Long Term Care Insurance - Low Cost Alternatives For Budget Conscious Seniors!

With Nursing home Cost's running $4,000 to $6,000 a month and outpacing inflation, it is a small wonder that most seniors cannot afford the Long term Care insurance premiums. Their are low cost Alternatives available for seniors who just can't afford the rising cost of these Premiums.

Many Seniors even question if they need Long Term Care Insurance. Take a look at the Stats and decide for yourself.

Long Term Care by the Numbers

• In the year 2010 about 12 million older Americans may need long term care
• A Study by the U.S. Department of Health and human Services predicts that 40% of all Americans over the age of 65 will need Nursing home care
• 22% of all Americans over the Age of 85 are in a nursing Home
• According to the US Government 40% of the People Currently receiving Long Term Care Services are between 18 and 64.

Many older People are under the belief that Medicare and Medicaid will cover the cost of Long Term Care. Every State has their own rules about what income and net worth requirements will qualify you for Long Term Care assistance. Here are some qualification rules in use by the State of Missouri as published in the Consumer Guide for seniors from the official Web page for the State (http://insurance.mo.gov/consumer/senior/ltcguide.pdf) (For other States check the State.gov web page and then search on insurance and long term care)

In the State of Missouri Medicare Pays Long Term Care as follows

• First 20 Days Medicare will pay all
• For the Next 80 Medicare and the Senior Split the Cost based on some Formulas
• Beginning on the 101st Day you are responsible for all Long Term care Costs.

What About Medicaid? Here are some Rules in place in the State of Missouri.

• A Single person has to spend down their assets to under $1,000 before Medicaid will pay.
• A Married couple would have to spend down 1/2 of their assets or more. According to the following rules A Spouse may keep between $13,740 and 68,700. So if a Couple only has $13,740 the Spouse gets to keep it all and Medicaid will pay the long Term Care Costs. But if a couple has $500,000 in Assets the Spouse only gets to keep $68,700 before Medicaid will Pay.
• Certain Assets are Exempt from the Spend Day requirement and it is strongly advised if you have significant assets that you contact a Financial Advisor or attorney, who specializes in asset protection for seniors in your State.

Now that you have the Facts the Question is how do you protect yourself at a reasonable cost. Many Insurance companies offer Annuities and Equity Indexed Annuities with a Nursing Home Benefit. These Annuities would allow you to take your Annuity over a Span of 5 Years to help pay for your long term Care Expenses. In Addition to the long term care benefit these annuities offer Tax Growth, Up to 10% Bonuses for the first 5 years and many other Benefits.

If you are a Senior concerned about the High Cost of Long term Care but really cannot afford the High cost of Long term Care Insurance Premiums then Annuities with a Long Term Care Rider may just be the solution you seek.

Mike Makler is a Licensed Life Insurance Agent Based out of St Louis Missouri. To Learn More Call Mike at 314 398-5547 or Visit Mike's Web Page http://ewguru.com/insurance

Copyright © 2005-2006 Mike Makler

---

Insurance For All Your Gadgets

Personalisation, Digitalisation, Mobilisation, these 3 words represent your life today.... Read More

Accident Insurance Claim Personal Injury Insights

There's nothing that has a greater impact on evaluating a... Read More

Car Insurance Quotes Online ? Why You Should Use the Internet to Find a New Insurance Company

Before the internet, you picked a neighborhood car insurance agent,... Read More

Theres No Problem Getting Texas Auto Insurance in Texas

Everything is big in Texas and so it is with... Read More

Life Insurance: Why Theres No Need to be a Desperate Housewife

Life insurance looks set to make a comeback in the... Read More

Auto Insurance Rates

Auto insurance rates will vary depending on the insurance agency,... Read More

Auto Insurance Basics

Most people only think that insurance is something they need... Read More

Consumer Directed Health Plans

Most of you have heard about "consumer directed health plans".... Read More

Senior Life Settlement-Uses and Applications

In a recent article in the National Underwriter (April, 2005)... Read More

Health Insurance, What Does It Mean?

Your health insurance policy is an agreement between you and... Read More

Insurance Providers Weather the Storm While Consumers Flounder

We have just had the first year's anniversary of the... Read More

How Do I Lower My Auto Insurance Rates?

Since there are many factors that go into determining your... Read More

Why Dont Women Have Life Insurance?

Traditionally, life insurance companies solicited men as the main breadwinners... Read More

Does an HSA Cover Alternative Medicine?

A Health Savings Account (HSA) does not really cover alternative... Read More

Types of Auto Insurance Coverage Explained

A question you might ask yourself is: why must we... Read More

Compare Car Insurance Companies Before You Commit

If you want to save money on your car insurance,... Read More

Mortgage Life Insurance

Owning a home is a dream for most of us,... Read More

Car Insurance Online ? Benefits of Applying for Auto Insurance Online

Drivers are applying for auto insurance online not just for... Read More

Why Dont Insurance Companies Reward Us for Being Healthy?

Insurance is always a gamble, a bet actually.You are betting... Read More

Affordable Life Insurance!

So, you've decided to purchase life insurance. Well then, you... Read More

Ever Wondered What An Auto Insurance Claim Adjuster Does?

An auto insurance claim adjuster works for the insurance company... Read More

What Is Renters Insurance Really All About?

Renter's insurance is protection intended for anyone who rents an... Read More

Cheap Health Insurance Rates and Personal Health Insurance

If you've been out of school for a couple of... Read More

Hidden Ways to Cut Car Insurance

Consumers are countering rising gasoline prices and other vehicle operating... Read More

Reducing Soaring Insurance Claim Costs

With the soaring rise in claims to insurers from their... Read More

Buildings Insurance and the Threat of Flood

What is the impact of increased flooding risk in the... Read More

Finding Health Insurance for Self-Employed Individuals: A Guide For the Freelance Newbie

With a rise in those looking to venture out on... Read More

Car Insurance Advice for Young Drivers in the UK

Over the course of the last ten years, car insurance... Read More

Online Insurance: The End of the High Street Broker?

When I was a lad, some 25 years ago, the... Read More

5 Steps To Cheap Car Insurance Premiums

Although car insurance is compulsory, it's not necessary to pay... Read More

Individual Health Insurance Plans - How To Find The Best Provider Online

Whether you are self-employed or a small business owner, finding... Read More

Health Savings Accounts

Most people with health insurance, especially employer paid health insurance,... Read More

Do You Know What The 7 Home Insurance Plans Are?

Most people don't realize that there are 7 different homeowners... Read More