What Happens If Your Long-Term Care Insurance Company Fails?
When you buy long-term care insurance years before you need it, you are taking a gamble that the company will still be around...
Read moreIf you can afford the premiums and you are insurable, the best solution to the prospect of significant long-term care costs is long-term care insurance. However, long-term care insurance is a complex product, and insurance agents and brokers who sell it need to be highly trained and able to offer impartial advice about competing products. Unfortunately, many sellers do not meet these standards.
ElderLawAnswers believes that a good way to gauge whether an agent or broker is qualified and can offer unbiased advice about long-term care insurance plans is to look for the 'CLTC' designation after his or her name. CLTC, which stands for 'Certified in Long-Term Care,' is the long-term care insurance industry's first professional designation. The rigorous training and testing program, created by The Corporation for Long-Term Care Certification (www.ltc-cltc.com) (CLTCC), has gained wide acceptance in the insurance industry and currently has more than 4,000 graduates and students.
Local Elder Law Attorneys in Your City
'In many instances long-term care insurance is an appropriate solution to financing long-term care based on the limited options provided by states and the federal government,' said attorney Harry Margolis, founder and president of ElderLawAnswers. 'But we recognize that this is a complex product that needs to sold properly. That is why ElderLawAnswers is pleased to be affiliated with the CLTC program.'
Mr. Margolis continued: 'ELA particularly appreciates CLTC's 'third party' status; the program is not affiliated with any insurance company and does not receive support financially from the industry. That gives it credibility with elder law attorneys and the public.'
'CLTCC is proud to be associated with ElderLawAnswers,' said CLTCC president, Harley Gordon, who is a founding member of the National Academy of Elder Law Attorneys and a former member of its Board of Directors. 'Our goal has always been to offer the industry an unbiased comprehensive program that educates producers about how long-term care insurance can be properly used to solve a client's long-term care needs. ElderLawAnswers' support confirms that CLTC graduates offer consumers the professional advice they need to choose the right product.'
ElderLawAnswers encourages you to visit the CLTCC website, where you will find a directory of CLTC graduates in your area, the CLTCC mission statement, and course material.
When you buy long-term care insurance years before you need it, you are taking a gamble that the company will still be around...
Read moreOne of the incentives to buying a?long-term care insurance policy?is that the premiums are tax deductible. Unfortunately, man...
Read moreThe point of buying long-term care insurance is so you don't have to worry how to pay for a nursing home (or other types of l...
Read moreA number of considerations go into how much long-term care insurance you should buy to cover nursing home costs and related h...
Read moreIn addition to nursing home care, Medicaid may cover home care and some care in an assisted living facility. Coverage in your state may depend on waivers of federal rules.
READ MORETo be eligible for Medicaid long-term care, recipients must have limited incomes and no more than $2,000 (in most states). Special rules apply for the home and other assets.
READ MORESpouses of Medicaid nursing home residents have special protections to keep them from becoming impoverished.
READ MOREIn addition to nursing home care, Medicaid may cover home care and some care in an assisted living facility. Coverage in your state may depend on waivers of federal rules.
READ MORETo be eligible for Medicaid long-term care, recipients must have limited incomes and no more than $2,000 (in most states). Special rules apply for the home and other assets.
READ MORESpouses of Medicaid nursing home residents have special protections to keep them from becoming impoverished.
READ MORECareful planning for potentially devastating long-term care costs can help protect your estate, whether for your spouse or for your children.
READ MOREIf steps aren't taken to protect the Medicaid recipient's house from the state’s attempts to recover benefits paid, the house may need to be sold.
READ MOREThere are ways to handle excess income or assets and still qualify for Medicaid long-term care, and programs that deliver care at home rather than in a nursing home.
READ MORECareful planning for potentially devastating long-term care costs can help protect your estate, whether for your spouse or for your children.
READ MOREIf steps aren't taken to protect the Medicaid recipient's house from the state’s attempts to recover benefits paid, the house may need to be sold.
READ MOREThere are ways to handle excess income or assets and still qualify for Medicaid long-term care, and programs that deliver care at home rather than in a nursing home.
READ MOREMost states have laws on the books making adult children responsible if their parents can't afford to take care of themselves.
READ MOREApplying for Medicaid is a highly technical and complex process, and bad advice can actually make it more difficult to qualify for benefits.
READ MOREMedicare's coverage of nursing home care is quite limited. For those who can afford it and who can qualify for coverage, long-term care insurance is the best alternative to Medicaid.
READ MOREMost states have laws on the books making adult children responsible if their parents can't afford to take care of themselves.
READ MOREApplying for Medicaid is a highly technical and complex process, and bad advice can actually make it more difficult to qualify for benefits.
READ MOREMedicare's coverage of nursing home care is quite limited. For those who can afford it and who can qualify for coverage, long-term care insurance is the best alternative to Medicaid.
READ MOREDistinguish the key concepts in estate planning, including the will, the trust, probate, the power of attorney, and how to avoid estate taxes.
READ MORELearn about grandparents’ visitation rights and how to avoid tax and public benefit issues when making gifts to grandchildren.
READ MOREUnderstand when and how a court appoints a guardian or conservator for an adult who becomes incapacitated, and how to avoid guardianship.
READ MOREWe need to plan for the possibility that we will become unable to make our own medical decisions. This may take the form of a health care proxy, a medical directive, a living will, or a combination of these.
READ MOREDistinguish the key concepts in estate planning, including the will, the trust, probate, the power of attorney, and how to avoid estate taxes.
READ MORELearn about grandparents’ visitation rights and how to avoid tax and public benefit issues when making gifts to grandchildren.
READ MOREUnderstand when and how a court appoints a guardian or conservator for an adult who becomes incapacitated, and how to avoid guardianship.
READ MOREWe need to plan for the possibility that we will become unable to make our own medical decisions. This may take the form of a health care proxy, a medical directive, a living will, or a combination of these.
READ MOREUnderstand the ins and outs of insurance to cover the high cost of nursing home care, including when to buy it, how much to buy, and which spouse should get the coverage.
READ MORELearn who qualifies for Medicare, what the program covers, all about Medicare Advantage, and how to supplement Medicare’s coverage.
READ MOREWe explain the five phases of retirement planning, the difference between a 401(k) and an IRA, types of investments, asset diversification, the required minimum distribution rules, and more.
READ MOREFind out how to choose a nursing home or assisted living facility, when to fight a discharge, the rights of nursing home residents, all about reverse mortgages, and more.
READ MOREUnderstand the ins and outs of insurance to cover the high cost of nursing home care, including when to buy it, how much to buy, and which spouse should get the coverage.
READ MOREWe explain the five phases of retirement planning, the difference between a 401(k) and an IRA, types of investments, asset diversification, the required minimum distribution rules, and more.
READ MOREFind out how to choose a nursing home or assisted living facility, when to fight a discharge, the rights of nursing home residents, all about reverse mortgages, and more.
READ MOREGet a solid grounding in Social Security, including who is eligible, how to apply, spousal benefits, the taxation of benefits, how work affects payments, and SSDI and SSI.
READ MORELearn how a special needs trust can preserve assets for a person with disabilities without jeopardizing Medicaid and SSI, and how to plan for when caregivers are gone.
READ MOREExplore benefits for older veterans, including the VA’s disability pension benefit, aid and attendance, and long-term care coverage for veterans and surviving spouses.
READ MOREGet a solid grounding in Social Security, including who is eligible, how to apply, spousal benefits, the taxation of benefits, how work affects payments, and SSDI and SSI.
READ MORELearn how a special needs trust can preserve assets for a person with disabilities without jeopardizing Medicaid and SSI, and how to plan for when caregivers are gone.
READ MOREExplore benefits for older veterans, including the VA’s disability pension benefit, aid and attendance, and long-term care coverage for veterans and surviving spouses.
READ MORE