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Long-Term Care

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Long Term Care Insurance Demystified - 
Who Needs It, Who Doesn't and Why

(Page 2 of 5)

"You can forget what you thought you knew about insurance and insurance agents, because LTCi is a new and different animal. It is wise to investigate as soon as you see a possible need because you never know what the future may bring, or when. Not everyone is eligible to enroll, especially if they procrastinate until a health condition makes them ineligible," says Scott Olson. He is the Florida Consulting Broker for the Long Term Care Insurance Buyers Advocate Alliance.The Alliance is a consumer advocacy group dedicated to insurance buyers' rights."If nearly 50% of the population will eventually need care and only 7% are covered, then it is clearly time for smart people to move forward with their planning before it's too late."

Amazingly, Mr. Olsonís own father-in-law was not insured in April 1998 when he experienced a massive stroke. Once he was afflicted he was no longer eligible enroll."Now the whole family is suffering, because we put off planning for a possible incapacity.I feel terrible because we could have saved untold tens of thousands of dollars through prudent insurance planning.The main problem here is that families are not comfortable discussing these issues in advance.There is a lot of avoidance, denial and procrastination and it's a real shame."

In order to encourage citizens to act early in their own behalf, legislation has been enacted which supports the purchase of private LTCi coverage through Federal and State tax incentives. Yet few people know how to determine if it might be appropriate for their family. "One reason people delay their research is that most folks are not ready to invite the neighborhood insurance agent to deliver a presentation full of complicated features, benefits and strange terminology," explains Steve Eads, CLU of the National Advisory Council for Long Term Care Insurance, "In most cases, people want to bone up on LTCi before they contact an LTCi specialist."

Naturally, people have many questions. They want to know what LTCi is and why they should care. What are the benefits and eligibility requirements? Is LTCi worth the cost? What is the best age to enroll? You'll get savvy answers in this series. You'll also find directions to some little-known Internet resources for both further study and breaking news on LTCi-related topics.


Like health or auto insurance, LTCi incurs a periodic premium expense. There are no accumulated "cash values". If you are one of those that need the benefits, then you are covered.If not, then the premium can be perceived as an expense you are willing to bear to assure family security.



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