I tried so hard to be what they wanted, but i was never good enough -- and today i will die

The topic of Long-Term Care has become a big one with an aging America. By 2030, 1 in 4 Americans will be over the age of 50. By 2050, 1 of every 5 Americans will be 65+ according to data from data from the Centers for Disease Control and Prevention. It seems like once you get around the age of 50 the conversation about Long-Term Care starts coming up. In today's world that means you hit the internet and see what information you can find. However, some articles are providing misleading or even completely erroneous information on Long-Term Care Insurance.

We have heard the term fake news, but perhaps the best way to define what is being written about Long-Term Care is just "lazy news" or "advocacy news". It seems like everyone with a computer, including myself, has an agenda. How much of this is "truth" is a matter to discuss.

Generally, there is more to a story... and the stuff left out is usually very important. The stories about Long-Term Care insurance premium rate increases are very misleading. They usually leave out many details. The reporters or "professionals" writing these articles often have an agenda to push the public in one direction or another.

The other thing to remember is the internet is also "old news" as nothing on the internet usually gets deleted. You may find and read something that is old but that story may have been updated numerous times since the first story was published making the information you are reading outdated. You must do more due diligence today to see if you are getting accurate information.

Since the issue of planning for the financial costs and burdens of aging is so important to American families you should know the facts. Often the reason the articles talk about premium increases is to scare the consumer. Maybe the writer wants the government to pay for all long-term care (not going to happen as too many people require care and budgets are tight as it is trying to take care of those with little or no savings). Perhaps the writer wants to have the consumer spend large sums of money of certain type of financial product they are selling. The consumer should understand the truth, so they can plan in advance with more peace-of-mind.

These increases that are being reported are primarily on "legacy products" These are older plans that were priced well before the interest rate crash and rate stabilization regulations.

Today, all plans are priced with the very low interest rate environment in mind (interest rates have been low in the United States over the last decade). These older plans which had increases were based on a few factors:

· Interest rates

· Lapse rates (meaning, how many people drop their policies. In practice, very few do, but this was not factored into premium pricing on many older plans)

· Claims and underwriting experience

These policies are paying huge benefits as well. In 2017 over $9.2 billion was paid in benefits to American families protecting assets and easing family burden.

The fact is these older policies were underpriced to start with and even with increases they still have outstanding value and huge benefits. Nobody likes an increase, but you must put that increase in perspective. Many of these people I speak with have huge benefits which have been increasing 5% compounded every year since they had the policy. Many have unlimited lifetime benefits as well. Since they have these huge benefits many can reduce the benefit or inflation factor to keep the premium the same. As their benefits increase far greater compared to the cost of long-term care they remain in an outstanding position.

Today's Long-Term Care insurance policies remain very affordable as people start purchasing plans prior to retirement. Underwriting is more conservative but since consumers are younger most people can still find an appropriate plan.

Experts say that the risks of increases are small but like anything there is always a chance of an approved increase. However, if you read some of the articles being published you would think the industry is dead and consumers no longer have any interest in the product.

The fact is there are still numerous insurance companies marketing Long-Term Care insurance. Consumer interest has never been greater. As I speak to other Long-Term Care Insurance specialists, like myself, we have all noticed a big increase in both consumer awareness and interest. Consumers are younger, more knowledgeable with the risks (often with first-hand experience with an elder parent or other family member) and we are bombarded with requests for information and quotes.

Consumers are seeking help from Long-Term Care specialists as most financial advisors and general insurance agents have limited knowledge and experience with the products, underwriting, policy design, benefit options and the federal/state partnership program which is available in most states. Therefore, some of these professionals push consumers into options they are more comfortable with despite the fact they might not be the best and most affordable way to address the costs and burdens of aging.

Long-Term Care Insurance, despite what you read, is very affordable for most people. With regulation and better pricing consumers enjoy additional peace-of-mind knowing they have a plan they can count on in the decades to come that will remain affordable once they retire and get older.

Many people can obtain outstanding coverage for under $150 a month, some even under $100. Premiums are based on your age at the time to get a plan, your health and the amount of benefits who wish to have. Most of the people I speak with nationwide are from ages 45 to 60.

A true Long-Term Care specialist will ask you numerous questions about your health, family history and retirement plans in order to make the proper recommendation. Anyone willing to give you "quotes" without asking very many questions should be avoided.

Long-Term Care insurance is custom designed. Plus, every insurance company has its own underwriting criteria. A true Long-Term Care specialist will represent most or all the major companies. They will have a keen understanding of underwriting and policy design. They should have processed many claims, so they have the first-hand knowledge of how these policies get used at the time of claim.

Finally, a real Long-Term Care specialist will not steer you to certain type of policy without spending time speaking with you to determine which type of plan fits your specific situation. Working with a Long-Term Care specialist will allow you to get the accurate information you seek. There are several reference websites for research:

LTC News offers articles and resources: http://www.ltcnews.com

US Department of Health and Human Services: https://longtermcare.acl.gov/

The main concern for most people is they understand caregiving is hard. An older spouse can't be expected to be a caregiver without impact their own health. Adult children and their own families, careers and responsibilities. Paid care is expensive and drains savings and impacts lifestyle.

For many, Long-Term Care Insurance is easy, affordable, rate stable income and asset protection. It reduces the burdens which your aging will have on your family. However, speak with a true specialist. There are not many Long-Term Care specialists with extensive experience, but I help people nationwide and a number of others like myself do as well.



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STATUS : - read comment for update from crossposter
It is hard to find too many people today that have not been impacted by the costs and the additional family burdens of Long-Term Care. The advances in medical science bring longevity. With longevity comes the costs and burdens of aging. These health issues can be from illnesses, accidents or just the impact of aging.

Caregiving is always hard on family members. You really can't depend on a spouse since if you are older so is your spouse. Adult children will have their own careers, families and responsibilities. A new poll by the Associated Press-NORC Center for Public Affairs Research that says many young adults are already providing long-term care services for older loved ones. It is not easy for them.

The poll indicates one-third of American adults under age 40 have already provided care for elder family members, and another third expect to be called upon to do so within the next five years.

Many people are aware the United States Department of Health and Human Services says if you reach the age of 65 you have a 70% chance of needing some type of long-term care service and support before you pass-away.

This means this is less an "if" and more a "when" and "how long".

The better statistic is this one: it will either happen or it won't.

If this happens you will be responsible for either finding a family member to provide care or purchasing care, either at home or in a facility. The clear majority of long-term care services are custodial in nature. This means you need help with normal activities of daily living or require supervision due to a cognitive problem like Alzheimer's or dementia.

Health insurance or, when you are 65, Medicare and your Medicare Supplement, will pay for only 100 days of skilled care services. This is why long-term care is such a problem.

Yet, some financial planners and insurance agents would rather you not explore Long-Term Care Insurance. Many don't understand the product, underwriting, policy design and the power of the Long-Term Care Partnership Program which is available in 45 states.

Why? There are several reasons. Some are just ignorant of the facts. However, most of them are very aware of the impact of the financial costs and burdens of aging. So why not Long-Term Care Insurance?

There is a huge misperception of the cost of policies. You may have even read some of the articles. They point to high premiums or premium increases over the time.

The fact is premiums are very affordable for most people. Sure, if you are 75 when you get a policy the premium will be based on that age and your health at age 75. However, people are adding Long-Term Care Insurance to their retirement plan prior to retirement with the bulk being in their 50s. Most of my clients are age 45 to 67. At these ages premiums are very affordable, especially if you are in good health and your policy is designed correctly.

Policy design is critical. Most claims are for care at home which usually costs less than a skilled nursing home. Policies pay for quality care in the setting you desire. This includes at home, adult daycare, assisted living, memory care as well as a traditional nursing home.

The American Association for Long-Term Care Insurance says most claims are for services at home. The major companies, in 2017, paid over $9.2 Billion in benefits to American families. The policies work and work very well. They give families choice and reduce the tremendous burdens placed on loved ones.

Partnership Long-Term Care policies provide additional dollar-for-dollar asset protection. This means you can buy just enough long-term care benefit to safeguard your assets without having to over-purchase and spend too much.

Some insurance agents and financial planners may want you to purchase expensive life insurance policies instead... or even worse... do nothing and self-insure.

There are a handful of outstanding "hybrid" policies available. These are life insurance policies or annuities specifically designed for long-term care. For some people this could be the best solution. But usually, a general insurance agent or financial planner is not the person to speak to about these options.

You need an experienced long-term care specialist. There are a handful of specialists nationwide. These are people, like myself, who represent all the major companies, understand policy design and underwriting, know the power of the partnership program and have processed claims so they know how polices actually get used.

In my case I have thousands of clients nationwide in the 20 years I have been helping people plan for aging. Remember, premiums are based on your age and health at the time of application as well as the amount of benefits you wish to have. These policies are custom designed, which is why you need a specialist who works with all the major companies to help you find appropriate coverage.

So how about premium increases. Yes, it is true older policies sold decades ago have had premium increases. These "legacy" policies were priced and marketed prior to rate stabilization rules that are now in place in most states.

Today's Long-Term Care Insurance policies have underwriting which is much more scientific and conservative than ever before. Premiums now consider low interest rates, low lapse rates and actual claims experience as well. Today's Long-Term Care Insurance plans have a much smaller chance for premium increases in the future according to the Society of Actuaries.

Regardless of those facts, it is not easy for insurance companies to raise rates on the products being sold today. This should give consumers a lot of peace-of-mind as they plan a way to safeguard savings and reduce the burdens extended care placed on their loved ones.

Perhaps the biggest difference between a specialist in long-term care and a financial planner or general insurance agent is that they look at Long-Term Care Insurance as only a financial decision. Yes, money is important. However, a Long-Term Care specialist knows this is all about family, your family.

Without a plan that addresses your future longevity, your family will be responsible for everything. The first thing the adult children of my clients tell me at the time of claim is that their Mom or Dad's policy gave them the ability to be family. They are always grateful for the help which allowed them to be loving and supporting. This way they can spend quality time with Mom or Dad and not worry about where the money is coming from or worse, having to provide the care themselves.

Working with a Long-Term Care specialist will allow you to get the accurate information you seek.

1 Response to "I tried so hard to be what they wanted, but i was never good enough -- and today i will die"

  1. I'm in no position to help in any way but I can still share and care about injustices like this...😥 I got 2 fur babies that I love ,protect and share any "bounty' I've got without a second thought... I still hope and believe that we humans,as a species,we'll wake up and BE better towards ourselves and nature. Animals are on the planet to give support and unconditional love. May we learn to be better...❤


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