Understanding Long Term Care Insurance

By Ross Lewis

It's difficult to watch ourselves age. It's also difficult to watch our parents age. It's even more difficult when it comes to figuring out how to help them when the time comes. This type of help can be anything from some financial assistance, a few trips to the doctor's office, or helping them find a long term care facility they - or you - can afford. Perhaps you and your parents should have considered buying some long term care insurance years ago. But what is long term care insurance?

To be affordable, long term care insurance is best purchased as young as possible. Unfortunately, in order to find premiums that are very affordable, we are usually at an age where we feel invincible - old age is too far off to give it any serious consideration.

As we put off buying the insurance, the premiums increase and finally, for too many of us, we learn the hard way that we will be needing some type of long term care and we either find that we have huge deductibles because we'll need to use our regular health insurance, or worse, we find out we have to pay for everything out of pocket.

Long term care is probably one of the most affordable types of insurance when you think about what you pay vs. What you get. Policies range from basic care for less a year, to a permanent facility.

These policies can be virtually custom designed. There are so many options and so many riders that almost everyone can afford at least some level of coverage. It's important to note that long term care isn't always for the sick and elderly. Something as simple as a bad car accident can put that same 30 year old in a rehab facility for a year or more

Depending on the insurance company will depend of course on your policy now, and what type of add ons and options you are able to buy at later dates. For instance, if your 62 year old husband is in a head on collision and you find that he will need extensive long term care, you may or may not be able to increase your policy to suit the current situation.

In the end, you'll be glad to have this type of coverage whether it's for your parents, or for yourself. - 30653

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Know How To Make A Smart Choice - Term Life Insurance Vs Whole Life Insurance

By Eddie Lamb

Whole life insurance is also known as cash value and universal life. It is the original kind of life insurance and has been around for about a hundred years. Term, which is much less expensive and more affordable, is a fairly recent innovation. Here are the basic differences between term life insurance vs whole life insurance.

Term insurance is the more affordable because you are only buying insurance for a specific term, or period of time. You are also only paying for the ultimate death benefit. Whole life, on the other hand, is paid for and you are covered for your "whole life". This is definitely not a good investment in a situation where you might buy a policy when you get married in your twenties, and continuing paying until your death at perhaps 94.

If you want something affordable, it's term insurance. Policies are significantly cheaper than whole life policies, and you can even get covered for higher amounts for less money. For instance, a husband and wife can have a term policy for $250,000 each, for twenty years, purchased at age 30, for under $100 a month if they are both in good health.

If you want nothing more than insurance, and that should be everyone's goal, you only need a term life policy. Let's say you just got married and you want to get a policy for you and your wife. At the age of 28 you two can get a 20 year term policy with maybe $250,000 coverage for each of you, for less than $100 a month. If you have children, you can add them all on a rider for a few dollars a month. This is one rider per policy, not per child! If you have a rider on your children for $10,000, you can have 7 kids and still be covered.

Now, let's say you want to check out whole life policies. For $250,000 coverage for each of you, you'll first need to buy two separate policies, doubling your expense. Your premiums each month will be at least $500 for both policies. If you have kids, again, a separate policy for each one.

If you have a term policy you will have the option of renewing at the end of the policy. Your renewal rate will be much cheaper than if you were start at that age and try to buy insurance. Usually the insurance companies don't require extensive medical testing or anything like that.

When it comes to insurance and planning on providing for your family if something happens to you, it's never a good idea to mix insurance coverage with investments. In the case of whole life, what your agent doesn't make clear to you when you buy the policy is that when you die, your family only gets the actual death benefit - the face value of the policy. They don't get your investments! The insurance company keeps that money! In effect, you can only benefit from any of that while you're alive.

The only person who benefits from your whole life policy is the insurance agent who makes incredibly high commissions each month because you are overpaying for the policy. - 30653

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Medicare Eligibility And Coverage

By Daniel Mitchell

Medicare is the health insurance program administered by the United States government to eligible citizens or permanent residents. Medicare eligibility rules are quite simple. To qualify, you must have paid money into the Medicare system for at least ten years. Another condition is that you must be aged 65 or older, unless you have a disability or diagnosed with permanent kidney failure.

Medicare benefits include hospital insurance, medical insurance, and prescription drug plans. These are usually referred to as Part A, B and D. Recently, Medicare coverage is increased to include another type of insurance plan called Medicare Advantage. This is Part C.

Part A, or hospital insurance, covers inpatient costs at hospitals, clinics, or ambulatory surgical centers. There are additional requirements involved, but Medicare can also be used to pay for home health care, skilled nursing service and hospice care. Most people don't have to pay for Part A.

Most people pay monthly premiums for Part B, which is optional if one is still working or currently employed. However, once one becomes eligible for Medicare, the premium becomes more expensive the longer one puts off making enrolling for this benefit. It subsidizes outpatient costs and some services and products not covered by Part A.

Part D: Drug Prescription Plans. The Medicare Prescription Drug coverage helps pay for medicine not covered in Part B. Aside from reducing your prescription medicine expenses, it can also be your defense against higher expenses in the future. The plans are approved and regulated by Medicare, but is actually administered by private insurance companies.

Part C: Medicare Advantage Plan. This is basically another method to get your Medicare benefits. It combines Parts A, B and some aspects of Part D. Private insurance groups endorsed by Medicare administer these plans. The policies cover services that are medically essential and can charge non-standard deductibles, co-payments, or co-insurance for these services.

However, Medicare is not meant to cover all the medical expenses of its beneficiaries. There is also the concern that the number of beneficiaries will soon outnumber the working population who are the ones funding the Medicare program. Some predict that, if this trend continues, the federal government will not be able to sustain Medicare after 2018 or so.

On the other hand, for most people, having Medicare benefits to offset medical costs-even partially-is advantage enough. However, to maximize their benefits under the program, beneficiaries should take the time and effort to learn about the Medicare eligibility rules and coverage. Having this knowledge is the only sure way to navigate the sometimes confusing waters that is the Medicare system. - 30653

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Long Term Care And Things Everyone Should Know

By Bob Dill

No one intends to get hurt, and everyone expects to get old. But with the growing number of elderly people, and with the relevance of long term care changing constantly, it is very important to know what might be in your future. How prepared are you? And what do you need to know before the worst case scenario happens?

It's a terrible thing to one day be a self sufficient adult and the next find yourself relying on the kindnesses and help of others to do very simple things. Long term care is about just that, helping people who are no longer able to help themselves in some of the smallest ways possible. It includes a variety of services for those who are disabled and those who are elderly, and these services can be of a medical nature or not. Dressing, bathing and using the bathroom are things many people take for granted.

Many people try not to think about the worst case scenario or what will happen to them when they get old. However, these people also wrongly think that the government will take care of them and cover all of their costs. Even in the most progressive European countries, this simply isn't the case, and care for the elderly or permanently disabled falls on volunteers or if someone is fortunate, relatives willing to take the time to help.

In the United States, Medicaid eligibility is dependent on a person's resources and income. Medicare does not cover custodial or unskilled care provided by family or friends. Many Nordic countries now have programs in place to provide some sort of financial compensation to those who tend to the elderly or disabled, even if they are relatives. Some of these programs even include pensions. However, North American countries don't have this luxury just yet.

Twelve million Americans require long term care. Five million of these people are of an adult age that is typically a part of the workforce. It's not something people typically plan for, though they have no challenge insuring their homes, their cars, their lives. It isn't hard to prepare for the future and ensure that should long term care become important, it's available.

One of the first things to know is that the sooner a person begins to provide for future long term care insurance, the better. In their fifties, most people are still fit enough to pass a medical if one is necessary. Premium costs are also lower and this is pretty important, as a typical stay in a long term facility is $150 a day. Another thing to know is that once you are locked in on a plan, should your health change, your premiums won't. A third thing to bear in mind when planning future long term care is that there is typically an elimination period. For the first sixty or ninety days of care, the policy will not be there. It doesn't kick in until after this period. Be prepared financially to bear that burden until the policy comes into play.

The population of the elderly is growing substantially. But with this growth comes a larger amount of information available to help people prepare for the worst case scenario. No one wants to get sick or become so aged that they can't take care of simple daily tasks themselves. However, it is a possibility, and one that can be planned for appropriately if you know what to expect if it happens to you. - 30653

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Mardi Gras: Senior Year Trip

By Daniel Pott

My friends and I are seniors in college and we decided that we want to go to Mardi gras this year in New Orleans when it comes up in a few weeks. A lot of us went our freshman year of college but we are now older and can do a lot of the things we couldn't before so we are all excited to go and have a good time.

There were a few different ways that we considered to get there. There are about 25 of us going so flying commercially doesn't really seem like a great idea and would be such a hassle trying to get tickets and everyone there in a big group sounds miserable. We also thought about taking a coach bus but a 15 hour drive there to be there for only a day or 2 and then 15 hours back is crazy. So we decided on chartering a private jet and we are all really excited about it.

Chartering a private jet is definitely the best option for us. We have so many people and going through airport security and checking all of our bags would be such a huge hassle. Also this way we will get to spend more time there and not in a bus for hours. It will be more comfortable and convenient and much classier. It is a great way to kick off our trip.

This is going to be an amazing break from school work. The end of February is always stressful which tests and midterms coming up and this is a great way to get away from all of it for just a weekend and kick back and relax and have a great time. Although my friends and I really aren't into a lot of the grosser things that go on at Mardi gras in the streets, it is always a fun, relaxing time that you can just enjoy with your friends.

We can't wait for the trip to come and our first private jet charter experience! It is amazing to be a college senior and have this last semester to be able to go out and travel a little bit and not really have a lot of responsibilities. We can just kick back and relax and have a great time with all of the other people who are breaking from reality for the weekend to celebrate Mardi gras. - 30653

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What Is It With Senior Dating

By Jonathan Safen

Senior dating is very much like any other type of dating where you will experience elation and great thrill especially when all is going well. You will as well feel despair when things fail. There is one thing that keeps things interesting in this type of dating and it is that people are there enough to experience it. Another thing that makes it all convenient is that all their children (if they have) are not living with them anymore. Therefore, they can easily do it.

In the past several years, how much has the dating scene changed? The big change in the scene of marriage and dating lies in the fact that women are now included in the force of paid labor unlike in the early years where women were only expected to stay at home and take care of the children. Modern women are now open to express their sexuality without concern of revocation and they do experiment a lot as well. Contemporary women have ideals with regards to dating and this includes love above everything else. However, some of them are still into the convenient way of living with their companion then marry them later rather than divorcing and then end up remarrying.

We are referring to the social cycle of our lives that people in this new world are living. The dating and marriage codes are not that rigid anymore. We see that our daily life is now rapidly changing that it is nearly impossible to manage.

But, what is it about senior dating?

It is something that nobody in their late age has ever expected. Unlike young adults and marrying adults, it is something that nobody has ever tried harder to find. Sometimes in this arena, things occur as they come and not about finding the perfect match although every person crave for company and even friendship alone.

This dating cycle is all about taking in the world's way of doing things and not rushing head on to a relationship and totally waste time with people who are really not worth your time and energy. Senior dating is all about serenity in being with someone without having a heavy weight to carry namely - emotional and psychological. When you are in this arena, you will realize that it is all about being realistic, real and totally a head-over-heart deal over romance. It is about having trust in what you do that makes things successful as they are. Things are bound to happen if they are meant to be. It means you need to be comfortable with the things in your life as well as satisfied and happy with what you have.

Ideally, if romance is just in one corner for you, it will come to you as if you are the magnet. Always think that if you go through senior dating, it is what you deserve and it is what you need in your life since even if you push it off, if it was destined to happen, it will. - 30653

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Suggestions On Senior Term Life Insurance

By Eddie Lamb

Senior term life insurance is the same thing as regular term life insurance, only it is targeted at seniors aged fifty to eighty-five. These insurance policies are a legal and binding contract between an insurance company and the buyer of the contract. The general overall goal for purchasing such a contract, it to ensure in the event one your death there is something left behind for those whom were the beneficiary of such a policy.

Unlike whole life or universal life insurance, term life insurance is not considered a permanent insurance. Term insurance policies do not accumulate cash value. These policies are intended for protection in the event of death and nothing else.

Term life insurance is generally preferred over whole life insurance because it does not require a huge investment, and the policy premium itself is inexpensive. Term life also offers the same benefits to you as anyone else.

Many life insurance companies charge higher rates for seniors then they do for people whom are younger. The reason for this is that generally a lot of health issues are perceived to be more common once you reach a certain age. This is obviously a misconception that many people do not take the time to actually hard evidence on.

Take into consideration all of the positive and negativities about a company before choosing to have them be your benefit provider. Not everyone may be eligible for certain benefits. This can be caused by something as simple as the amount of insurance requested, all the way to being ineligible due to medical concerns.

Insurance policies come in many time specifications. A whole life policy follows the insured throughout their life. It also acquires money over time. A term life policy is only good for increments of five years.

Keep in mind that, only whole life insurance policies are worth something. Insurance policies values decrease as the economy enters into recessions. This means that cashing out an insurance policy is not worth it. Another thing to keep in mind is that the older you become, the more expensive an insurance policy will be for you. The reason for this is because many issuing companies associate elder's age with health problems and potential health risks. Another thing that can affect the cost of a policy, as to whether it will be a low premium or a high premium is if you are a smoker. The reason for this is because smoking causes upper respiratory illnesses.

Seniors are favorable to this type of insurance because it means they do not have to pay out a lot of money. It also means only buying what you think you will need. If you have no errs to your estate, then there is no need to purchase a policy that will cost you thousands of dollars by the time it comes to actually needing your death benefits. It is this since of freedom that has majority of seniors seeking out term life insurance policies. - 30653

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