If you have long-term care insurance, brace for the possibility of a steep increase in premiums this year. Some of the largest long-term care (LTC) underwriters are asking state regulators for large increases on some policies this year.
The current ultra-low interest rate environment is a key reason for the rate hikes. Low rates have cut […]
Category: Long Term Care Insurance
Many of our clients have asked us what impact, if any, the legislative health care reform being considered would have on their future long term care costs. Most of the discussion about health reform has centered on issues like the “public option” and abortion restrictions. Putting aside the issue of whether such reform is warranted, […]
Price rollbacks throughout the U.S. economy during the past year did not apply to long-term care service providers, according to the 2009 MetLife Market Survey of Nursing Home, Assisted Living, Adult Day Services, and Home Care Costs. Private room nursing home rates rose 3.3 percent to $79,935 a year or $219 a day, while assisted […]
If someone is in need of nursing home level care, and if they don’t have long term care insurance, their assets will be consumed by such care costs at an rate of about $6,300.00 a month, until their assets are almost entirely consumed. However, there are planning techniques which can utilized to help someone qualified […]
The Bad News
On September 30, 2007, Michigan enacted a law that authorizes the creation of a Medicaid Estate Recovery Program (“MERP”). The MERP will allow the State to recoup the cost of benefits paid from the estate of an individual (and perhaps their spouse’s estate) who receives Medicaid benefits for nursing home level care. The […]
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