This is a table that shows the minimum assets and income each state allows nursing-home residents and their spouses to keep.
Tag: Long-Term Care Cost
Feb 01
The Partnership for Long-Term Care
The idea of the Long-Term Care Partnership is to provide a way for the Medicaid program to work together with private long-term care insurance to help those people who are caught in the middle: they can’t afford to pay the cost of the care or even the cost of a long-term care insurance policy with unlimited benefits, yet their assets are too high to qualify for Medicaid to pay their long-term care expenses. Many middle-income workers and retirees find themselves in this position.
Participating insurance companies in the Partnership recognize the needs of these middle-income Americans by providing LTC insurance policies that have built-in consumer protection benefit standards, and participating states cooperate by allowing these policyholders to access Medicaid without spending down their assets almost to poverty level if the insurance benefits run out.
Oct 24
What Does Long-Term Care Cost?
Planning for long-term care is best done with information gathering to make an informed decision. The “deer in headlights” approach doesn’t work.
Jul 15
Dave Ramsey helps so many people but he is way off on when to buy LTC coverage
If Dave could just grasp that telling people to wait until their 60s can not only price them out of the market, it can make them uninsurable so that no amount of money will buy it for them. Sadly, the 60 year olds who try and fail to get LTC insurance are very likely to lose the financial peace for which they turned to him to start with because long-term care is the most common reason people outlive their savings.
Jul 03
Phyllis Shelton Says Wall St. Journal Didn’t Go Deep Enough on LTC Insurance Rate Increases
Phyllis Shelton expands on the July 1, 2013 Wall St. Journal article that discusses LTC insurance rate increases by showing how to evaluate a rate increase, how to save money by buying Long-Term Care Partnership plans, and how to view the impact of not planning for extended health care.
Apr 30
How much does long-term care insurance cost? (rate calculator for sample plan)
Buying long-term care insurance is like buying a car. You pay for the core components like an engine and four wheels with tires on them, then add the options that mean the most to you.
Aug 21
Planning for Long-Term Care Inflation Isn’t Rocket Science, Folks
The new John Hancock Benefit Builder product has turned long-term care insurance into an investment instead of an insurance product.
Jul 22
Long-Term Care Insurance: A Priceless Equation
CNBC allows you to vote on “Would You Buy Long-Term Care Insurance” at this story: http://www.cnbc.com/id/47703131 This article says the premiums are expensive. I hear that all the time. Are they expensive? I have to expand the question to those who make that statement. Long-term care insurance premiums are expensive compared to what? Compared to …
Mar 22
Bad Advice to Lower Daily Benefit to Lower LTC Insurance Premium
Response to Terry Savage article “Long-Term Care-LESS”, MoneyShow.com, March 19, 2012 http://www.moneyshow.com/investing/article/11/Blog-27057/Long-Term-Care-LESS/ The 90% rate increase by John Hancock is not a responsible rate increase in my opinion. They were asleep at the wheel, not realizing that was coming. But in all fairness – this article makes it sound like long-term care insurance rate increases …
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Phyllis Recommends
