Long Term Care Planning Encouraged in New York State

New York state is setting up a program that will implement a long term care planning bill that was introduced by Sen. Jeff Klein. According to state Senate officials, New York will do whatever it can to encourage residents to be responsible in paying for their long term care expenses.

The said program will recommend residents to plan for end-of-life care, consider their loved ones who might take the responsibility of caregiving and considering long-term care insurance or life insurance as financial tools. The bill will also allow residents to use their accelerated death benefits to pay for nursing homes, hospice care, adult day care, palliative care and home care.

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Try These 5 New Year’s Resolutions before You Retire

You can start your New Year right by changing for the better or by planning for your future needs. This is a new phase that will bring some people much closer to retirement. The best way to deal with this is by trying these five New Year’s resolution to help you plan ahead for your retirement needs.

Here are the five New Year’s resolutions you can try:

1. Learn Something Difficult
2. Get Moving
3. Don't be Afraid to Spend your Money
4. Give it a Test Drive
5. Look over the Fence and See if you're Ready

Original Source: http://www.ltcoptions.com/5-new-years-resolution-future-retirees/

Maria Shriver and Robe Lowe Talk about Long Term Care

In the video below, Maria Shriver and Robe Low talk about the impact of growing old in the United States and the importance of raising awareness regarding the need for long term care planning. They gave personal caregiving experiences and encouraged people to discuss this with family and even their close friends. 

Research shows that 7 out of 10 of Americans who are 65 and above will require long term care. According to Maria Shriver, we are becoming a caregiving nation since about 10,000 Baby Boomers are turning 65 every single day. We should plan ahead for this pressing need by increasing your retirement income, making investments and by purchasing long term care insurance coverage. 

Initiate “the talk” as early as possible in order to have a sound plan on long term care.

Original Source: https://www.linkedin.com/pulse/conversations-matter-maria-shriver-rob-lowe-discuss-long-shriver

Long Term Care Insurance Companies Ratings

Long term care insurance companies offer insurance products that help people pay for the high cost of care in the future. There are myriad of companies or carriers that offer long-term care insurance so it’s advisable to explore your options really well and only trust a company that can provide you with a product that can benefit you the most in the future.

It’s important to look up the ratings of a carrier first in order to make sure that you can get your hands on a policy that can satisfy your future care needs. These ratings can help consumers choose a financially sound company in terms of meeting the claims of policyholders and a stable company that is dedicated in providing products and services.

These ratings are conducted by three companies and they are the following: A.M Best Company, Standard and Poor’s and Moody’s Investor Service. It is highly recommended to look up the ratings of the companies first before you make a purchase. Visit this website to find out to learn more about ratings of long term care insurance companies.

Long Term Care Insurance Policy Can Help Relieve Stress

According to the University of Michigan Health and Retirement Study, daughters are two times more likely to take care of their aging parents than sons. This can cause rift between siblings and can also make it hard for women to plan accordingly for their retirement. 

Families can avoid this by buying long term care insurance policy which is designed to pay for long-term care services such as nursing home, assisted living facility, CCRC, home care and adult day care. Since the cost of care is on the rise nowadays, it is imperative that people should buy coverage. The cost of a semi-private room in a nursing home costs nearly $7,000 annually while the average cost of assisted living facility is around $3,200 annually.

Caregiving is stressful in nature but if families plan ahead and purchase long term care insurance coverage, then they can avoid this and as well as family strife. It’s a worthy investment today since people are living much longer and will require any form of long term care.

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3 Things to Consider when Retiring Abroad

Determining where to spend your retirement life is one of the things that people ponder on once they are nearing retirement. One of the options you can consider is relocating to another country. If you’re one of those people who prefer to retire abroad, here are five things to consider before you pack your bags and hop on a plane:

1. Reason for moving.
2. Savings
3. Healthcare
4. Taxes
5. Estate Planning

Original Source: http://www.ltcoptions.com/retire-abroad-4-things-consider/