North Carolina Long Term Care

Genworth Financial, a global financial security and wealth management company, surveyed several key cities in North Carolina to find out the current costs of long term care in the state. Asheville has the most expensive hourly rate for a Medicare-certified home health aide. Residents of Raleigh-Cary have to pay for $4,100, the highest monthly rate for assisted living facility within the state. Burlington has the most costly daily rate for a semi-private nursing home.

The number of North Carolinians needing LTC services has swelled as the senior population continues to enlarge. The North Carolina Long-Term Care Policy Office reported that the state's senior population is increasing faster than the rate of other states, and is projected to balloon at the rate of more than 1.6 million by 2020. The percentage of adults in North Carolina is believed that will have reached the highest rank from 31st to 11th by 2025.

Baby boomers require LTC services compared to any other adults. Most baby boomers (born between 1946 and 1964) might have lost contact with family members, or there's no family member who is might be willing to render care. This is the end result of high divorce rates among baby boomers, wherein baby boomers choose to stay single or, otherwise, have less number of children.

Demographic factors such as divorce and small family increase the possibility for LTC. Another problem is that it increases the financial burden of the individual in paying for those services. Quarter of the baby boomer's population have pensions and insurance. North Carolina has low savings rate of 4 percent that could make the problem worse. Currently, most residents depend on publicly-funded North Carolina long term care insurance. The majority of public health funds come from Medicaid. The N.C. Medicaid program has helped about 19% of the total state population in 2007, or equivalent to 1 out of 5 every resident in the state. About 10% and 16.2% of the total recipients were seniors and disabled. Seniors and the disabled made up almost 65 percent of total Medicaid expenditures, amounting to about $5.6 billion combined. Medicaid applicants have surged to about 2.3 percent unlike those in previous years.

The state government has been trying all means to enhance the LTC system that will meet the needs of its residents. One of the efforts the state of N.C has pushed through is the North Carolina Long Term Care Partnership. LTC Partnerships have been around since 1980s, but the state has been eying on the advantages and disadvantages of such partnership. When this partnership program became successful in other states, the North Carolina government has pursued the same policies. The North Carolina Department of Health and Human Service (DHHS) boosted plans on personal financing of long-term care. The Division of Aging collaborated with the Governor's Advisory Council on Aging, the Senior Tar Heel Legislature, and other agencies to adopt the Long Term Care Insurance Partnership Program.

During the 2001 North Carolina General Assembly, the state introduced the House Joint Resolution 328. This resolution was meant to urge Congress "to adopt incentives that encourage the purchase of private long-term care insurance and to eliminate federal barriers to the expansion of Medicaid long-term care Partnership plans."

The final resolution was issued during the NC General Assembly in 2006 that passed the North Carolina Long Term Care Partnership program.

Why Buy Long Term Care Insurance?

Before I discuss reasons for purchasing a policy, it is important to make sure that you understand what these plans cover. They are a type of health insurance, but they are intended to cover the costs of facilities or companies that assist disabled people with daily living activities. This is something that most medical plans do not cover, at least not for an extended period of time and regular use. Some medical plans, like Medicare, may cover short term or irregular care. However, benefits expire after a short time.

Here are some key things to note about long term nursing care:

• Your care could be from a home health aid, a nursing home, and assisted living home, or even an adult day care. It is for disabled people who cannot care for themselves. Some plans only cover certain types of care.


• Even though we call this type of care, nursing care, it does not always come from a registered nurses. It could come from an aid who assists patients with certain activities. They type of care that you will get depends upon what you need.


• Most of the time we tend to associate the need for this kind of assistance with senior citizens. However, many people under age 65 also become disabled and could need some form of nursing assistance.


• Basic Medicare benefits only cover short term or irregular care, and they do not cover long term care!

How Does Long Term Nursing Care Get Paid For?

Sometimes the bills may be paid by Medicaid, but this program is different than Medicare. In some states it may be very difficult to qualify for. Many times, a state resident will have to spend most of their assets in order to start getting Medicaid assistance. In other words, if you do not have any long term care coverage, you or your family will get the bills.

What Should You Know About Nursing Care Plans?

Long term care insurance (LTCi) can pay all, or some of, your nursing care bills. There are many different types of policies and coverage levels, so you should try to research a lot of different plans and companies before you buy! Some things that may vary are your waiting period, daily limits, types of care, and much more. They are also not the only way to plan for the cost of long term nursing care, and you should also explore other solutions.

There are some government incentives to encourage people to purchase nursing care policies. If you purchase a qualified policy, you may be able to deduct the premiums from your income tax. This can give you a tax break and an extra incentive to purchase coverage. It also reduces the real cost of your policy.

These days, many states are also trying to encourage residents to purchase nursing home policies. They relax Medicaid qualification rules for people with qualified nursing care insurance.

Note that qualification rules are different for state plans than they are for the IRS tax deductions. In addition, not all states have passed this legislation yet. A good long term care insurance agent or retirement planner may be able to help you if you do not care to research this yourself.

Alternatives to Long Term Care Insurance

Long term care insurance is usually expensive. Some insurance agencies have difficulties balancing the price. Since healthcare costs have skyrocketed and continue to grow many long-term care providers need to raise prices to make a profit. Of course, you as the consumer also feel the sting of these price increases.

How badly do you need long-term care?

People live longer lives today and although this is a good thing it is also more expensive. I know it is a terrible thing to say, but living is not free and from a certain age you'll find yourself in the situation of depending on others. Old age may prevent us from doing some basic daily activities like eating, walking, bathing etc. However many people who need long term care are under 65!

It is expensive, but at the same time it can be a necessity. It is difficult to say what the future holds.

On the other hand, long term-care insurance doesn't always offer the best services. You shouldn't relay too much on the services offered by a company. Sometimes, it is better to take matters into your own hands!

What are the alternatives?

One obvious answer is self-financing. If you can afford it, you can pay for any eventual long-term care yourself. If you start early, you can save a lot of money by the time you retire for this purpose. The advantage is that even if you do not need long term care, you don't lose the money!

Relaying on family can also be a good idea if you have a close relationship with your relatives. You should discuss this issue with your children and other family members to see if someone is willing to take care of you if needed.

Life annuities. Purchasing a life annuity when you are younger will give you an additional income source when you are older. This will give you better control over your money, because you can spend the money on whatever you want or need. Life annuities are similar to life insurance, only that they do not pay a benefit to the designated beneficiaries after the insured dies. Instead, the benefit is paid to you,. You will continue to receive regular payments up until you die.

In conclusion, there are alternatives which you should look into before purchasing a policy. Remember that whatever you choose, you should have this possible need covered!

Gender Based Pricing and Long Term Care Insurance

Life insurance and health insurance have always been priced according to gender. Traditionally, life insurance for women has been cheaper than men because of longer life expectancy. For life insurance, it is cut and dry and the statistics prove out the rationale for the pricing policy. Recently, as discussed in an article in the Washington Post earlier this year, Genworth announced a switch to gender based pricing for long term care insurance as well.

Unlike life insurance, LTC is still relatively immature. Time will tell if the actuarial data supporting sex based premiums is justified. I believe that traditional LTC is still working on pricing and other aspects to, once and for all, find a solution to the financial impact of a long term medical situation. Policy design, benefits and premium structure have all seen changes in the last few years and I expect this to continue.

The Post article alludes to more changes regarding the impact of the sex of the applicant and the premiums for long term care. It is commonly known within the industry that women will experience a greater financial costs associated with care than men. The insurance companies are now going to put this to the test by going to gender based pricing. Another line of discussion within the insurance industry is whether new gender based pricing is rooted in the Affordable Care Act (aka Obamacare.) The new regulation prohibits health insurance providers from charging based on gender. So, are insurance companies testing the market to account for lost revenue resulting from new government policies?

Regardless, long term care is still a viable solution to the needs of many clients. However, there are also other solutions available, like linked benefit plans, where women can get lower pricing when the linked benefit plan is using a life insurance chassis. So, for some agents, linked benefits may provide a better client solution over traditional long term care.

Regardless of sex of your client, traditional LTC and linked benefit plans should be evaluated and considered when seeking a long term care policy solution for clients. We like these policies for a variety of reasons and, if you are considering LTC or life insurance options for clients, we encourage you evaluate options like linked benefits or the addition of a long term care rider. You might find that the upside offered by a linked benefit policy helps secure your next deal.

Do you sell life insurance or long term care? Need client alternatives? As a leading general agent Life Marketers can help you succeed in the marketing and sale of life insurance, long term care, disability insurance, and annuities.

A Cost Effective Technique of Protecting the Family Against Financial Hardships

Life insurance may come with quotes, figures and numbers that are complex to perceive. The concept of life insurance can be difficult to grasp particularly for new customers. Shopping for a cover, be it whole life, universal life or term life insurance policy is normally a complex undertaking. Life insurance should not be perceived as a purchase that is optional, but rather a necessity. It is a simple cost effective technique of protecting the family against possible financial hardships.

What Time should I get insurance

It is advisable to get a cover while you are still young and healthy. When shopping for it while you are a young adult, you will be able to enjoy lower premiums because of a clean bill of health rather than an older adult, who may have generated unhealthy lifestyle habits or chronic degenerative diseases. For instance, in case you choose term life policies you will be in a position to maintain low insurance premium rates until the policy matures.

Instant insurance quotes online give an affordable and efficient way of securing the family's financial future just in case the policyholder dies. Before making the decision to purchase a policy you need to assess the policy that best fits your need, the coverage you need and the length of time you need the policy.

Getting maximum benefits

To get maximum benefits from the life insurance policy you should consider assessing your needs. This will help you discover the premiums you are paying, regardless of how small or big, they are worthwhile after all. The cover should be taken for many reasons including:

· To cater for the needs of the family members in the event of the bread winners death. The policy will be in a position to provide money to fund the children's college education and provide a surplus income.

· A small portion of the policy is used to cater for death related costs like hospital bills and funeral expenses

· It is beneficial to the policyholder because the policy helps to build up cash value to fund the holders retirement and to cover other expenses.

· Policies can be featured as part of the policyholder's estate. Furthermore, it can serve the purpose of the person's estate in case the individual does not have beneficiaries.

You can consider getting in touch with a varied number of websites for more information. You will be in a position to receive answers to all your questions while clarifying any issues that may arise about insurance.

4 Merits Of Cheap Term Life Insurance For Seniors

When you are at a particular age, in most cases your future may seem to be insecure. You may actually want to negate this feeling. When it comes to financial security, a good and low-cost term life insurance policy, mainly designed for senior citizens, can be of great benefit for your life.

Some Details About Term Life Insurance for Seniors

First, it is the most common insurance policy for senior citizens. Secondly, the rates of these insurance policies are dipping day by day, making them easily affordable. Thirdly, senior citizens are a vital target audience to many insurance firms. Therefore, many insurers are inventing tailor-made strategies to fit the needs of the citizens. Fourthly, while an eighty year old person may be deprived of life insurance by approximately all the insurers, there are a few insurance firms which are still willing to provide a policy with very basic benefits subject to medical history.

The Key Merits

1) Affordable - the policy for senior citizens is cheap and affordable with the least premium, which other insurance policies cannot be able to offer. Many individuals consider it as an investment, the cash of which is very important to spare.

2) Purchase money - As a citizen, as harsh at may seem to be, does not have many more years ahead of them. The last thing an individual would want is to be a burden to someone else, and it does not matter even if it is his or her own family. This is what makes him prefer taking a term insurance cover. On taking such a cover, you are 'purchasing money' to be used for your own needs, which may arise during the course of your lifetime or even after that. Once this cash matures, it will take care of the medical expenses that are likely to come up, as well as the post death expenses like funerals.

3) Property planning - Most term life insurance covers for senior citizens are cheaply acquired. If you have a place where you can get some income even at your age, for instance a pension plan, there is no way you cannot afford a term cover. One of the most common reasons as to why senior citizens choose this cover is to plan and hand over their belongings or estate to the following generation in their family without any problem.

4) Death benefits - You can get death benefits, which are determined by the time one spent buying the cover. The benefits of death are subject to the age at which you buy the cover and statements put down on the medical history reports.