Getting Older Doesnt Just Happen One Day

Posted on

Mar 25, 2013

Book/Edition

Florida - Southwest

Share This
The best time to plan for the possibility of needing care is when we are healthy with the idea and hope that your need for help will be minimal. But as people age, often a singular issue may begin to develop such as back pain, high cholesterol, high blood pressure, arthritis, or other common health issues. By themselves, and managed under a physicians care, these types of issues aren't necessarily a significant health threat. But as we age, individual medical nuisances when combined together, can increase ones risk for health complications. Insurance planning is about protecting yourself, and your insurability before these collective issues take their toll on us.
Planning for care and having a long term care policy doesn't mean your spouse, or children, wont care for you, or care about you; but it will allow those you've invited into your life, to care for you better and longer because there will be resources more easily available. Having a plan for long-term care is about having options for care, protection of your lifestyle, and the security of knowing you've taken steps to shield your family and those you care about, from the emotional, physical, and financial challenges needing care can present.
How is it we are almost always surprised by changes of health in ourselves or others we care about?
Yes, sometimes, things just happen that's life. The truth is most all of us know of someone who has needed help for some period of time either as the result of an unforeseen illness or accident. In these situations, those with a plan for long-term care in place faced the situation with less stress, less anxiety, and less worry.
Do something today, while you can, and while you're able and take a step to protect yourself and those you care about. Few people can afford to cover their long-term care costs by themselves; and even if they can, that doesn't mean they should. That's why its important to talk with someone who specializes in long term care insurance, who represents a variety of insurers, and who understands how to develop a plan that works for you and your family and has your best interests at heart.
Today there are many ways to design a plan that's affordable and can help you feel more confident you wont outlive your resources. For a complimentary review of your current insurance policies to make sure they'll provide what you're expecting them to, and an assessment of how long term care coverage may help protect your retirement dream, call Mitchell Dannenberg, CLTC of LTCI Marketplace at (239) 461-5511 or visit www.LTCiMarketplace.com.

Other Articles You May Like

Paperwork...Paperwork...What Should I Keep?

PaperworkPaperworkWhat Should I keep? Sorting through the paperwork of a deceased loved one is a daunting task. It is important to know what to keep and what to discard. Here are some helpful tips.  Deeds, Titles and Vehicle RegistrationsDeeds and titles to property may not be obvious on the face of the document so it is important to read everything carefully. Keep anything that has a legal description (Lots and Blocks or Metes and Bounds), a vehicle identification number (VIN), contains the word title, deed of trust or warranty deed.  ReceiptsSome property does not have a title such as a tractor, farm equipment or certain recreational equipment. In such cases, keep the purchase receipts for this type of property. It will be useful if there is a question about ownership, the value of the property or the date it was purchased.  Bank RecordsSave all bank records and statements. These will be valuable if a dispute arises about ownership of an account, payments or distributions made from the account and to whom. Shred unused checks.  Retirement AccountsSave all statements and records pertaining to the decedents individual retirement accounts (IRAs), 401(k) plans or pension plans.  Life Insurance PoliciesSave all life insurance policies.  Social Security Paperwork and Earning StatementsSave information about the decedents Social Security account or earning statements.  Cancel the Decedents Credit Card Accounts Nowadays, identity theft is a huge issue. Contact Experian, Equifax and TransUnion to report the death of your loved one. Request the credit report be flagged as Deceased. Being proactive prevents a lot of hassle later on.  Cancel all credit cards in the deceased persons name. Also, there may be questions about the credit card purchase of certain items or property. Save credit card statements until probate of the decedents estate is complete.  Documents that contain the decedents Social Security NumberIf you find any documents with the decedents Social Security Number and you make a determination that the documents are not going to be saved, make sure it all gets shredded.  Tax RecordsKeep the decedents tax records. There may be a question about real property valuation, exemption or other issues that can be resolved by information in a tax return.   Loan PaperworkKeep all loan paperwork including loans on property or a loan the decedent made to a relative, friend, individual or organization. This may show that there is outstanding debt or money owed to the decedents estate.  Business AgreementsSometimes people have business agreements that have been documented in writing. Such agreements may contain a succession plan, what should happen with business equipment or property, or what should happen upon the death of a business partner.  Military RecordsSave all military records just in case there are benefits owed to a survivor such as a spouse, dependent child or disabled child. Some benefits are dependent upon verification of military service during war time which occurred prior to the advent of computer records. This includes photographs taken during wartime.  Birth and Marriage CertificatesSave all birth and marriage certificates. Again, for certain benefits for survivors, such certificates may be needed.  Timeframe for Keeping PaperworkIt is advisable to keep these potentially important documents until the estate of the decedent is settled, at a minimum. Otherwise keep them at least seven years and longer if possible, especially if real estate is involved.  Contact Your AttorneyYour attorney will ask you pertinent questions and give you advice about what records to keep.  You should also review your own estate plan documents to make sure they are up to date and reflect your current wishes.  This article was written by Donna A. Schuyler, Attorney, who practices in the areas of estate planning, elder law, guardianship, and probate. Donna Schuyler Law, PLLC; elderlawboise.com. Phone 208-344-1947

8 Ways to Pay for Assisted Living in Denver Colorado

8 Ways to Pay for Assisted Living in Denver ColoradoFiguring out how to pay for assisted living can be terrible, but its also unavoidable. A little preparation can go a long way. If you arent prepared to pay out of pocket, then you should probably reach out to our team of local experts who can help you explore in more detail the ways you can pay for Assisted Living.Eight Ways to Pay for Assisted living in DenverAt Stacy's Helping Hand, Inc we advise families with the following eight ways to cover the costs of assisted living in Denver:1.Plan Ahead and BudgetWhile this seems smart, most people do not put the money aside. Life can be hectic and unexpected. For those who are planning on the unexpected well ahead of time might also consider2.Long Term Care Insurance (LTCI)Long term care insurance is for the lucky few people whove prepared and put the money aside for the specific purpose of needing it for long term care in the future. While this is a great benefit to have built-in to your plans, the benefits vary dramatically from one plan to another. Payouts range from $50 to $300 a day and are contingent on meeting certain diagnoses. LCTI may not be an option due to policy requirements, but many people have another form of insurance that can be useful.3.Your Existing Life Insurance PolicyMany life insurance policies allow you to cash-in for accelerated benefits that you can use while you are still alive. Even for plans that dont have this option, you can transfer the plan to another policyholder that will offer cash out option. Your life insurance is like a deferred Annuity that you created a long time ago and forgot about, but if you didnt get life insurance when you were young, you can still get an4.Immediate AnnuityAnnuities can be pretty tricky business. You shouldnt consider one unless you are using the guidance of a financial advisor who is looking out for your best interests. In the case that an annuity isnt an option, many people can still5.Sell, Rent or Reverse Mortgage a HomeMany middle class Americans dont have much retirement savings to speak of, but they do own homes. Home ownership has been an especially valuable source of retirement savings for seniors in the Denver Metro area. As a result of appreciating home values and rising rent, seniors can sell, rent or reverse mortgage their homes to help pay for assisted living. If the need for money is more immediate and assets havent sold yet, people can get a6.Bridge LoanFor those who need cash now, but need time for their valuable assets to sell, such as their home, a bridge loan can help seniors pay for Assisted Living Facilities to fill the gap between when they need cash and when they have cash from their sale. For those who dont have as much cash or income, there are still options such as7.SSI/Medicaid/InnovAgeMedicare and regular Medicaid doesnt cover long term care such as Assisted Living, but if you dont have savings or assets, you can apply for a Home and Community Based Services (HCBS) waiver through Medicaid. In the Denver area, there is an organization that can help people who need Colorado-specific Medicaid through the government-backed non-profit InnovAge. You apply for Medicaid through the InnovAge program, and they handle your case. For more complicated cases or if you want someone to hold your hand through the process, a Medicaid specialist such as a local Colorado company, Helping Hands Consulting is a good idea.The typical Medicaid payout is $700/month but assistance goes as high as $2,250/month and supplements SSI and SSDI. Medicaid wont entirely cover the cost of Assisted Living, but it can make a large dent. Only some assisted living communities will accept Medicaid, and Medicaid beds are usually limited, but either way, seeking professional help throughout the Medicaid process can alleviate the stress and ensure that all the information is provided when the application is submitted.8.VA BenefitsVeterans benefits can be used to pay for residential care in a variety of situations. One set of benefits is available to those with service-related injuries or disabilities; another set of benefits, known as Aid and Attendance, is available to any veteran or surviving spouse whos disabled and whose income is below a certain limit.Receiving Medicaid and VA Benefits can be a tricky and time-consuming process. If you reach out to us today, we can help you navigate these complex systems and find you the right Assisted Living facility for your needs in the Denver Metro area.Finding the best Assisted Living community options for seniors is our specialty. If you have a question about Assisted Living in Denver CO metro area, give us a call at the number above.

Life Insurance You Can Borrow From

Nowadays, life insurance has become a critical component of financial planning. It gives peace of mind to you and your loved ones and provides them with financial protection if the worst occurs. While considering which life insurance policy to obtain, you need to consider various aspects to look into details. To make the right decision, we want to highlight one of the implicit benefits of some policies you can borrow money from your life insurance. This option offers you a convenient and low-cost source of funding that you can rely on in different situations.Types of life insurance you can borrow fromThere are two main types of life insurance  permanent and term. However, if youre looking for a financial backup plan whole life or universal life insurance, also known as a permanent policy, is your way to go.  There is no cash value with term life insurance, which many people find a more affordable and practical option. It is only intended to last for a short time, typically between five and thirty years.The cost of whole life and universal life insurance plans is higher than term insurance, but they do not have a set expiration date. The policy is in effect for the insured persons entire lifetime if necessary premiums are paid. Although the monthly premiums are more expensive than the term, a cash value account that is an element of the policy grows as more money is deposited into it than the cost of insurance. It usually takes a few years for the cash value to increase to a point where borrowing from life insurance is reasonable. The cash value is a buffer against the escalating insurance costs as you age. This keeps rates stable throughout your life and prevents them from rising to unaffordable levels in your older years.Can you use life insurance while alive?One of its key benefits is the ability to use permanent life insurance while still alive. A type of permanent insurance known as whole and universal life insurance offers lasting protection in addition to a cash value component. And also you can take benefit from it during your life for various purposes.Key takeawaysThe fact that taking out a loan against your life insurance policy wont harm your credit rating or put your assets at risk is another great benefit. As a result, you can access your policys cash value without worrying about how it will affect your credit or other investments.You are not required to repay the loan as long as you live. This can give you peace of mind and the flexibility to use the money as you see fit.Whole life insurance policies have several tax benefits that make them a desirable investment choice. For instance, you do not pay taxes on the interest earned unless you withdraw the money. As the insurances cash value grows tax-deferred. Additionally, your beneficiaries obtain the death benefit tax-free, which might lead to significant tax savings.How Soon Can You Borrow Against a Life Insurance Policy?Once a life insurance policy has built up enough cash value to allow you to take out a loan in the amount needed, you can borrow against it. Depending on how your policy is set up, this may take several years to accumulate. How Much Can You Borrow Against Your Life Insurance Policy?The maximum you can borrow against your life insurance is generally up to 90% of its cash value. However, each insurance company will have different standards in place.Can I Borrow Against a Term Life Policy?There is nothing to borrow because term insurance doesnt include a cash value component. Nevertheless, its crucial to maintain the condition of your policy.  To keep the coverage in effect, pay your premiums on time. If you default on your loan payments, the policy might lapse. In this case, the death benefit could be reduced or lost entirely.Working with a competent insurance broker is essential if you want to get the most out of your life insurance coverage. At Baker Consulting, we can assist you in understanding many aspects of life insurance options available and suggest one that best suits your requirements. Additionally, we may guide you in the following:- comparing different policies- negotiating the best prices - offering continuous guidance and support as your needs change over time.Regardless of what happens, remain financially secure and prepared.