Wednesday, September 21, 2011

Long Term Care Planning, Already?

This week, I attended two of three classes provided by a financial planner who specializes in retirement and estate planning. I've learned A LOT!!! And "A LOT" doesn't do justice to the wealth of information I've gained. In this post, I'll share a few of my favorite bits of information from the long term care insurance presentation:
  • Long term care (LTC) insurance is purchased to cover expenses related to care in home, continuing care retirement communities, assisted living and nursing homes.
  • The majority of long term care is paid for from Medicaid,  followed by out of pocket expenses from the customer and/or their family.
  • Medicare and Medigap (health care for people age 65+ (and younger, in some cases, ex. disabled persons)) does NOT cover long-term care expenses.
  • Medicaid (health insurance for the impoverished) does cover LTC expenses. For a single person (1-person household) aged 65+ years (someone who is considered to be "aged"), to be eligible in my state of residence, you cannot have assets valued at more than $2,500 and a monthly income no greater than $350.
  • Policies can be purchased based on the amount of money a person's care would be on a daily basis and for how many years such care would. Additional features -such as inflation protection, age and health at time of purchase, individual and shared plans, restoration of benefits- impact the cost of a policy.
  • The Federal government will enact the CLASS Act (beginning late 2012 or early 2013) to help Americans prepare for the expense of long term care. Here's a summary of the the Community Living Assistance Services and Support (CLASS) Act from AARP.
  • Some states have "partnership programs" that incentivize the purchase of long term care policies.
I'm so fired up about this topic! I'm interested in learning more about this product so I can discuss it with my parents as they prepare for full retirement.

Have you heard about long-term care insurance? 
Have you talked about it with your parents/loved ones?
Do you know someone who has purchased a LTC policy? 
What was the experience like?

Thursday, September 15, 2011


Sandy X
Hey there! Remember me? Sandy X?

I know, I know.... I haven't been around since August 19th (almost exactly a month ago). So what have I been up to? Weekend trips out of town, a major project at work, and developing my skills and approach to making more money. Sounds exciting, right? This blog hasn't been the only thing I've neglected in the past few weeks. I haven't been exercising regularly, I've slacked on my "daily" readings (local news and my favorite blogs), and staying in touch with family and friends. Fortunately for me, my failure to maintain these routines have not been life threatening. Additionally, I have a chance to "pick the ball back up" and keep moving forward. So, I' back....again =)