Long Term Care Insurance - Low Cost Alternatives For Budget Conscious Seniors!

Home
>
Insurance
>
Long Term Care Insurance - Low Cost Alternatives For Budget Conscious Seniors!

Long Term Care Insurance - Low Cost Alternatives For Budget Conscious Seniors!

With Nursing home Cost's running $4,000 to $6,000 a month and outpacing inflation, it is a small wonder that most seniors cannot afford the Long term Care insurance premiums. Their are low cost Alternatives available for seniors who just can't afford the rising cost of these Premiums.

Many Seniors even question if they need Long Term Care Insurance. Take a look at the Stats and decide for yourself.

Long Term Care by the Numbers

In the year 2010 about 12 million older Americans may need long term care

A Study by the U.S. Department of Health and human Services predicts that 40% of all Americans over the age of 65 will need Nursing home care

22% of all Americans over the Age of 85 are in a nursing Home

According to the US Government 40% of the People Currently receiving Long Term Care Services are between 18 and 64.

Many older People are under the belief that Medicare and Medicaid will cover the cost of Long Term Care. Every State has their own rules about what income and net worth requirements will qualify you for Long Term Care assistance. Here are some qualification rules in use by the State of Missouri as published in the Consumer Guide for seniors from the official Web page for the State (http://insurance.mo.gov/consumer/senior/ltcguide.pdf) (For other States check the State.gov web page and then search on insurance and long term care)

In the State of Missouri Medicare Pays Long Term Care as follows

First 20 Days Medicare will pay all

For the Next 80 Medicare and the Senior Split the Cost based on some Formulas

Beginning on the 101st Day you are responsible for all Long Term care Costs.

What About Medicaid? Here are some Rules in place in the State of Missouri.

A Single person has to spend down their assets to under $1,000 before Medicaid will pay.

A Married couple would have to spend down 1/2 of their assets or more. According to the following rules A Spouse may keep between $13,740 and 68,700. So if a Couple only has $13,740 the Spouse gets to keep it all and Medicaid will pay the long Term Care Costs. But if a couple has $500,000 in Assets the Spouse only gets to keep $68,700 before Medicaid will Pay.

Certain Assets are Exempt from the Spend Day requirement and it is strongly advised if you have significant assets that you contact a Financial Advisor or attorney, who specializes in asset protection for seniors in your State.

Now that you have the Facts the Question is how do you protect yourself at a reasonable cost. Many Insurance companies offer Annuities and Equity Indexed Annuities with a Nursing Home Benefit. These Annuities would allow you to take your Annuity over a Span of 5 Years to help pay for your long term Care Expenses. In Addition to the long term care benefit these annuities offer Tax Growth, Up to 10% Bonuses for the first 5 years and many other Benefits.

If you are a Senior concerned about the High Cost of Long term Care but really cannot afford the High cost of Long term Care Insurance Premiums then Annuities with a Long Term Care Rider may just be the solution you seek.

Mike Makler is a Licensed Life Insurance Agent Based out of St Louis Missouri. To Learn More Call Mike at 314 398-5547 or Visit Mike's Web Page http://ewguru.com/insurance

In The News:

Yahoo! News: Top Stories

Senate cancels vote on doomed auto bailout (AP)

AP - The Senate's top Democrat has called off a planned vote this week on a $25 billion auto industry bailout. Senate Majority Leader Harry Reid said that he wanted to figure out some way to help Detroit's struggling Big Three but that efforts to do so had stalled.

Dow slips below 8,000 on growing fear of deflation (AP)

AP - A growing fear of economic deflation helped take the air out of the stock market Wednesday, and another white-knuckle final hour on Wall Street pushed the Dow Jones industrials under 8,000 to their lowest close since the financial meltdown began.

Dem officials: Daschle accepts HHS Cabinet post (AP)

AP - Former Senate Majority Leader Tom Daschle has accepted President-elect Barack Obama's offer to be Secretary of Health and Human Services, Democratic officials said Wednesday. The appointment has not been announced, but these officials said the job is Daschle's, barring an unforeseen problem as Obama's team reviews the background of the South Dakota Democrat.

Calif. Supreme Court to take up gay marriage ban (AP)

AP - California's highest court agreed Wednesday to hear several legal challenges to the state's new ban on same-sex marriage but refused to allow gay couples to resume marrying before it rules.

Al-Qaida's No. 2 leader insults Obama with racial epithet (AP)

AP - Al-Qaida's No. 2 leader used a racial epithet to insult Barack Obama in a message posted Wednesday, describing the president-elect in demeaning terms that imply he does the bidding of whites. The message appeared chiefly aimed at persuading Muslims and Arabs that Obama does not represent a change in U.S. policies.

30-day age limit for Neb. safe-haven law advances (AP)

AP - A 30-day age limit in the Nebraska safe-haven law appears headed for final approval. The state Legislature voted 41-6 Wednesday to give second-round approval to the limit. A final vote is expected Friday and then the bill will go to Gov. Dave Heineman, who has said he would support a 30-day age limit.

Mammoth task: Scientists map DNA of ancient beast (AP)

AP - Bringing "Jurassic Park" one step closer to reality, scientists have deciphered much of the genetic code of the woolly mammoth, a feat they say could allow them to recreate the shaggy, prehistoric beast in as little as a decade or two.

Herod may have been buried among lavish artwork (AP)

AP - King Herod may have been buried in a crypt with lavish Roman-style wall paintings of a kind previously unseen in the Middle East, Israeli archaeologists said Wednesday. The scientists found such paintings and signs of a regal two-story mausoleum, bolstering their conviction that the ancient Jewish monarch was buried there.

Ind. inmates sneak through ceiling to have sex (AP)

AP - Three male and three female inmates at a southern Indiana jail face charges that they devised a way to sneak between cell blocks to help pass their time behind bars by having sex.

Red Sox trade Coco Crisp to Royals for reliever (AP)

AP - The Kansas City Royals picked up the leadoff hitter they had been seeking, acquiring center fielder Coco Crisp from the Boston Red Sox for reliever Ramon Ramirez on Wednesday. Kansas City was 12th among 14 AL teams in runs last season and added power last month, obtaining first baseman Mike Jacobs from Florida.

Auto execs testify as legislators try for deal (Reuters)

Reuters - U.S. auto executives went to Capitol Hill for a second day on Wednesday to argue their case for $25 billion in aid as legislators proposed changes to help a bailout pass Congressional and White House muster.

Fed minutes: may need more rate cuts if growth ebbs (Reuters)

Reuters - Federal Reserve officials slashed economic growth forecasts through 2009 and some believed even deeper interest rate cuts may be needed if growth slows further, minutes of their October policy meeting show.

California court to hear gay marriage ban case (Reuters)

Reuters - California's Supreme Court on Wednesday agreed to hear a legal challenge against the state's voter-approved ban on gay marriage and let the ban stand until it ruled.

Obama taps ex-Senate chief to head health agency (Reuters)

Reuters - President-elect Barack Obama has chosen Tom Daschle, a key early supporter and former U.S. Senate leader, as his top official to overhaul the U.S. healthcare system, two Democratic sources said on Wednesday.

Consumer prices, home starts plunge in October (Reuters)

Reuters - Consumer prices fell at a record pace in October and new-home building slumped to fresh lows, according to government reports on Wednesday that suggested the economy likely is already in a recession that may be long and deep.

Citigroup stock drops to 13-year low, fear grows (Reuters)

Reuters - Citigroup Inc faced a crisis of confidence on Wednesday as investors questioned the survival prospects of the U.S. banking giant, and its shares tumbled 23 percent to a 13-year low.

Bill Clinton offers steps to help wife get State job (Reuters)

Reuters - Former U.S. President Bill Clinton has offered to allow ethics reviews of future business and charitable activities should his wife be picked by President-elect Barack Obama as secretary of state, Democrats familiar with the issue said on Wednesday.

Housing agency loosens foreclosure aid rules (Reuters)

Reuters - The U.S. Department of Housing and Urban Development will loosen terms of its foreclosure-prevention effort so that the program, meant to backstop $300 billion in home loans, can be more effective, the agency said on Wednesday.

Indian navy destroys pirate ship as super-tanker ransom demanded (AFP)

AFP - An Indian warship destroyed a pirate "mother vessel" in the Gulf of Aden, the navy said Wednesday, as bandits demanded a ransom for a Saudi super-tanker seized in the most daring sea raid yet.

Zawahiri warns 'house negro' Obama (AFP)

AFP - Al-Qaeda number two Ayman Zawahiri ridiculed US president-elect Barack Obama as a "house negro" and warned him against sending more troops to Afghanistan, in an Internet audio message released on Wednesday.

Long Term Care Insurance - Low Cost Alternatives For Budget Conscious Seniors!

Insurance Insurance