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

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table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.marketwatch.com/news/story/Fidelity-National-Financial-Inc-Announces/story.aspx%3Fguid%3D%257BC9B3109E-A2E4-40CB-93EB-9EFF0B930BE7%257Dcid=1273068688ei=SzkpSbOHMo2A7QOYy-DzCwusg=AFQjCNFgM7lBZosfrzv8rTLW3o5ecfmuygFidelity National Financial, Inc. Announces the Termination of b.../b/abrfont size=-1font color=#6f6f6fMarketWatchnbsp;-/font nobrNov 21, 2008/nobr/fontbrfont size=-1FNF is one of the nation#39;s largest title binsurance/b companies through its title binsurance/b underwriters - Fidelity National Title, Chicago Title, Ticor Title, b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.tradingmarkets.com/.site/news/Stock%2520News/2043699/cid=1273068688ei=SzkpSbOHMo2A7QOYy-DzCwusg=AFQjCNFhdwTYStN8YentoJenhLl-JKu8pgDeal dead; firm#39;s future precarious: Henrico-based insurer stung b.../b/a font size=-1 color=#6f6f6fnobrTrading Markets (press release)/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.rttnews.com/Content/BreakingNews.aspx%3FNode%3DB1%26Id%3D783205%2520%26Category%3DBreaking%2520Newscid=1273068688ei=SzkpSbOHMo2A7QOYy-DzCwusg=AFQjCNE08hIfn6BB6o8uhXy6DeqUJTnANgFidelity terminates LandAmerica merger deal - Update/a font size=-1 color=#6f6f6fnobrRTT News/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.businessweek.com/ap/financialnews/D94K4TM00.htmcid=1273068688ei=SzkpSbOHMo2A7QOYy-DzCwusg=AFQjCNHJJfJDVfHGUIODpbeyJn3rV-F4aQLandAmerica, Fidelity National deal terminated/a font size=-1 color=#6f6f6fnobrBusinessWeek/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.marketwatch.com/news/story/LandAmerica-Moves-Forward/story.aspx%3Fguid%3D%257BB9E3E452-7C8D-458B-AD9E-091305891D07%257Dcid=1273068688ei=SzkpSbOHMo2A7QOYy-DzCwusg=AFQjCNH_SyzjQ166OJtG7sMI_Apl4AYAzwnobrMarketWatch/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.marketwatch.com/news/story/fidelity-natl-financial-ends-plan/story.aspx%3Fguid%3D%257B8616D268-2672-45BC-8042-39AB3D529CFE%257D%26dist%3Dmsr_1cid=1273068688ei=SzkpSbOHMo2A7QOYy-DzCwusg=AFQjCNGXnbe7kpyAaKPZt78FjeoW2TysNgnobrMarketWatch/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1273068688hl=ennobrall 45 news articles/nobr/a/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.appeal-democrat.com/news/flood_71448___article.html/insurance_county.htmlcid=1273518611ei=SzkpSbOHMo2A7QOYy-DzCwusg=AFQjCNF0Aug5saTqR6I-g6j1ClSPMQc7FAFlood binsurance/b deadline looming/abrfont size=-1font color=#6f6f6fAppeal-Democrat,nbsp;CAnbsp;-/font nobr1 hour ago/nobr/fontbrfont size=-1By John Dickey/Appeal-Democrat Some Sutter County residents could be hit with a bill for flood binsurance/b next month that could top $2000 a year. b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.marketwatch.com/news/story/Meadowbrook-Insurance-Group-Inc-CEO/story.aspx%3Fguid%3D%257BC7A18FD0-FF97-4AA9-92AE-D946FF2A5FC8%257Dcid=1272910679ei=SzkpSbOHMo2A7QOYy-DzCwusg=AFQjCNGUlgekPFpmZemMnMM3OamPMRqMtAMeadowbrook bInsurance/b Group, Inc. CEO to Present at FBR Capital b.../b/abrfont size=-1font color=#6f6f6fMarketWatchnbsp;-/font nobrNov 21, 2008/nobr/fontbrfont size=-1Mr. Cubbin#39;s presentation to the conference will be available December 3, 2008, on Meadowbrook bInsurance/b Group#39;s corporate web site at www.meadowbrook.com. b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.marketwatch.com/news/story/Specialty-Underwriters-Alliance-Present-2008/story.aspx%3Fguid%3D%257B83016D10-73A2-4AB4-884F-EDF53AC53AD9%257Dcid=1272910679ei=SzkpSbOHMo2A7QOYy-DzCwusg=AFQjCNG6I-DjOc7LHmNxTBZnLcwyFsj3tgSpecialty Underwriters#39; Alliance to Present at 2008 FBR Capital b.../b/a font size=-1 color=#6f6f6fnobrMarketWatch/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1272910679hl=ennobrall 36 news articles/nobr/a/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.masslive.com/news/index.ssf/2008/11/massmutual_promotes_pair_in_su.htmlcid=1272940630ei=SzkpSbOHMo2A7QOYy-DzCwusg=AFQjCNF_CLAZmV2rVO70oPipypkfrq1M6Aimg src=http://news.google.com/news?imgefp=HdAjaJYgZnQJimgurl=blog.masslive.com/breakingnews/2008/11/medium_112108photo05.jpg width=59 height=80 alt= border=1brfont size=-2The Republican - MassLive.com/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.marketwatch.com/news/story/MassMutual-Announces-Promotions-Two-Co/story.aspx%3Fguid%3D%257BABFD6B7E-54B4-444B-8316-A207BA426411%257Dcid=1272940630ei=SzkpSbOHMo2A7QOYy-DzCwusg=AFQjCNEFETI2sXQDcl2ZJj8bbpWJOpgGbQMassMutual Announces Promotions for Two Co-Chief Operating Officers/abrfont size=-1font color=#6f6f6fMarketWatchnbsp;-/font nobrNov 21, 2008/nobr/fontbrfont size=-1William F. Glavin Jr., Co-Chief Operating Officer and Executive Vice President, US bInsurance/b Group, MassMutual, has been appointed CEO of OppenheimerFunds, b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bizjournals.com/boston/stories/2008/11/17/daily68.htmlcid=1272940630ei=SzkpSbOHMo2A7QOYy-DzCwusg=AFQjCNE5Fazw3X88kifVGqzYQnUdkapz3gMassMutual Life promotes COOs/a font size=-1 color=#6f6f6fnobrBizjournals.com/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.pionline.com/apps/pbcs.dll/article%3FAID%3D/20081121/DAILY/811219977cid=1272940630ei=SzkpSbOHMo2A7QOYy-DzCwusg=AFQjCNHCbJinNmt1Gj-PrGIO5uJoaO5ndwShake-up at OppenheimerFunds, MassMutual/a font size=-1 color=#6f6f6fnobrPensions Investments/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.masslive.com/news/index.ssf/2008/11/massmutual_promotes_pair_in_su.htmlcid=1272940630ei=SzkpSbOHMo2A7QOYy-DzCwusg=AFQjCNF_CLAZmV2rVO70oPipypkfrq1M6AMassMutual promotes pair in succession plan/a font size=-1 color=#6f6f6fnobrThe Republican - MassLive.com/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.investmentnews.com/apps/pbcs.dll/article%3FAID%3D/20081121/REG/811219987/1029/INSURANCEcid=1272940630ei=SzkpSbOHMo2A7QOYy-DzCwusg=AFQjCNHDBqrYARTXHmUAtQnQ9TlfnE5OsgnobrInvestmentNews/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.marketwatch.com/news/story/William-F-Glavin-Jr-Named/story.aspx%3Fguid%3D%257B090CCDCB-1458-4EFB-8D79-FE52BC64B910%257Dcid=1272940630ei=SzkpSbOHMo2A7QOYy-DzCwusg=AFQjCNG_WrAnFZF2fbHrLRQq73ITT95zfwnobrMarketWatch/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1272940630hl=ennobrall 45 news articles/nobr/a/font/div/font/td/tr/table
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