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Taking The Mystery Out Of Long-Term Care Insurance
Here's the good news: with improvements in medicaltechnology and healthier lifestyles, people are livinglonger. Life expectancy today has increased to 83 years, upfrom 78 years in 1940 (The Shopper's Guide to Long-term CareInsurance from the National Association of InsuranceCommissioners). However, the longer people live, the greater the chancesthey will need assistance due to chronic health conditions. Today, about 12.8 million Americans of all ages require sometype of long-term care (National Academy on Aging, 1997). This number is expected to climb as the baby boomergeneration moves into retirement. Over a lifetime, nearly50 percent of all people will require some type of long-termcare assistance. One way to pay for some or all of your long-term careexpenses is insurance. First introduced in the 1980s,long-term care insurance was originally designed as nursinghome insurance. Today's long-term care policies now covermuch more. They include home health care, assisted livingfacility care, adult day care, Alzheimer's facility care,respite care and hospice care. So how does long-term care insurance work? Long-term careinsurance is not health insurance, and long-term careexpenses are not covered under private health insurance,Medicare or Medicare supplement policies. However, long-term care insurance is similar to healthinsurance in that an individual must apply for coverage bygoing through medical underwriting. The insurance companydecides whether to offer long-term care coverage based onyour current health conditions and age. In most instances,a person's medical records will be reviewed by the insurancecompany. Additionally, some applicants may be required tohave a face-to-face or a telephone interview. Not everyoneis insurable. People who already have health problems arelikely to need long-term care but won't be able to buy along-term care insurance policy. Your money may pay forlong-term care insurance coverage, but it's your health thatbuys it. Once a long-term care policy is issued, the insuredindividual becomes eligible to receive benefits once ahealthcare professional certifies the insured is"chronically ill" -- unable to perform two of the Activitiesof Daily Living (ADLs) for a period of 90 days or longer; orbe severely cognitively impaired. ADLs include bathing,eating, dressing, toileting, transferring (moving into orout of a bed, chair or wheelchair) and continence. "At what age should I apply for long-term care insurance?" Generally, experts suggest you apply between ages 50 and 55. The younger you are when you apply, the better the chanceyou will be healthy enough to qualify. It's also duringthese years prior to retirement that your income is normallyat its highest and you're better able to pay the insurancepremiums. Long-term care insurance policies vary widely. Aprofessional specializing in long-term care insurance can bea great resource to consumers in considering the manyoptions available today. Brent Dees, president of Brent Dees Financial, is a small business coach and financial planner who teaches the Focus Four system. He helps business owners in the Carolinas set business and personal goals so they can work less and make more. Brent Dees Financial can be found on the web at http://www.brentdees.com.
Latest News:Site: Yahoo! News Search Results for news Futures flat; Lehman buyout news, data awaited (Reuters via Yahoo! News) Stock index futures were little changed on Friday as investors awaited news on the fate of Lehman Brothers after a slide in its stock this week heightened fears over whether the investment bank can survive. Myanmar's Suu Kyi to get family letters, news mags (Reuters via Yahoo! News) Detained Myanmar opposition leader Aung San Suu Kyi has managed to wring small concessions from the ruling generals in the form of letters from her family and some international news magazines, her lawyer said on Friday. SEC Looks Into UAL Stock Scare; Implications For Online News? (CBS News) A ton of digits have been devoted to this in other spots but the SEC's decision to investigate takes it to another level. The backstory: a six-year-old news story about UAL declaring bankruptcy made it into the Tribune-owned Sun-Sentinel 's current news flow, was picked up by a Google (NSDQ: GOOG) News bot and, via a reporter for a newsletter, made it onto Bloomberg News. After a lot of buck ... JCDecaux in talks for News Outdoor Group in Russia (AP via Yahoo! News) French outdoor advertising firm JCDecaux SA said Thursday it is negotiating to buy Russian rival News Outdoor Group from global media company News Corp. News Corp tightens grip on Premiere with new CEO (Reuters via Yahoo! News) Rupert Murdoch tightened his grip on German pay-TV broadcaster Premiere by appointing News Corp executive Mark Williams as CEO in a move to get the company back on track. Phila. mayor to announce grim budget news (The Philadelphia Inquirer) The Nutter administration is expected to announce grim budget news today, which is all but certain to lead to significant spending cuts - perhaps as high as 10 percent - in some city departments, according to three sources familiar with the budget. Help News pick Stadium's greatest moment (New York Daily News) The News is marking the countdown to the final game at The House That Ruth Built by reflecting on Yankee Stadium's greatest moments - and we're asking you - the reader - to help us pick out the best of the best. JCDecaux and News Corp. in talks to combine outdoor ad groups (International Herald Tribune) The News Corp. chief executive, Rupert Murdoch, has recently expressed nervousness about investments in Russia, where News Outdoor generated the bulk of its revenue last year. SEC Looks Into UAL Stock Scare; Implications For Online News? (paidContent.org via Yahoo! Finance) A ton of digits have been devoted to this in other spots but the SEC's decision to investigate takes it to another level. The backstory: a six-year-old news story about UAL declaring bankruptcy made it into the Tribune-owned Sun-Sentinel's current news flow, was picked up by a Google News bot and, via a reporter for a newsletter, made it onto Bloomberg News. JCDecaux in talks to buy News Corp. billboard unit (AP via Yahoo! Finance) In a deal that would create the world's largest outdoor advertising company, French conglomerate JCDecaux SA said Thursday that it is in talks to buy Russian rival News Outdoor Group from global media company News Corp. Site: news - Google News News Analysis A Difficult Road Awaits Panetta at the CIA - New York Times
MORE RESOURCES: Site: Yahoo! News Search Results for insurance NC insurance commissioner orders lower auto rates (AP via Yahoo! Finance) North Carolina State Insurance Commissioner Jim Long on Thursday rejected an industry request for an almost 13 percent increase in auto rates and has ordered a reduction instead. Auto-insurance rates in N.C. ordered cut by 16.1 percent (Winston-Salem Journal) N.C. Insurance Commissioner Jim Long rejected yesterday an industry request for an almost 13 percent increase in auto rates and has ordered a reduction instead. Survey: Insurance Industry Expects Subprime Issues to Negatively Impact 2009 Performance (Insurance Journal) Insurance executives expect subprime and other credit issues to continue to have a significantly negative impact on the industry's financial performance in 2009, and they see credit and pricing risks Nevada Names Baker Acting Insurance Commissioner (Insurance Journal) The Nevada Department of Business & Industry named Betty C. Baker acting commissioner of the Division of Insurance. Baker will oversee the Division while a replacement is sought for Alice Molasky-Arma Here's the lowdown on 'private' bank and broker insurance (USA Today) Q: I've noticed several banks and brokerage firms claiming they have private insurance that protects accounts above the FDIC and SIPC limits. Should investors trust those promises? State unemployment insurance claims up (Macon Telegraph) The Georgia Department of Labor announced Thursday that 59,090 laid-off workers filed first-time claims for unemployment insurance benefits in August, an increase of 72.1 percent from August 2007, but a slight decrease from July to August this year. Fitch Ratings Gives Island Insurance an "Aq" (Insurance Journal) Island Insurance Co. Ltd., Hawaii's largest locally owned and managed property and casualty insurance carrier, has reaffirmed its "Aq" rating for Quantitative Insurer Financial Strength (Q-IFS) by Fit Looking for Free or Low-cost Health Insurance? (Carteret County News-Times) (ARA) - It's no secret that accessing health care is a challenge for the 47 million Americans who are uninsured. Lack of health insurance forces many Americans to choose the health care they receive based on what they can afford, not what they actually need. Uganda: Health Insurance May Face NSSF Fate (AllAfrica.com) The government has finally resolved that all salaried workers and employers, will with effect from July 2009, be required to make compulsory contributions to the new National Social Health Insurance Scheme. The net inflow from life insurance companies into equity stood at Rs550bn till March 31, 2008 , foreign institutional ... (India Infoline) The life insurance industry was the largest investor in the Indian equity markets, ahead of foreign institutional investors and mutual funds, according to the reports. Site: insurance - Google News Obama Plan for Government Insurance Draws Criticism - Bloomberg
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