Guest Post by Michael Feinberg CLU, ChFC, Director of Insurance for Madison Financial Strategies As the population has continued to age over the last 30-40 years, one major risk to the financial wellbeing of individuals and families in retirement has emerged above all else – the extreme cost and burden of long-term care – specifically […]
Does Estate Planning Include Financial Planning, and Should Your Estate Planning Attorney Also Be a Financial Planner?
When you go through the legal process of Estate Planning, this includes you deciding: (1) who you want to receive any real estate, savings/investments, tangible personal property, and other assets of yours after your death; (2) who you want to put in control of making decisions and handling your legal and financial affairs after your […]
Why Did the OPM Suspend Its Long-Term Care Insurance Program for Two Years?
Seventy percent of people will need long-term care during their lifetime, and it’s catastrophically expensive! If you like to plan in advance, you may have considered long-term care (LTC) insurance as an option, and if you work for the federal government, you may have considered purchasing coverage through the Federal Long Term Care Insurance Program […]
Are Changes on the Horizon for Long-Term Care Insurance?
As we get older, many of us will need long-term care. In fact, the statistic hasn’t changed — 70% of Americans 65 and over will need some type of long-term care in their lifetime. This could mean a nursing home stay, home healthcare, or a stay at an assisted living facility, or a combination of […]
What to Do When Long-Term Care Insurance Premiums are Skyrocketing
Q. Last week my friend, Patty, received notice of a substantial increase in her long-term care insurance premiums. She was so upset that she fired off an email to the Virginia Insurance Commissioner, Scott White, exclaiming how appalled she is that he gave his okay to such an egregious increase. Patty and her husband, Frank, […]
New Resource Will Help Consumers Connect With LTC Insurers
Since 1990, nearly 10 million Americans have purchased a long-term care insurance policy. Unfortunately, when the policies were needed 15-20 years later, many of these people (or their adult children) couldn’t find the copies of them. Until now, no single resource listing phone numbers for the Claims Departments of long-term care insurers has existed. A […]
Long-Term Care Insurance: That Wasn’t Supposed to Happen!
Q. When my mom was in her 50’s, long-term care insurance seemed like a great idea. She bought a policy while she and my father were still relatively healthy, paid their monthly premiums on time every month, and in return they thought they’d be able to afford a nursing home, assisted-living facility, or personal home […]
Long-Term Care Insurance vs. Life Insurance with a Long-Term Care Rider
Q. My mother was in a nursing home for about two years prior to her death, and it cost the family most of her savings. I don’t want the same to happen to me and my husband. Therefore, we are trying to make the decision of buying either long-term care insurance or life insurance with […]
What Happens When a Long-Term Care Insurer Goes Belly Up?
Q. My husband and I are seriously considering long-term care insurance. I read recently, however, that Penn Treaty is facing liquidation, and health insurers across the country are on the hook for hundreds of millions of dollars because of this. If the liquidation of one long-term care insurance company has such an effect on health […]
FAQs About Hybrid Insurance Policies
Dear Ribbit, I am considering a hybrid insurance policy, but I have several questions. If I send them to you, can you help me answer them to clarify some things to help me make a decision. Thanks very much! Hy Bridd Dear Hy, I’d be happy to help. Below are your questions in the form […]
Cost of Long-Term Care Insurance is Increasing. . . Even More than Before!
Q. Our neighbors are both retired Federal employees. Recently, when we had dinner with them, the topic of long-term care insurance came up, and they told us about a huge rate increase last year. Now, they are paying MORE THAN DOUBLE the cost of their 2016 premium to keep their same benefits — a lot of […]
The Death of Long-Term Care Insurance?
Maureen’s husband is retiring within the next few years, and her family is now planning in advance for long-term care, in case the need should arise in the future. Recently, in doing some research on long-term care insurance, Maureen read that John Hancock is leaving the long-term care market early next year. She couldn’t believe […]
The Lapsing of Long-Term Care Insurance Policies and Dementia
Dear Commander Bun Bun, My grandmother had a long-term care insurance policy, which I know she was paying a lot for. However, she has dementia, and let it lapse. I’m sure this happens all the time, and it’s scary because now is the time when someone like her would need the coverage most. Luckily, we […]
Should I Get Long-Term Care Insurance?
Dear Baxter, My neighbor is an insurance agent who keeps bothering me about long-term care insurance. I try to avoid her, but lately it hasn’t been working. To help me make an educated decision, can you provide some reasons I can add to my pros and cons list? Thanks! Lee Vamealone —- Dear Lee, With […]
Long-Term Care Insurance: Yes or No?
Q. Long-term care is a subject we’ve been avoiding for years, but as we are getting older and less able to do things for ourselves due to physical ailments, my wife and I finally sat down to talk about it. At first, long-term care insurance policies that help pay the costs of extended nursing care […]
Is There a Federal Long-Term Care Insurance Option?
Dear Commander Bun Bun, I am 58 and still working. I understand that long-term care insurance through insurance companies is expensive, and that there are risks involved. I was wondering if there is government solution to long-term care insurance. I remember reading something about the CLASS act, which was part of Obamacare, and was signed into a law. Do you know […]
Did I Read That Right? Rates for Long-Term Care Insurance Rose 9% This Year!
Q. My wife and I like to plan ahead. Unfortunately, both of her parents and three of her aunts died of Alzheimer’s, and we want to make sure we are prepared should one of us need long-term care in the future. We are aware of the astronomical costs of long-term care and are considering LTC […]
Long-Term Care Insurance- The Good, the Bad, and the Ugly
November is Long-Term Care Awareness Month, a continuing effort to raise public awareness about long-term care insurance and planning. Statistics show that more than 70% of people age 65 or older will need long-term care sometime in their future. That statistic alone dictates that you need to have a plan in place. With long-term care […]