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Old 04-12-2007, 08:01 PM
Dru Dru is offline
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Default Long Term Care Insurance (exerpts from marketing letter)

Long Term Care Insurance
by John Wane and Lenny Anderson

April 2007

...Unfortunately, we are all at risk. A catastrophic accident or disabling illness can happen to anyone at any time. When it does, it often strikes like a thief in the night. If the stricken person isn’t covered by adequate LTCI, a grim reality sets in: They may have to pay for long-term care as long as they live...

As widely reported, both Medicare and Medicaid are in serious financial trouble and can no longer be considered the entitlements they once were. This growing problem, much of it attributable to fraudulent abuse of the systems and/or gross mismanagement, has spurred the federal government to take measures such as the Deficit Reduction Act of 2005 (DRA).

Basically, the DRA is aimed directly at those who would like to transfer their assets in order to qualify for Medicaid. The “look-back” period for the transfer of assets has increased from three to five years. Under the old rules, the penalty period started at the time the asset was transferred. The new rule makes the starting date of the penalty period the date of application for Medicaid. And only the first $500,000 of home equity will now be exempt as an asset. Some states may increase the exemption to $750,000. So for those who had an eye on Medicaid to pay for their long-term care expenses, that avenue has been closed...

Another federal government effort to encourage the purchase of LTCI, enacted over a decade ago, remains unknown to a great number of the nation’s 111 million seniors and boomers. The Health Insurance Portability and Accountability Act of 1996 (HIPAA) grants certain tax breaks to those who purchase qualified LTCI policies individually or through employer-sponsored plans.

Had they known about HIPAA, more people might have purchased an LTCI policy by now. It’s possible that no one informed them about this tax advantage and the important protection they would have by becoming an LTCI policyholder.

...The New England Journal of Medicine and America’s Health Insurance Plans report that almost one in two Americans age 65 and over can expect to spend time in a nursing home.

This is troubling news because:
  • The annual cost of a stay in a nursing home is now over $74,000, according to Genworth Financial.
  • By 2030, according to the American Council of Life Insurance, nursing-home costs will average almost $200,000 a year.
  • The Genworth findings show the average annual cost of a private room in an assisted living facility was $28,800, home health aides averaged $18.67 per hour, and homemaker services cost an average of $16.67 per hour.
...One of the biggest problems we must overcome is denial. Many people believe that if long-term care strikes, it will be someone else, not them, that is hit. Another problem is that many erroneously believe they are already covered for long-term care by their individual or group insurance, or by Medicare or Medicaid. Nothing could be further from the truth.

... A survey by the Life and Health Insurance Foundation (LIFE) reports that nearly four in 10 Americans say they would turn to family and friends for long-term care services, compared to the relatively few who stated they plan to rely on insurance or private savings. But families and friends already provide almost 80% of long-term care in this country. Recent studies indicate that those who provide such care often give up careers and pay large sums out of their own pockets to help those they care for.

...For most Americans, LTCI represents their only viable option against the possibility of financial ruin and the physical and emotional distress that results when long-term care strikes.

John Wane is the president of American Independent Marketing in Yakima, WA.
Lenny Anderson is president of GoldenCare USA Inc., based in Plymouth, MN.
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Old 05-17-2007, 12:37 AM
Mynion Mynion is offline
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Default Re: Long Term Care Insurance (exerpts from marketing letter)

Good stuff.

I know people with $10 million in assets that own comprehensive long-term care policies. Why? Because the wealthy are smart enough to understand that it is more effective to spend other people's money first, at a fraction of the cost. Plus, they can afford the Return of Premium option for if they don't use it.

Advances in medicine and technology will only help us live longer, and none of that is cheap. My friend just turned 40 and I told him, "You know, only 1/3rd of your life might be over." And I believe it. My grandmother died from diabetes, and there are people working on a cure right now, including someone in Canada that was curing mice *overnight*.

You are going to live a long life. If you live, you are going to get sick. If you get sick, you are going to need help. If you need help, that costs money.

Regardless if you purchase insurance or not, you need to have a Long-Term Care Plan.

If you do purchase insurance, make sure the carrier:
1.) Has a "Superior" financial rating by A.M.Best, and
2.) Has a verifiable trackrecord of paying its claims.
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Old 01-10-2020, 02:00 PM
SunnyMay SunnyMay is offline
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Default Re: Long Term Care Insurance (exerpts from marketing letter)

Cuando el pene no quiere pararse, esto no es lo peor, ¡ porque hay una solución! Le aconsejo que preste su atención aquí en este sitio levitra generique en ligne , ya que aquí es donde siempre puedo resolver el problema con un miembro
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