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Long-term care insurance policies are expensive and tricky. Our latest call is an example of both.
Have a money question? Email us, ask jill [at] jill on money dot com.
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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
One of the biggest concerns about retirement is whether or not you're going to outlive your money. Things only get more complicated when you mix in a spouse with long-term health care needs.
Have a money question? Email me here.
Please leave us a rating or review in Apple Podcasts.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Long-term care insurance is a tricky topic, and figuring out whether or not you need to purchase it can be even trickier, which often leads to many people buying something they probably don't need.
Have a money question? Email me here.
Please leave us a rating or review in Apple Podcasts.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Do you need long-term care insurance? There's no one-size-fits-all answer, as each case depends on your unique situation.
Have a money question? Email me here.
Please leave us a rating or review in Apple Podcasts.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Long-term care policies are becoming harder and harder to find, and if you do find one, they're also getting more and more expensive. Deciding whether to keep or ditch an existing policy can be very tricky. That's the discussion with Matt from Philadelphia who's helping his mother navigate her options.
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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Have you subscribed to our podcast, Better Off? It's very similar to the radio show so check it out!
Also subscribe to the YouTube page and our newsletter.
We started the show with Deb from Anchorage, Alaska who got up bright and early to ask us a question about long term-care insurance. It was a good call that required two segments.
Also, how do you find a fiduciary? We'll tell you how.
We finished up the first hour with the great email purge of 2018!
Life is full of challenges, both personally and professionally.
Today’s interview in hour two with Amy Cuddy is the perfect example. It took a full year to pin her down, and that’s no exaggeration! But Amy was well-worth the wait. I was enchanted with her from the start of our conversation.
Have you ever left a nerve-racking challenge and immediately wished for a do over? Maybe after a job interview, a performance, or a difficult conversation?
The very moments that require us to be genuine and commanding can instead cause us to feel phony and powerless.
Too often we approach our lives' biggest hurdles with dread, execute them with anxiety, and leave them with regret.
By accessing our personal power, we can achieve "presence," the state in which we stop worrying about the impression we're making on others and instead adjust the impression we've been making on ourselves. Does this sound a bit out there to you? RELAX...Amy breaks it down in a way that resonates.
We don't need to embark on a grand spiritual quest or complete an inner transformation to harness the power of presence. Instead, we need to nudge ourselves, moment by moment, by tweaking our body language, behavior, and mind-set in our day-to-day lives. To get started, consider this: “Listening is crucial to presence...Real listening can’t happen unless we have a sincere desire to understand what we’re hearing.”
Amy Cuddy has galvanized tens of millions of viewers around the world with her TED talk about "power poses."
With the paperback release of her bestselling book, Presence, she teaches us how to use simple techniques to liberate ourselves from fear in high-pressure moments, perform at our best, and connect with and empower others to do the same.
Have a money question? Email us here or call 855-411-JILL.
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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
There's no denying it: Most of us are going to need some form of long-term health care during our golden years. And costs of such care are rising. Genworth Financial recently released its long-term care Cost of Care Survey for 2013, and the results are sobering. The costs of home care providers, adult day health care facilities, assisted living facilities and nursing homes have been steadily rising over the past 5 years.
However, the news is a little better if you don't need a facility. The national hourly median rate for a licensed home health aide rose by just 1 percent annually over the past 5 years to $19. This slower rate of inflation is attributed to increased competition among agencies and the wider availability of unskilled workers during the recession.
Those are the numbers, but how likely is it that you will need care? According to the U.S. Department of Health and Human Services , about 70 percent of people over age 65 will require some type of long-term care (LTC) services during their lifetime, and more than 40 percent will need care in a nursing home. Of course, your personal health history may increase or decrease your chances of needing long-term care. (One surprising fact: If you live alone, you're more likely to need paid care than if you're married or single and living with a partner. Maybe Match.com should incorporate this detail into their sales and marketing materials!)
One of the big misconceptions about LTC is that services are covered byMedicare. But in reality, Medicare only addresses short-term skilled services or rehabilitative care; it does not cover "custodial care," or assistance with activities of daily living. The only government-provided insurance that does provide LTC coverage for this is Medicaid, but qualifying for it is a doozy.
If your total net worth is below a certain level (probably around $300,000), it makes sense to rely on Medicaid for future LTC costs. However, Medicaid is a state-specific benefit, so you should visit longtermcare.gov for more information. On the other end of the spectrum, if you have more than $1.5 million, you can choose to "self-insure," where you tap into your assets to pay for care.
The folks that fall in between Medicaid coverage and self-insurance are the ones that should be considering how to protect against a long-term illness that eats away at their financial health as well. These "LTC tweeners" should consider purchasing long-term care insurance.
The biggest problem with long-term care insurance is that it is expensive. It's hard to justify spending thousands of dollars a year on insurance that you may never need. But then again, do you kick yourself for buying auto insurance and not totaling your car?
Another hurdle is that it's been hard to find a highly rated insurance company in the LTC business these days. Prudential Financial, MetLife and Unum have all decided to exit the individual long-term care insurance business. While these companies have said that they will honor all existing contracts, which will be guaranteed renewable, they will no longer write new LTC policies.
Why are these companies leaving what would seem to be a highly profitable business? The answer is clear: Insurance companies are very good at pooling and insuring certain types of risks, like homeowners and drivers, but they are less confident about projecting how many people will need long-term care and how much that care will cost.
Unfortunately, the more insurance companies that exit the LTC business, the fewer options there are for consumers. As you shop for LTC providers, stick with the highly rated companies that have a proven track record of being in the business and not hiking premiums. Check out the American Association for Long-Term Care Insurance for more information.
Getting old is hard enough as it is, but protecting yourself and your family from rising LTC costs can make all the difference in the world.
Distributed by Tribune Media Services, Inc.
