The Cost of Long Term Care Insurance Is Going Down in 2016!

In 2016, the average cost of a long term care insurance policy has gone down, according to The American Association for Long Term Care Insurance (AALTCI). For couples in their 60s, the policies cost 10% less than in 2015. Also, because of changes in coverage, today’s policies do not have the same risk of rate increases in the future.

Not all policies will cost less: for example, premiums for single women average about 7% higher than last year. And the cost of a policy can vary significantly from one insurer to the next for the same coverage. AALTCI says rates can vary by as much as 94% – so it’s important to do your research.

A good long term care insurance specialist can help you compare policies from many insurance companies.

Experts have suggested asking 3 questions to determine an insurance professional’s expertise:
1) How many years have you specialized in long term care planning?
2) How many LTCI policies have you sold?
3) How many different insurers do you work with?

For more information, visit Guide To Long Term Care


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Posted in Long term care insurance, long term care insurance premiums | Tagged , ,

LTC Insurance 2015 Tax Year deductible limits

The 2015 Tax Year deductible limits under Section 213(d)(10) for eligible long-term care premiums includable in the term ‘medical care’ are as follows:

Attained Age Before Close of Taxable Year:     
40 or less — $390   
More than 40 but not more than 50 — $730                             
More than 50 but not more than 60 — $1,460               
More than 60 but not more than 70 — $3,900             
More than 70 — $4870                                      


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Posted in Long term care insurance, long term care insurance premiums, taxes | Tagged

NY, CA, IN, CT Partnership Minimum 2016

New York Partnership Plus

To qualify for Partnership in New York, policies must meet the following minimum requirements:

2015
● $284 daily
● $8,804 monthly
2016
● $294 daily
● $9,114 monthly

*Monthly benefit amounts shown refer to the Monthly Home Care Maximum Rider and are only available for New York Partnership Plus. Non-partnership policies are still limited to $9,000 per month or less.



Indiana Partnership

The daily and monthly Partnership minimums for policies issued in Indiana will not change in 2016. These minimums will continue to be:
 $115 daily
 $3,500 monthly

The minimum total coverage amount for Total Asset Protection will change to $336,927. Please see the example below to calculate the total coverage amount. Choose a daily benefit amount above the minimum (currently $115 per day) and a Benefit Multiplier that result in a total coverage amount of $336,927 or more.

Example: $150 daily benefit amount x 2,250 Daily Benefit Multiplier = $337,500

Policies that do not meet the criteria for Total Asset Protection will receive dollar-for-dollar asset protection. Total Asset Protection also requires the purchase of 5% compound inflation protection.



California Partnership

To qualify for Partnership in California, policies must meet the following minimum requirements:

2015
•   $180 daily
•   $5,580 monthly
2016
● $190 daily
● $5,890 monthly

California requires 5% compound inflation protection for under age 70. California Partnership does not include reciprocity with other Partnership states at this time.



Connecticut Partnership

To qualify for Partnership in Connecticut, policies must meet the following minimum requirements:

2015
● $247 daily
● $7,513 monthly
2016
● $256 daily
● $7,787 monthly

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Posted in Alzheimer's, caregiver, Long term care insurance

What is your risk for needing extended care and for how long?

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Posted in Long term care insurance

John Hancock’s New Performance LTC

John Hancock’s newest long term care insurance policy the Performance LTC is entirely different than other companies. The older one gets the lower their premium.*

Click on sample charts below then cick again (+) to see full size. Contact us if you have any questions.

John Hancock's Newest LTC Insurance

John Hancock’s Newest LTC Insurance

  • if Flex Credit is used to pay towards premium.

Performance LTC is not yet Partnership qualified in these states: AZ, CA, DE, IL, IN, KY, MD, NV, NM, NC, NY, OK, PA, UT, WA.


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Posted in Long term care insurance, long term care insurance premiums | Tagged , , , , ,

The Top Five Regrets of the Dying: A Life Transformed by the Dearly Departing

Top 5 Regrets of the Dying

5. I wish that I had let myself be happier.
4. I wish I had stayed in touch with my friends.
3. I wish I’d had the courage to express my feelings.
2. I wish I hadn’t worked so hard.
1. I wish I’d had the courage to live a life true to myself, not the life others expected of me.

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Posted in Long term care insurance

Caring for someone with Alzheimer’s makes you more likely to get it

long_term_care
A study by the National Alliance for Caregiving found that the health of family members can suffer from the stress of caring for a loved one. The study found that health effects are worse than usual among those caring for someone with Alzheimer’s disease. These caregivers deal with more stress and challenges because they must deal with both cognitive and physical disabilities in their loved ones.


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Posted in Alzheimer's, caregiver, Dementia, Long term care insurance, memory problems | Tagged , , , , ,