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LTC Terms

First Green House Long Term Care Facility to Open in Florida

Up until now, Florida nursing homes have remained largely the same, but things are about to change for the better. John Knox Village is opening the state’s first Green House long term care facility in Pompano Beach.
Florida’s First
The retirement community has plans to begin construction on the new home next year.

Manulife Plans to Raise Rates on Long Term Care Policies

Joining the ranks of numerous other long term care insurance providers, Manulife announced last week that they will be seeking rate increases on policies. Executives at the company discussed the upcoming move in their third quarter earnings call on Thursday.

Genworth Study Finds Lack of Awareness About Cost of Retirement

A survey conducted by Genworth found that most consumers are unaware of the true cost of retirement and have false confidence about their target retirement age. The findings of the study were released this week and showed a serious gap between expectations and reality when it comes to retirement.

Maine’s Long Term Care Panel Evaluates High Cost and Low Accessibility

A commission to address the long term care financing issues in Maine met for the first time on Friday and discussed the state’s long term care system, which legislators say is “on the brink”.

Commission Suggests Eliminating Medicare 3 Day Hospitalization Requirement for Long Term Care

After the CLASS Act was cut from the Affordable Care Act due to the lack of financial sustainability, the Commission on Long Term Care was created to address the long term care issues facing our country today. Among policy recommendations in the Commission’s final report is the suggestion that the Medicare 3-day hospitalization requirement for long term care be eliminated.

Young Buyers Should Avoid Guaranteed Purchase Option (GPO) with Long Term Care Insurance Policy

People shopping for a long term care insurance policy will notice that there are a lot of different choices, many of which can be confusing to those who have never dealt with this type of policy before. One option in particular, the Guaranteed Purchase Option, is often offered as a rider, but young buyers should stay away from this rider to avoid future financial disaster.

Simple or Equal Inflation vs. 5% Compound Inflation Protection

The short version, no math:
If you’re 70-75 years old, and think you may use your Long Term Care Insurance plan in the next 10-15 years, 5% Equal or 5% Simple Inflation Protection may be the best option for you. On the other hand: If you’re under 70, in almost every case, 5% Compound Inflation Protection will give you better value.
The math: Why Compound is superior.

Long-Term Care Insurance: Definitions by Importance

Socrates once said “the beginning of wisdom is the definition of terms.”  If you’re just starting to learn Long-Term Care Insurance, the terms can be overwhelming.  The signal-to-noise ratio of sites offering advice is terrible and getting worse.

Guaranteed Renewable Long Term Care Insurance

Guaranteed Renewable Long Term Care Insurance policies cannot be cancelled down the road when your health changes.  While you as a consumer can cancel anytime, the insurer cannot arbitrarily cancel your policy if it is Guaranteed Renewable.

After all, Long Term Care Insurance is something you buy whenyoung and healthy with an expectation of use well into the future.

Tax-Qualified Long Term Care Insurance

Tax-Qualified Long Term Care Insurance policies save money because you do not pay taxes on benefit payments, which can easily exceed hundreds of thousands of dollars.

Tax Deductions Also Possible

Tax-Qualified Long Term Care Insurance policies are also  tax deductible in certain circumstances.

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