The Best Time for Long Term Care Planning

Experts would recommend planning for long term care as early as possible. However, those who are still young and healthy consider long-term care as the least of their concerns. This should change since anyone can require long term care at some point of their lives and can have a big implication in your life. So while you’re still healthy and young, start planning for long term care.

Long term care planning early has its advantages and they are the following:

1. Adequate time
2. Independence
3. Peace of mind

Source: https://www.ltcoptions.com/planning-for-long-term-care/when-should-i-plan-for-long-term-care/

Helping Your Loved Ones Prepare for Retirement

Most families today are struggling to initiate the conversation to their aging loved ones. It’s important to make their finances your business, particularly now that people are living much longer and will most likely require long term care due to old age, disease or injury. Don’t wait to start “the talk” until it’s already too late and your loved ones are already suffering from debilitating illness or begin to lose control of everyday finances. 

Here are some tips that can help you initiate the conversation:

1. Finding the missing link
2. Schedule a family financial meeting
3. Locate important documents and accounts
4. Consider seeking financial counseling
5. Make and agree on a plan

By helping your loved ones create a retirement plan, you can help ease the stress and financial strain on everyone who is involved.

Source: http://www.huffingtonpost.com/jason-alderman/making-sure-loved-ones-ar_b_6753064.html

Price is What You Pay, Value is What You Get

 

Warren Buffet’s quote, “Price is what you pay, value is what you get” can lead you to making the right financial decision. This quote reveals that price and value are not always the same. You can apply this when purchasing long-term care insurance. Everyone knows that its cost is skyrocketing nowadays, one of the reasons why people shy away from this. However, there are a few methods that can help consumers purchase policy at a lower price and still get a coverage that is good enough to cover their future long-term care expenses. By purchasing early, availing discounts and requesting for long term care insurance quotes, you can get the most fitting long term care insurance policy without spending much. Visit http://www.ltcoptions.com/free-long-term-care-quotes/ to get free long term care insurance quotes from top carriers plus a free e-book on long term care planning.

 

Women Face Significant Economic Challenges

Women worldwide are still facing a lot of obstacles that hinder them from attaining a secured future. In the United States alone, women encounter more economic challenges than men in pursuit of financial security, especially when it comes to having a comfortable retirement. So it’s important for women to be familiar with these challenges and to learn how to overcome them. 

Here are some challenges and possible solutions that women should take note of:

1. Challenge - Women will most likely need any form of long term care.
   Solution - Plan for long term care expenses early.

2. Challenge - Women live much longer and will most likely depend heavily on Social Security.
    Solution - Create a sustainable withdrawal strategy.

3. Challenge - Women spend more time out of the workforce and accumulate less money in 401(k) plans.
    Solution - Take full advantage of your IRA and (401)k.

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The Cost of Long Term Care Insurance Is Up But Varies Widely

Long term care insurance premiums are up by 9% this year according to the latest report.  Premiums vary greatly depending on several factors. According to Jesse Slome, increase in policies is much larger for some people while it is quite modest for couples. 

Couples get a discount if they buy a joint policy since one of them will most likely provide care for a spouse. So a married couple will now pay $3,930, up from $3,280 for the initial coverage of $328,000.

A man who is 55 years old will expect to pay the average cost of $2,075 annually for the initial coverage of $164,000, which is up from $1,765 last year.

The rate for a single woman of the same age is higher. Her average rate is $2,411 which is up from $2,307. The reason behind this is gender-based pricing since women outlive men and will most likely require long term care.

Source: http://www.nytimes.com/2015/02/21/your-money/long-term-care-insurance-costs-are-up-but-vary-widely.html?_r=0

4 Long Term Care Tips For Your Parents

You think of your parents as the people who nurtured, took care of you, guided you and molded you to become a good person. As time passes and you get older, you realize that your parents will eventually need someone who will watch over them because of old age, disability, injury or poor health. This will make you think whether they will require long term care later and if they are prepared for this. 

Here are four ways that you can help your parents plan for long-term care:

1. Talk about it
2. Factor in their choices
3. Assess their current situation
4. Determine how much you and your siblings can contribute

Source: http://www.ltcoptions.com/4-ways-help-parents-plan-long-term-care/