Long Term Care Insurance Or LTC To Be Funded By The Government?

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Long Term Care or LTC Insurance is the only insurance policy which will cover the care of services provided by companies like Family inHome Caregiving.  Unfortunately, it is very expensive and few people have it.  A 2019 study funded by the National Investment Center for Seniors Housing & Care found that by 2029, more than half of the nation’s 14.4 million middle-income older adults won’t have the financial resources necessary to pay for senior housing or in-home care.  The study concludes that both public and private funds need to come to the rescue.  There is hope.  The Well-Being Insurance for Seniors to be at Home (WISH) Act would create a federal LTC trust fund that would pay for catastrophic long-term care for those who need it, and it would also allow private insurance companies to offer affordable coverage plans for the initial years of disability.  The plan would be fully paid for by a slight increase in the payroll tax (0.3% of income for both workers and employers), or roughly $300 per year for a median-income earner.

https://www.wsj.com/articles/social-security-costs-expected-to-exceed-total-income-in-2021-as-covid-19-takes-financial-toll-11630436193?mod=djemwhatsnews

Is It Too Late To Buy Life Insurance?

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Many seniors believe that they are at an age at which they have passed life insurance eligibility.  Although most major life insurance policies require health underwriting (many smaller policies do not) and they won’t automatically deem you ineligible for insurance if you have pre-existing conditions, but you will pay more.  For instance, a 70-year-old male in excellent health would pay an average of $3,295 with a $100K death benefit, while an applicant with a condition like controlled diabetes might pay about $5,449 per year.  Before applying, experts recommend that you proactively manage your health.  For example, if you have high cholesterol, bring it down through medication and diet.  You can even pay to have a blood test run prior to applying to make sure your medical condition is under control (Kiplinger’s Retirement Report, August 2021, P8).

Pebble Beach, CA Genworth Long Term Care LTC Premiums To Go Up


One of the few remaining companies in the long-term care industry, Genworth, sent out a brochure to policy holders signaling rate hikes are coming.  Said the company:

Our policies are generally held for 30-40 years, which means when they were initially priced, a lot of assumptions were made future costs for claims that would be made decades later.  Many of those assumptions were incorrect because the cost of and demand for care have both skyrocketed since.  Insurance companies, including us, have had significant losses as a result.  Many have left the business.  Despite losing $3.6 billion on our older legacy policies, we’ve decided to stay in the business and file for rate increases on these older policies and select newer ones to cover the cost of future claims.  To learn more, call 1-888-479-6889 or go to Genworth.com/LTCpremiums

Pacific Grove, CA Genworth Long Term Care LTC Premiums To Go Up


One of the few remaining companies in the long-term care industry, Genworth, sent out a brochure to policy holders signaling rate hikes are coming.  Said the company:

Our policies are generally held for 30-40 years, which means when they were initially priced, a lot of assumptions were made future costs for claims that would be made decades later.  Many of those assumptions were incorrect because the cost of and demand for care have both skyrocketed since.  Insurance companies, including us, have had significant losses as a result.  Many have left the business.  Despite losing $3.6 billion on our older legacy policies, we’ve decided to stay in the business and file for rate increases on these older policies and select newer ones to cover the cost of future claims.  To learn more, call 1-888-479-6889 or go to Genworth.com/LTCpremiums

Carmel, CA Genworth Long Term Care LTC Premiums To Go Up


Carmel, CA  Genworth Long Term Care LTC Premiums To Go Up

One of the few remaining companies in the long-term care industry, Genworth, sent out a brochure to policy holders signaling rate hikes are coming.  Said the company:

Our policies are generally held for 30-40 years, which means when they were initially priced, a lot of assumptions were made future costs for claims that would be made decades later.  Many of those assumptions were incorrect because the cost of and demand for care have both skyrocketed since.  Insurance companies, including us, have had significant losses as a result.  Many have left the business.  Despite losing $3.6 billion on our older legacy policies, we’ve decided to stay in the business and file for rate increases on these older policies and select newer ones to cover the cost of future claims.  To learn more, call 1-888-479-6889 or go to Genworth.com/LTCpremiums

Salinas, CA Genworth Long Term Care LTC Premiums To Go Up


One of the few remaining companies in the long-term care industry, Genworth, sent out a brochure to policy holders signaling rate hikes are coming.  Said the company:

Our policies are generally held for 30-40 years, which means when they were initially priced, a lot of assumptions were made future costs for claims that would be made decades later.  Many of those assumptions were incorrect because the cost of and demand for care have both skyrocketed since.  Insurance companies, including us, have had significant losses as a result.  Many have left the business.  Despite losing $3.6 billion on our older legacy policies, we’ve decided to stay in the business and file for rate increases on these older policies and select newer ones to cover the cost of future claims.  To learn more, call 1-888-479-6889 or go to Genworth.com/LTCpremiums

Pebble Beach, CA Get Help Dealing With Long Term Care LTC Companies

A stethoscope laying on top of papers.


There was an article in the November 2020 Kiplinger’s Retirement Report (page 18) about the difficulties that many people are having getting their LTC provider to pay up.  At Family inHome Caregiving we have dealt with a lot of LTC providers, and each one is different.  We assist our clients by filling out the proper paperwork and giving the LTC provider the reports that they need in order to process the paperwork quickly.  We have found that typically, it takes a couple of claims to figure out exactly what the LTC provider is looking for.  However, once you get the kinks worked out, it is smooth sailing.  We have multiple clients in Pebble Beach and Pacific Grove and can help you through the LTC red tape.

Carmel, CA Get Help Dealing With Long Term Care LTC Companies

A group of people giving thumbs up to the camera.


There was an article in the November 2020 Kiplinger’s Retirement Report (page 18) about the difficulties that many people are having getting their LTC provider to pay up.  At Family inHome Caregiving we have dealt with a lot of LTC providers, and each one is different.  We assist our clients by filling out the proper paperwork and giving the LTC provider the reports that they need in order to process the paperwork quickly.  We have found that typically, it takes a couple of claims to figure out exactly what the LTC provider is looking for.  However, once you get the kinks worked out, it is smooth sailing.

Pacific Grove, CA Get Help Dealing With Long Term Care LTC Companies

A stethoscope laying on top of papers.


There was an article in the November 2020 Kiplinger’s Retirement Report (page 18) about the difficulties that many people are having getting their LTC provider to pay up.  At Family inHome Caregiving we have dealt with a lot of LTC providers, and each one is different.  We assist our clients by filling out the proper paperwork and giving the LTC provider the reports that they need in order to process the paperwork quickly.  We have found that typically, it takes a couple of claims to figure out exactly what the LTC provider is looking for.  However, once you get the kinks worked out, it is smooth sailing.

Monterey, CA Genworth Long Term Care LTC Premiums To Go Up


Monterey, CA  Genworth Long Term Care LTC Premiums To Go Up

One of the few remaining companies in the long-term care industry, Genworth, sent out a brochure to policy holders signaling rate hikes are coming.  Said the company:

Our policies are generally held for 30-40 years, which means when they were initially priced, a lot of assumptions were made future costs for claims that would be made decades later.  Many of those assumptions were incorrect because the cost of and demand for care have both skyrocketed since.  Insurance companies, including us, have had significant losses as a result.  Many have left the business.  Despite losing $3.6 billion on our older legacy policies, we’ve decided to stay in the business and file for rate increases on these older policies and select newer ones to cover the cost of future claims.  To learn more, call 1-888-479-6889 or go to Genworth.com/LTCpremiums