Category: Health Insurance

Feature: Shorter-term long term care policies make planning essential

These tough economic times have impacted almost everyone. With baby boomers approaching retirement in unprecedented numbers, for some it has meant postponing retirement a few years, and for others indefinitely.

Those who are still able to purchase long term care insurance often have stringent budgets, making LTC planning quite challenging. As a result, they have limited choices when purchasing coverage that will at least offset some of the high costs of LTC.
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Economic Uncertainty Will Affect LTC Insurance This Year

As 2008 came to an end, many of us found ourselves wondering what the adjective “long-term” means in the context of wildly gyrating stock markets and the day-to-day uncertainty this turbulence has created for countries around the globe.

The swift U.S. economic downturn (now officially a recession) has already been so severe that most Americans are far more focused on what tomorrow may do to their nest eggs than on what the “long-term” future may hold in store, health-wise. This is particularly so for baby boomers nearing retirement who may face permanently diminished retirement income streams.
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For Couples In Second Marriages, Long Term Care Planning Is Vital

According to U. S. Census Bureau statistics, an increasing number of Americans are divorced, remarried or living as domestic partners (referred to as “cohabitation” by the Census Bureau).

A 2007 report from the Census Bureau shows that in 2004:

  • 12 % of men and 13% of women had married twice.
  • 3% of each had married three or more times.
  • 58% of women and 54% of men age 15 and older had married only once.


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LTC Insurance A Part Of Divorce Settlements? Yes

Couples entering marriages typically make lifetime commitments, yet divorce rates continue to hover close to 50%, according to the website of the National Center for Health Statistics, Hyattsville, Md.

As a result, the United States has many single parent homes, parents with joint custody and countless other divorce-related issues. Why should long term care planning specialists be concerned with this? Because LTC planning can play a significant role in divorce negotiations or as part of pre-divorce LTC planning.
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