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LONG TERM CARE INSURANCE
PROTECTS YOUR FINANCIAL SECURITY

long term care insurance policy quotesIf you need long-term care services and have to pay to obtain them, what financial resources could you call on? Do you have enough to pay for four or more years in a nursing home, an assisted living facility, or home health care? If you’re over 65, don’t rely on Medicare or private health insurance. Medicare doesn’t pay for custodial care, and private health insurance rarely pays any of the cost of long-term care.

long term care insurance quotes If you expect to have very little money when you need long-term care services, you might qualify for Medicaid, a government program that pays the medical and long-term care expenses of poor people. If you expect to be in that situation, you probably shouldn’t buy long-term care insurance, because your state’s Medicaid program will pay your long-term care expenses. Buying long-term care insurance would only save the state—not you—money. The exception is if you live in California, Connecticut, Indiana, or New York, states that have a Partnership for Long-Term Care program. For residents of these four states, buying long-term care insurance does offer an additional benefit.

long term care insurance quote

If you expect to have a lot of money when you need long-term care services, you also probably shouldn’t buy long-term care insurance. Instead, you should plan to pay for the care “out of pocket”—that is, as a regular expense. One financial advisor suggested in a newspaper interview that if your net worth is in the $1.5 million range, not including the value of your home, you could safely skip buying long-term care insurance and treat long-term care expenses, if they arise, as you do your other bills.

california partnership for long term care insurance If you fall in-between these two categories, owning long-term care insurance, like all other insurance coverages, offers peace-of-mind benefits as well as financial ones. For example, a recent survey of people age 50 and over asked how confident they were that they could pay for long-term care services if they needed them. Among those with long-term care policies, 52 percent said they were very confident and another 40 percent said they were somewhat confident. Among those who didn’t own a long-term care policy, only 8 percent were very confident and only 27 percent were somewhat confident.

But if you’re under 85—and especially if you’re under 65—that doesn’t mean you should ignore the topic of long-term care insurance because you might already be unable to buy long-term care insurance. Wakely Consulting Group, an actuarial firm, studied applicants for long-term care insurance in 2003-2004; the findings: 11 percent of applicants in their 50s, 19 percent in their 60s and 43 percent in their 70s were rejected.

A Milliman & Robertson actuary estimated that 15 to 25 percent of the over-65 age group are uninsurable for long-term care.

A report from the Henry J. Kaiser Foundation indicates that over five million people ages 18-64 need some type of long-term care.

The latest data from the National Center for Health Statistics (for 1999) reported that roughly 160,000 of the people living in nursing homes were under age 65 (nearly 10 percent of the total). Of those receiving home health care services, roughly 400,000 were under 65 (about 30 percent of the total).

So, unless you have so little money that you will qualify for Medicaid, or so much money that you can pay the bills out of your own pocket, you should consider buying long-term care insurance. Used with permission from the Insurance Information Institute, Inc

IMPORTANT INFORMATION FOR CALIFORNIA RESIDENTS

The California Partnership for Long-Term Care (Partnership) is dedicated to educating Californians on the need to plan ahead for their future long-term care and to consider private insurance as a vehicle to fund that care. The California Partnership for Long-Term Care is an innovative program of the State of California, Department of Health Care Services in cooperation with a select number of private insurance companies. These companies have agreed to offer high quality policies that must meet stringent requirements set by the Partnership and the State of California. These special policies are commonly called "Partnership policies". Partnership policies take the guesswork out of ensuring you purchased a quality policy. In addition to many other consumer protection features, Partnership policies offer the special benefit of Medi-Cal Asset Protection.


LONG TERM CARE INSURANCE IS A VALUABLE TOOL


Long Term Care
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Michael Kortz, California Insurance Lic. 0C79378 Michael Kortz, RFC, RR serves clients as a long term care insurance agent working with long term care insurance, long term care insurance quotes, long term care planning in Orange County and throughout Southern California (CA), including the cities of Aliso Viejo, Anaheim, Anaheim Hills, Balboa Island, Brea, Buena Park, Camp Pendleton, Capistrano Beach, Corona del Mar, Costa Mesa, Cypress, Dana Point, Dove Canyon, Foothill Ranch, Fountain Valley, Fullerton, Garden Grove, Huntington Beach, Irvine, Ladera Ranch, La Habra, La Palma, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, Lake Forest, Los Alamitos, Mission Viejo, Monarch Beach, Nellie Gail, Newport Beach, Newport Coast, Oceanside, Orange, Placentia, Rancho Santa Margarita, San Clemente, San Juan Capistrano, San Juan Hills, Santa Ana, Seal Beach, Stanton, Sunny Hills, Talega, Trabuco Canyon, Tustin, Tustin Ranch, Villa Park, Westminster, Woodbridge, Yorba Hills, and Yorba Linda. financial planner, long term care, employee benefits, retirement plans, San Clemente insurance, Orange County insurance, San Clemente financial, Orange County financial, online insurance quotes, long term health care insurance information online , private long term health care insurance, long term care insurance rates, california care health insurance long term, allianz long term care insurance, long term care insurance and senior citizens, buy cheap long term health care insurance, california long term care health insurance, health insurance care long term, long term health care insurance online information , care long health term insurance, health individual insurance care company insurance long term, how does long term health care insurance work, aetna long term care insurance, aetna long term care insurance, long term health care insurance companys, rating long term health care insurance, john hancock long term care insurance, life insurance policies with long term care coverage, long term health care insurance quote, disability insurance versus long term health care, cna long term care insurance. health insurance for business individual health insurance health insurance quotes life insurance information life insurance quotes long term care insurance quotes disability insurance quotes international travel insurance business employee benefits insurance blog home page rave reviews background information breaking news contact information dental insurance quotes dental insurance group medical insurance orange county health insurance quotes orange county life insurance quotes san clemente health insurance quotes san clemente life insurance quotes Lic 0C79378

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