Florida Long Term Care Partnership
Florida, like many states, has instituted a program to tackle the problem of lack of Long Term Care Insurance coverage for its residents via a partnership program between private industry and the State. Florida’s population is rapidly aging and awareness of the need for Long Term Care Insurance remains low.
This article aims to highlight Florida Partnership Requirements, unique Florida Partnership features, and provide a resource to receive competitive Florida Partnership quotes and comparisons.
- What defines Long Term Care?
Long Term Care Insurance covers the cost of services such as nursing homes, in-home care and assisted-living care when one is unable to care[…]
Baby Boomer Health Issues
I read a fascinating and at the same time sobering article written by the Mayo Clinic about the health issues Baby Boomers face and their potential need for long term care in the near future… As you might know in 2006, the first baby-boomer became age 60. Baby-boomers are members of the generation born between 1946 and 1964 and represent an huge demographic bulge totaling 76 million people who can be expected to need and use long term care facilities and home[…]
Genworth and other Companies Actuaries Change Long-term Interest rate assumption
We sat in on a meeting with the Genworth Financial’s Long Term Care Insurance President Buck Stinson yesterday. The meeting gave us confidence in the insurance industry as a whole when he said that Genworth, along with the other major carriers, have re-configured their actuarial assumptions and pricing to accommodate for a low interest rate environment for the next 50 years.
The Federal Reserve’s currently has in place Quantitative Easing or QE to infinity which is the method of artificially keeping interest rates low to try and stimulate the economy for an indefinite future. The insurance companies have responded by assuming[…]
Which to choose? The Federal Long Term Care Insurance or an Individual Plan?
Many of our clients are comparing individual rates with the Federal Long Term Care Insurance (LTC) program, so it’s understandable why they’d be curious as to which is the better plan. There are a few points to consider when making the comparison of Federal LTC Plan versus an Individual LTC Plan.
- The Federal Long Term Care Insurance plan may have an Open Enrollment
- Good if you are unhealthy and can’t get covered on the private market.
- Bad / Expensive if you are healthy – see below.
- Individual plans are less expensive, on average
- Because they require you to submit medical records, there’s[…]
Is the AARP Long Term Care Insurance Plan Good?
AARP “endorses” Long-Term Care Insurance in 2010 through Genworth Life Insurance. The AARP Genworth Long Term Care Insurance My Future My Plan coverage was once provided by MetLife but Genworth was selected in the last several years. One thing to keep in mind before looking at AARP as a benevolent organization is to remember that AARP has financial incentives to sell insurance. Like any product you buy the goal is to save money and still get the problem solved.
There’s more going on than many people realize, and we simply like to educate the public. In the[…]
Long Term Care Insurance Partnership Plans
How State Long Term Care Insurance Partnership Plans Can Save You Money
How much does it cost?
There is no additional cost for Long Term Care Partnership Benefits. The states require you purchase inflation protection, but that is already part of any good Long Term Care plan already. In California, you are required to purchase $180/day benefit minimum – virtually all other states (except NY/CT/IN/Mass) have no such requirement.
How do I qualify?
Your policy must be a state approved Partnership plan (ask your LTC Tree agent for details) and depending on your age must have either compound or simple inflation protection. This is[…]
Reviews of each company’s financial stability ratings, claims experience, and size.
A side-by-side comparison of each company’s policy features. We cover the similarities and the differences.
Price comparisons customized to suit your specific needs from top carriers such as Nationwide, Thrivent, New York Life, National Guardian Life, Mutual of Omaha, and more.