Financial Advice Helps Women According to TIAA-CREF Survey

According to a survey called Advice Matters 2014, hearing financial advice greatly affects women. The

objective of this survey is to evaluate the preferences, behavior and attitude of women when it comes to receiving advice on money and financial well-being for retirement.

Here are the different ways financial advice helps women:

1. Confidence about Retirement

2. A More Proactive Approach towards Finances

3. Why Women Need to Save More

4. How Women can boost their Financial Strength

Original Source: http://www.ltcoptions.com/financial-advice-help-women-according-survey/

How to Fix Long Term Care Insurance

According to Michael Kitces, the best way to make long term care insurance affordable is by using long elimination periods.  

Long term care policy was originally created to guard against the “high impact but lower-probability risk of needing long-term care assistance at an advanced age.” In short, only a small number of people will require long term care but would face expensive bills. 

Due to medical advancements and longer life expectancy, the number of people who will require long-term care is increasing. According to Mr. Kitces, it is estimated that 50% of people who are 60 years old will need this product. 

Long term care has turned into a high-probability event with a big number of lower-cost claims. Therefore, long term care insurance policy has turned into a product that prepays long term care cost in advance at a high rate and with little insurance leverage.

The solution to this is simple. Policyholders should restructure their elimination periods by making it longer so that it can serve its primary purpose. 

You can read the original article here.

Top Long Term Care Insurance Company Doubles Worksite Sales

ACSIA Partners, one of the leading long-term care insurance companies in the United States, reports 2014 sales of about $5 million for its Worksite Division. According to Dan Cahn, Senior Vice President, it was a huge endeavour since they were able to double their sales in just one year. 

So what’s their secret? They highlighted productivity benefits and provided a custom outreach and education program for each employer.  The best approach is to be in sync with the inner drives and essential directives of Americans. It’s more effective to show them how long term care planning can help them protect their kids from setting their lives aside in order to take care of them in the future.

You can learn more about this good news when you click here.

Long Term Care Options for Americans

Long term care is a pressing issue in the United States that should be addressed right away. Around 70% of Americans who are 65 and above will require long term care. But it’s disappointing that a lot of Americans are underestimating their future long term care needs. 

According to a new Health Affairs study, 60% of adults who are between 40 and 65 years old are confident that they will not need long term care. This is alarming considering that the cost of care is soaring these days. Based on the 2012 MetLife Market survey, the annual cost of nursing home is about $95,000 annually and the average rate of assisted living facility is $42,600 annually. 

The reason behind the optimism of Americans is that they think that their families will provide care for them. Almost 75% expect their families to take care of them, which is seven times more than those who are expecting to need long term care services. 

Having long term care coverage is recommended but most Americans lack the knowledge on how to finance their future long-term care needs. It’s best to have the talk among family members in order to come up with the best solution on long term care.

Read the full text of “Americans are too optimistic about their long-term care options.”

Infographic: Long Term Care, End-of-Life and You

Long term care is a pressing issue among the aging population nowadays. More people are living much longer and will most likely need a high level of care and assistance in order to carry out their daily living activities. As a matter of fact, about 70% of Americans who are 65 and above will require long term care. To make things worse, about 90% of Americans do not have long-term care insurance. This is an insurance product that helps pay for the soaring cost of home care, nursing home, assisted living facilities and other long term care services.

You can learn more facts and figures about the realities on long term care and end-of-life through the infographic below.

Click here to view the original source.

Long Term Care Insurance Coverage and Retiring Overseas

There are some people nearing retirement who are thinking about retiring outside the United States. They want to have a change in environment and experience a new culture, so retiring overseas is an appealing choice. However, there are certain factors that you need to consider first before retiring abroad. Apart from taking into consideration the climate, cost of living and economy of the foreign country, you also need to determine the effect of moving abroad to your long term care insurance policy. 

Here are some factors you need to consider regarding your long term care policy:

1. Check the Fine Print

2. When International Benefits End

3. Should you Cancel your Policy?

Original Source: http://www.ltcoptions.com/long-term-care-insurance-retiring-abroad/