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Long-term care: What are the options?

Many older adults will need to pay for long-term care at some point in their lives, but the intimidating nature of the costs involved can lead people to delay the planning process. Use this six-step approach to help your clients weigh their options. Full Story: Morningstar

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27% of Parents Pay for Their Adult Children’s Vacations

27% of parents pay for their adult children’s vacations, according to a recent article “Sharing Later is Caring” from Round the Table, the monthly magazine of Million Dollar Roundtable. If that seems surprising, consider that 49% of parents also pay for their adult children’s everyday living costs– to the detriment…

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Aging in Place and Long Term Care

What do aging in place and long term care have to do with each other?  A lot!  According to PBS’s Next Avenue, “Most older Americans hope to live at home for as long as possible, a practice referred to as “aging in place.” In a recent survey, in fact, AARP…

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How trusts can aid Medicaid planning

An irrevocable trust can be a valuable tool for a client who cannot afford to self-insure against long-term-care costs and is unable to purchase long-term-care coverage. Assets inside the trust can be noncountable for Medicaid purposes if the trust is funded at least five years ahead of time. Advisor Perspectives

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Advisors can help clients tweak LTC policy to blunt premium increases

Long-term-care insurance costs are soaring because of a number of factors, including longer lifespans and low interest rates. Financial advisors can help clients facing premium increases by looking for areas to tweak their policies to keep costs down, such as reducing benefit periods and increasing waiting periods. CNBC

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Most LTC contracts today linked to annuities, life insurance

The traditional long-term-care insurance industry is struggling as the majority of consumers opt for hybrid LTC products linked to an annuity or life insurance contract. Of the roughly 350,000 LTC policies sold last year, less than 60,000 were conventional stand-alone LTC contracts, according to the American Association for Long-Term Care…

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Exec looks to dispel misconceptions about LTC combo products

Steve Schoonveld, head of linked-benefit product solutions at Lincoln Financial Group, seeks to correct several misconceptions about annuity and life insurance contracts that include long-term-care benefits, starting with the idea that they lack inflation protection. He also makes the case that they should be called combination products rather than hybrids,…

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Focus on consequences when selling men LTC insurance

Men tend to ignore or feel indifferent about risk, making it difficult to sell them insurance, including long-term-care insurance, writes Harley Gordon of the National Academy of Elder Law Attorneys. Gordon suggests focusing the conversation on consequences for loved ones, rather than risk to oneself. InsuranceNewsNet Magazine

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NAIC backs off uniform rate review for long-term-care insurance

A National Association of Insurance Commissioners task force has tabled a request to study creation of a uniform rate-review process for long-term-care insurance after encountering opposition. Birny Birnbaum, executive director of the Center for Economic Justice, calls the proposal “significant misuse of market-conduct authority.” InsuranceNewsNet Magazine online (8/6)

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Study: People underestimate long-term-care need, cost

A study from Moll Law Group shows Americans underestimate their need for long-term care, as well as the cost and how soon they might need it. The study also finds 64% of respondents have nothing saved to pay for long-term care. ThinkAdvisor (free registration) (8/6)

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