This will significantly reduce the cost of the policy.

Panera Bread

Bay Terrace Shopping Center

23-58 Bell Blvd Bayside, NY 11360

for a Free Seminar

The Secret to your Secure Financial Future

Monday, December 12th from 7-9pm

This is a no-obligation informational program offered by Quality Life Solutions.  This power packed seminar will uncover the one missing ingredient in most financial plans and the options available to properly protect you and your loved ones.  You can be assured this is not a sales pitch but an informational seminar.

Bring a friend.

]]> http://longtermcareplanners.com/2011/11/28/event-the-secret-to-your-secure-financial-future/feed/ 0 qualitylifesolutions http://longtermcareplanners.com/2011/09/30/the-class-act-on-hold/ http://longtermcareplanners.com/2011/09/30/the-class-act-on-hold/#comments Fri, 30 Sep 2011 21:48:55 +0000 qualitylifesolutions http://longtermcareplanners.com/?p=81 ]]> The Community Living Assistance Services and Supports program, known as the CLASS Act, was created under the President’s health care law as a voluntary long-term care insurance program for workers.

Under the CLASS Act workers would pay an affordable sum of around $100 a month or less. In exchange, they would receive a modest daily cash benefit averaging no less than $50 if they become disabled later in life. Beneficiaries could use the money for services to help them stay at home, or to help with nursing home bills.

There were always doubts about its financial viability from the onset. This past week the eight people on the program staff were told they would be reassigned. The Health and Human Services Department would take time to pause the program to reevaluate its viability. It is felt that once the program is paused it will be hard to start it up again.

A central design flaw of the the CLASS Act from the beginning has been unless large numbers of healthy people sign up, there will be soaring premiums for a smaller group of frail beneficiaries eventually destabilize the program.

The Associated Press reported last week on emails showing that technical experts in the government said the CLASS Act could not be kept afloat indefinitely without a taxpayer bailout, or a requirement that workers enroll.

Private long term care insurance is a solution for some, but not all individuals are eligible for private long term care insurance because of pre-existing health issues, so enrolling in the CLASS Act program would be the only alternative for them.

Article Sources: The Associated Press, Wall Street Journal

How will you pay for Long Term Care

Long-term care is clearly a woman’s issue, explains Norine Grodin of Quality Life Solutions.  Women provide the majority of care for their spouses or other aging family members, and because they live longer than men are far more likely to need long-term care themselves.

Planning for long-term care is especially important for women who are married, living with partners or residing alone.  Long-term care insurance is one affordable planning option available, Stephanie Ethe notes.  But is it essential to get information when you can still health qualify and benefit from available discounts. Some 8.25 million Americans already own this coverage, according to the long-term care industry organization.

A free copy of “A Woman’s Guide To Long-Term Care Insurance Protection” can be obtained by calling Norine Grodin at 718-275-0465 or Stephanie Ethe at 631-236-9206

Many individuals are unaware of the many discounts that now exist that can reduce the cost for long-term care insurance protection, explains Stephanie of Quality Life Solutions a long-term care professional based in Commack, NY. By planning intelligently individuals can save money immediately and for many years to come.

According to Jesse Slome, executive director of the American Association for Long-Term Care Insurance, the national trade organization, some 50 insurers currently offer long-term care policies on an individual basis or through employers. Each company sets their own pricing for protection and each has price variances that based on your age, your marital status and your health. The difference can be quite substantial.

Your health plays an important part in determining what you will pay for long-term care insurance. Leading insurers offer preferred health discounts, similar to good driver discounts offered by car insurance companies, reports Norine Grodin. These preferred health discounts generally are 10-to-20 percent of the yearly cost and cannot be taken away even if your health changes at a future date. A recent study by the American Association for Long-Term Care Insurance revealed that 54 percent of applicants between ages 40 and 49ualified for this discount. Less than a third (31%) of applicants who wait until they are 60 will qualify for this savings.

Discounts offered to married couples today generally range from 15-to-40 percent each year when more than one individual buys coverage at the same time. A partial couples discount may even be offered if only one partner is covered, explains (your last name).

Another way to reduce the cost of long-term care insurance is to add a deductible period to the policy. Most people are familiar with the concept of deductibles on their car, home and even health insurance, Ethe notes. Adding a deductible, often called the Elimination Period to your long-term care insurance protection can reduce the yearly cost by 20 percent.

“People are misled by reports that reflect high average costs for long-term care insurance,” explains Jesse Slome, executive director of the industry trade group. “Averages do not reflect what many people pay for this important protection.”

According to the new study buyers between ages 50 and 54 paid as little as $694 per-year, to as much as $9,650. The mean paid was $2,236. The range for buyers between ages 55 and 59 went from $794 a year to $8,824 per year. Most buyers today are in their 50s and young 60s the Association notes.

The average age for new long-term care insurance buyers is 57 explains Norine Grodin of Quality Life Solutions located in Forrest Hills, NY. “If you wait until age 65, you’ll pay quite a bit more for this coverage and may not be able to health qualify,” Ethe adds.

The study reported a range in costs for those between 65 and 69 from a low of $1,434 to a high of $7,466. The mean cost was $3,815. The highest costs were paid by individuals age 75 or older with costs ranging from $6,733 a year to $13,039 per year.

“Most insurers today offer significant ways to reduce the cost of long-term care insurance,” explains Grodin. Good health and spousal or partner discounts are relatively common but can vary from one insurer to another. “Each insurer sets their own rates and these can vary by 40-to-80 percent for virtually identical coverage,” Ethe notes. “It pays to speak with a knowledgeable professional.”