Sep 23, 2011
Friday Afternoon Chuckle- Here's One Way to Keep From Getting Old!
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Friday Afternoon Chuckle- Here's One Way to Keep From Getting Old!
Is It True That My Long-Term Care Insurance Premium Can Never Be Increased?
Unfortunately, this is NOT the case but it is a common misconception. While premium rates cannot be raised due to advancing age, deteriorating health, or claims, the carrier CAN apply for a "class-wide" rate increase, which will affect all policyholders who have the same type of policy. You can reduce your chances of having frequent premium rate increases by choosing a carrier that is highly committed to the industry, has a history of excellent premium stability, and have published their claims payment history.
Is There an Ideal Age to Purchase Long-Term Care Insurance?
Actually, the decision to purchase long-term care insurance has nothing to do with age. It has to do with whether or not you haave prioritized your other insurance needs, whether or not you can afford the premium, and your tolerance for risk. Here are 2 good reasons why advice to wait until a "perfect age" before considering LTC insurance is dangerous:
Long-term care insurance premiums rise with each year a person waits to purchase coverage and are also on the rise in the industry in general.
While waiting until the "perfect age" to purchase coverage, many consumers will become uninsurable, and some may even begin to needing long-term care.
The Younger You Are, The Lower Your Long-Term Care Insurance Premium Will Be
Premium rates for long-term care insurance have a reputation for being "high" and may be unaffordable to some people. This is usually due to the fact that people postpone investigating coverage until they are too old to receive a reasonable premium rate. The younger you are when you purchase LTC insurance, the lower your premium will be for the life of the policy. For every year you wait to purchase coverage, your premium will be 8-15% higher. But this percentage does not include the fact that there is an overall upward trend in premium rates in the industry as a whole. When you take this upward trend into consideration, for every year a person waits they will pay an additional 14% to 22% in premium. This means that if a 55 year old today waits until they are 60 to purchase long-term care insurance, their premium will be at least 50% higher!
Is Long-Term Care Insurance Right for You?
Why Long-Term Care is a Women's Issue
Having a written long-term care plan is important for every family in America, but particularly for women. Almost always, the female takes ultimate responsibility for the day-to-day care of a family member who is ill or disabled. In our years of working with financial professionals to assist families with LTC Planning, I have personally listened to the stories of women whose lives have been totally altered due to the long-term care needs of a loved one. Similar stories involving men are also becoming more common. But the majority of informal caregivers in our country -- almost 72% of the estimated 7 million providers of care -- are female. Women tend to be more comfortable and skilled in the role of caregiver, especially if they’ve also had children. But providing care comes at a heavy price: with the accompanying emotional and physical stress of being a caregiver, a woman has a 63% higher risk of dying earlier than a woman of the same age who does not become a caregiver. But the prospect of becoming a caregiver should not be the only reason for women to ask their financial professional about LTC Planning for their family—it’s also vital that they plan for their own care. Women make up the largest percentage of residents in all types of long-term care facilities, with the majority being widowed or divorced. Because women usually marry men at least a few years older than ourselves, and live about seven years longer than men, by age 85, only 13% of women are still married. By contrast, men make up the majority of people being taken care of at home. Normally, a wife or daughter helps her husband and parents through to the end. But her resources are limited when she needs long-term care. Unable to rely on informal, unpaid care from relatives at home, older women are usually forced to rely on more formal and costly solutions, such as a nursing home. Choices for women were limited in earlier generations. Thankfully, they now have access to the knowledge and resources needed to actively participate in planning ahead for their family’s well being. Women will always be “caretakers,” but their role today includes careful advanced planning for the potential long-term care of their loved ones and themselves. If they don’t proactively plan ahead, the comfortable and healthy retirement women envision may be greatly altered, and even cut short by the consequences of providing or receiving long-term care.
Tips to Reduce Your Odds of Needing Long-Term Care
Taking a proactive approach toward life is the key to reducing your odds of needing long-term care. Improve your chances of living a long, healthy life and lower your odds of needing care by:
Staying active physically: Even a minimum level of daily physical activity makes a significant difference.
Walk instead of driving whenever you can
Garden or do your own yard work
Socializing: Spend as much time as possible with family and friends. Become involved in activities that include others.
Join a club
Volunteer
Eating with others: Research has shown that having meals with other people offers multiple benefits such as eating more nutritiously and the opportunity to socialize.
Host informal potlucks for family and friends
Join a cooking club or gourmet club
Continuously learning: Challenge your mind daily to reduce the odds of needing care due to mental problems, including loss of memory.
Stay up-to-date on current affairs
Work crossword or other types of puzzles
Write letters
Click on the link below for a short assessment form that will give you an idea of your personal odds of needing long-term care.
Your Personal Odds of Needing Long-Term Care