If you don’t know what living benefits are, don’t worry. I will explain what they are below in more detail. Living benefits are a useful way to advance part of your death benefit early, while alive (or “living”) if certain covered events happen. Many life insurance carriers offer living benefits automatically on their policies or as a rider. While living benefits are a great option, you want to choose life insurance with living benefits carefully. The plan has to meet your needs, both short-term and long-term. If not, then you are conceivably just throwing your money away. You don’t want to do that, right? In this article, we discuss choosing your life insurance plan with living benefits wisely. You’ll want to do your homework as all plans offered by carriers aren’t the same. Additionally, other alternatives exist which may prove more valuable in your situation. [Read more…]
If you live in Massachusetts, you probably heard that assisted living and long-term care needs are expensive in the state. That is true. According to Genworth’s cost of living study, the average monthly assisted living and nursing home cost in Massachusetts is $5,599 and $11,710, respectively. You may think you will just let MassHealth pay for your long-term care needs. If you do that, you are setting yourself and your family up for potential financial disaster (in our opinion). In this article, we discuss the #1 reason why Massachusetts residents need a traditional long-term care insurance policy. [Read more…]
Traditional long-term care insurance has had a bad rap these days. It seems like everyone knows premiums have increased through the roof. (FYI – they have stabilized.) Moreover, people don’t like the “use-it-or-lose-it” stigma associated with traditional long-term care insurance. We understand. As we have discussed, you will probably need some type of long-term care in your future. So, what will you do? If you are self-employed, you have significant tax advantages of purchasing traditional long-term care insurance. In this article, we discuss several long-term care insurance tax advantages for the self-employed. [Read more…]
It is a fact: You will probably need some form of long-term care (LTC) (that is, custodial care) in the future. The Centers for Medicare and Medicaid estimate that 7 out of 10 people age 65 will need some type of long-term care (i.e., home health care, assisted living, or nursing home care.) If you are 50 or older (or a tad younger), you probably know of people who are dealing with the burden of caregiving for their parents or loved ones in LTC situations. We know caregiving can be one of the most excruciating situations in a person’s life. Maybe you are dealing with it yourself? Have you been thinking about your own long-term care yourself? What will happen if you need long-term care?
You probably are aware of traditional LTC insurance policies. Thanks to the Patient Protection Act of 2006, a new type of long-term care coverage emerged. Known as hybrid LTC policies, this coverage makes LTC insurance available for many consumers. In this article, we discussed the benefits of a hybrid LTC policy. [Read more…]
Deciding on long-term care insurance has typically been filed under “head in the sand” by most families and individuals. If you are like most people, age 50 or older, you probably have thought about long-term care. However, you delay the decision to protect yourself and your family. Usually, the decision to learn more about long-term care insurance happens when you experience a defining and stressful moment. What are these moments? You of your spouse receive an Alzheimer’s diagnosis. Or your parents or in-laws need long-term care and are looking for help from you! No longer is long-term care becoming an “if” you need it. Look at your parents, friends, and the fact that we are living longer. Long-term care is becoming a “when” you need it. In this article, we will discuss your long-term care options.