IS GENERALLY REQUIRED 

• IT IS ADVISABLE TO PURCHASE INSURANCE WHILE YOU’RE YOUNG AND HEALTHY, WHEN PREMIUMS ARE RELATIVE INEXPENSIVE

• PREMIUMS FOR TRADITIONAL LONG-TERM CARE INSURANCE POLICIES DOUBLE EVERY 10 YEARS BETWEEN AGE 30 AND 60, THEN ESCALATE SHARPLY

• YOU FORFEIT ANY TRADITIONAL LONG-TERM CARE INSURANCE BENEFITS THAT YOU DO NOT USE; AS A RESULT, LIFE INSURANCE WITH A LONG-TERM CARE RIDER HAS BECOME EXTREMELY POPULAR, SINCE UNUSED LONG-TERM CARE BENEFITS MAY THEN BE PASSED ON TO YOUR BENEFICIARIES

• PREMIUMS FOR LIFE INSURANCE POLICIES WITH LONG-TERM CARE FEATURES ARE SUBSTANTIALLY HIGHER THAN TRADITIONAL LONG-TERM CARE POLICY PREMIUMS

• THE AVERAGE AGE AT WHICH AMERICANS PURCHASE LONG TERM CARE INSURANCE IS 57, ABOUT HALF BY MEN AND HALF BY WOMEN

What Activities Trigger Long-Term Care Insurance Coverage?

 • ACTIVITIES OF DAILY LIVING TRIGGERS (ANY 2):

   1.BATHING

   2.CONTINENCE

   3.DRESSING

   4.EATING

   5.TOILETING

   6.TRANSFERRING

   OR, EITHER ALZHEIMER’S OR DEMENTIA