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Long Term Care Insurance – Did you ever discuss it with your loved Ones in Santa Monica?

Although every day 10,000 people are turning 65, Long Term Care Insurance is still not popular in Santa Monica. Only 8 million Americans carry this essential insurance in the United States, but recent studies show that 6 out of 10 people will need it during their lifetime.  With Nursing home costs running more than $ 200 a day and a part-time home health aide averaging $ 450 per week, you can see where having no Long Term Health Insurance can be devastating to your economic well being.

Many consumers mistakenly think that Medicare picks up part of this cost; it covers only short-term stays in rehabilitation center.  Medicaid is only for low-income people, so in order to receive Medicaid the recipient has to prove their economic necessity to get coverage.

A recent Genworth study shows that 75 % of Americans have never had a conversation about long–term care with their family, this becomes even more alarming considering that 60% of you will will need this type of care during your life time. Have you written down your long-term care wishes and instructed your family what to do in event that you need this type of help? For example, do you want to receive this care in your home, or in a nursing home? If you want to receive this at home, do you expect your wife or children to take care of you or do you wish to have outside help? If you are considering a nursing home, do you want a private room or can you handle having a semi- private room? How do you plan to finance your long-term care needs? An open discussion with your family will clarify for everyone what your wishes are and how you plan to finance your long term care bills over a long period of time.

President Obama tried to introduce and get passed The CLASS ACT, the public version of Long Term Care, however it had to be abolished because of the obstacles of getting financial funding. This has thrown the issue of paying for long-term health care back to the public and to people who have to recognize the probability of this hitting home. Without taking an active part in making plans for this coverage people are leaving themselves open for costs that they cannot pay for.

With Prudential leaving the California market in February only 4 strong Long Term Carriers are left serving the largest state in the country; Genworth, Mutual of Omaha, Trans America and State Farm. These companies have stringent underwriting criteria, with the ideal age for applying between 53 and 56 years old, only 50% of those 65 and older will be able to get Long Term coverage and this figure drops to 30% for those 70 and older.

As with health insurance, buying Long Term Care insurance is very complex, many variations are to be evaluated such as; elimination period, compound or simple interest, riders such as survivor rider and shared care rider, just to name a few. Also did you know that long-term care is fully tax deductible for C-Corporation and for individuals it has also a tax deduction incentives?
Let us show you all the possibilities that the Insurance Carriers, of this vital protection, has to offer. I am Barbara Schmalz the owner of Solid Health Insurance Services, specializing not only in Health Insurance but also in Long Term Care and Life Insurance.

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