Long term health care insurance should be thought of as retirement insurance. With seven out of ten couples having a long term care need during their marriage in no short order one of the spouses can find themselves bankrupt. Usually it's the woman. In fact, one out of two women will have a long term care need in their lifetime.
A major consideration to make regarding long term care insurance is how much money you have at risk. Remember, this is your retirement and lifestyle we're talking about. Also, who much would you personally have to pay for care should you (or your spouse ever need it). With care costs and nursing home costs at $70,000 as an average in 2008 it doesn't take long to go through money.
If you have several million dollars earning interest then you may be comfortable self-insuring (i.e., paying the costs yourself). Then again, you may want to leave every penny to your heirs. Transferring the risk to an insurance company does two things for you. When you buy long term care insurance you insure your retirement savings against the enormously high cost of health care and you insure your retirement lifestyle.
The idea of long term care insurance is to insulate and protect your retirement savings, retirement lifestyle and provide inheritance to your children or family.
Some advisors say if you have a lot of money then why even buy long term care insurance just "self insure". Self-insuring can work for some but for the many who fall into the $500,000 to $1.5 - $2 million self insuring could present even more risk.
Let's take a real example. Let's say you have 750,000 as your entire nest egg. That equates to a risk to liquidity ratio of 10 years. At the current 2008 costs of $70,000 a month for nursing home care given a long term care need - in 10 years your $750,000 would be lost to long term care costs. Actually that money could deplete even sooner if you're married and paying both long term care costs and living expenses for yourself.Click Here!
Thursday, June 18, 2009
Long Term Health Care Insurance Secrets
Ex-Agent Reveals What Companies & Agents Don't Want You to Know. everywhere,I urge you to read this entire letter and revealing report. As an ex-agent and former insurance insider I know a lot about long term health care insurance
All across America the push is on for to convince people to buy long term health care insurance. Insurance companies are making a killing selling these policies but should you trust those glossy brochures with the happy smiling people on the cover? In a word - No.
Long term health care insurance - if it makes sense - will be the best decision you ever make or the biggest financial disaster of your lifetime. Before you even consider the idea of long term health care insurance you need to know what I know as an ex-agent and former insider of long term care insurance companies. But first let's take a look down the aging highway. Do you know ...
-The fastest growing segment of the population is over 85
-Every seven seconds another person in the U.S. turns 50
-There are almost 80 million baby boomers aging at the same time
-It's estimated that 10 million baby boomers will have Alzheimer's or some type of brain illness
-The L.A. Times, CNN and other news agencies report that the "healthcare system is unprepared for the onslaught of aging boomers"
-The U.S. government estimates that spending on long-term care services just for the elderly could reach as much as $379 billion in the next 30-40 years
-Medicaid is expected to remain one of the largest funding sources for long term care, straining both federal and state governments
-The General Accounting Office of the U.S. government reports that "a key question for policymakers will be to consider what options exist for rethinking the federal, state, and private roles in financing long-term care
-Taken together, all of the above is a clear sign that a long term care financial tsunami is headed toward everyone.
-The above also warns that Medicaid - which is medical welfare for the poor and bankrupt - will be one of the largest funding sources.
This means that more and more people will be liquidating retirement dollars and lifestyle choices because of health care costs. And if that's not bad enough policymakers are going to be rethinking their role in all this.
Either you face the truth that the cost of long term care is a financial threat that can paralyze you and wipe you and your family off the map or you put your head in the sand and hope it will happen to the other guy.
Put simply, these are your choices..
#1. Do nothing and pray that just because 7 out of 10 couples have a long-term care need it won't happen to you and your spouse.
#2. Roll the dice and if a long term care need comes start writing the checks ... by the way these always start in the thousands of dollars.
#3. Consider long term health care insurance but be very smart about how you transfer your risk by learning the inside secrets to long term health care insurance.
If you picked #1 or #2 then you need to immediately visit the church for your prays or go to the casino for your dice! If you said #3 then keep reading...
As an ex-agent and former specialist in long term care insurance I not only know how insurance companies work but I know how long term care insurance works in particular.
I discovered the dirty little secrets and tricks companies use that can keep people from their benefits. As an ex-agent I learned firsthand how insurance companies really work and what you need to do to make sure you're not the bulls-eye.
Insurance companies are hoping you never learn anything. They want you to be the big red, dumb target so they can throw their darts at you. Stop being a sucker and turn the tables on them. After you've read my guide and watched my revealing videos you'll be the one in charge, not the insurance company and not the agent.Click Here!
All across America the push is on for to convince people to buy long term health care insurance. Insurance companies are making a killing selling these policies but should you trust those glossy brochures with the happy smiling people on the cover? In a word - No.
Long term health care insurance - if it makes sense - will be the best decision you ever make or the biggest financial disaster of your lifetime. Before you even consider the idea of long term health care insurance you need to know what I know as an ex-agent and former insider of long term care insurance companies. But first let's take a look down the aging highway. Do you know ...
-The fastest growing segment of the population is over 85
-Every seven seconds another person in the U.S. turns 50
-There are almost 80 million baby boomers aging at the same time
-It's estimated that 10 million baby boomers will have Alzheimer's or some type of brain illness
-The L.A. Times, CNN and other news agencies report that the "healthcare system is unprepared for the onslaught of aging boomers"
-The U.S. government estimates that spending on long-term care services just for the elderly could reach as much as $379 billion in the next 30-40 years
-Medicaid is expected to remain one of the largest funding sources for long term care, straining both federal and state governments
-The General Accounting Office of the U.S. government reports that "a key question for policymakers will be to consider what options exist for rethinking the federal, state, and private roles in financing long-term care
-Taken together, all of the above is a clear sign that a long term care financial tsunami is headed toward everyone.
-The above also warns that Medicaid - which is medical welfare for the poor and bankrupt - will be one of the largest funding sources.
This means that more and more people will be liquidating retirement dollars and lifestyle choices because of health care costs. And if that's not bad enough policymakers are going to be rethinking their role in all this.
Either you face the truth that the cost of long term care is a financial threat that can paralyze you and wipe you and your family off the map or you put your head in the sand and hope it will happen to the other guy.
Put simply, these are your choices..
#1. Do nothing and pray that just because 7 out of 10 couples have a long-term care need it won't happen to you and your spouse.
#2. Roll the dice and if a long term care need comes start writing the checks ... by the way these always start in the thousands of dollars.
#3. Consider long term health care insurance but be very smart about how you transfer your risk by learning the inside secrets to long term health care insurance.
If you picked #1 or #2 then you need to immediately visit the church for your prays or go to the casino for your dice! If you said #3 then keep reading...
As an ex-agent and former specialist in long term care insurance I not only know how insurance companies work but I know how long term care insurance works in particular.
I discovered the dirty little secrets and tricks companies use that can keep people from their benefits. As an ex-agent I learned firsthand how insurance companies really work and what you need to do to make sure you're not the bulls-eye.
Insurance companies are hoping you never learn anything. They want you to be the big red, dumb target so they can throw their darts at you. Stop being a sucker and turn the tables on them. After you've read my guide and watched my revealing videos you'll be the one in charge, not the insurance company and not the agent.Click Here!
Subscribe to:
Posts (Atom)