Long Term Care insurance and Health Care Reform. What a rat’s nest.
It took 11/2 years for Pres. Johnson to come up with Medicare, which covers 80% of medical expenses for seniors and the disabled. Obama wants a plan that covers every American on his desk within the next 6 months! It would take less time if they weren’t trying to reinvent the wheel.
While Fidelity Investment’s 2008 Long Term Care Insurance planning report affirmed the need for insurance, some writers confuse the cost for aggregated INSURANCE PREMIUMS (less costly) with the cost for ACTUAL CARE (much more costly).
This error misleads readers into massively underestimating actual, real-world, care costs.
Long term care insurance to cover expenses for long-term disabilities is a smart thing to buy, of course. After all, nobody among us has a crystal ball, do they? And even the healthiest people become frail with advancing age.
But when to buy this insurance?
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Baby boomers and senior boomers are bombarded with sales pitches about their futures, their retirement and getting old. “But don’t let whirlwind messages and slick marketing put you on the fast track to a bad decision…
Can a state really make it illegal to not have insurance?
Genworth Financial has been a solid player in the Long Term Care insurance arena for years. The company is well diversified, offers decent products, is financially strong and its annual earnings are up. So, why does Genworth feel the need to raise rates on older policies and jeopardize seniors who have faithfully paid their long term care insurance premiums all these years?
Conseco and Penn Treaty Long Term Care insurance companies must be biting their nails to the quick, as the House Committee on Energy and Commerce breathe down their necks and the General Accountability Office closes in.
In today’s market, there is only one way for an insurance company to offer a lower priced long term care insurance product – cut their costs! But how is Genworth doing it?
You sometimes hear a journalist talking about long term and elder care. Sometimes they’re right, sometimes they’re wrong.
It is always prudent to use a specialist when you are researching and purchasing long term care insurance. LTCi can be confusing and products can vary by state. In order to make a bit more money, some financial planners have become licensed to sell long term care insurance. But being licensed to do so does not necessarily make one an expert. I finally found an article on a financial weblog where the author admits to being clueless…
