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Home » Blog

Years Ago, I Was Declined for LTCI. Should I Re-Apply Now?

When asked the question: “I was declined for long term care insurance about 5 years ago.  Is it worth my while to try applying again?”  The answer is that it depends upon why you were declined.  Most long term care insurance specialists prequalify their prospective clients on the front end meaning that we don’t have people apply if the underwriting guide says that they would be declined for a particular health issue.  The important thing to know is that underwriting guidelines can...

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Elder Care Doesn’t Have to Be a “Crapshoot”

We all hear the horror stories about long term care facilities but it doesn’t have to be that way. This month’s issue of Smart Money gives a closer look at geriatric-care managers and their role in the long term care field. Smart Money February 2012

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What If We Retire to Another State?

I’m writing this entry from San Diego where I am visiting my daughter for a few days.  California is just about as far across the country from my own home in Massachusetts as one can go. I was thinking about the question that I’ve been asked many times: “We’re living in MA now but what if we retire to CA or NC or AZ?”  The first part of my answer is that your policy is portable and goes with you throughout the U.S. to whichever state (and sometimes whichever country) you may live in...

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Excuses to NOT Buy LTCi…Debunked!

When my colleagues and I get together we invariably wind up talking about the client or clients who didn’t buy long term care insurance from us.  When we’ve drilled down to the essence of why intelligent people don’t purchase this important insurance protection it is usually for one of the following reasons: 1) “I can afford it now but I’m not sure that I’ll be able to afford it in retirement.” 2) “There has to be a better way for me to protect myself with some of the more...

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Can Same Sex Couples Get LTCI Discounts?

The answer is “yes” with almost all long term care insurance companies.  A couple can be a heterosexual couple who are married.  A couple can be a heterosexual couple who aren’t married.  A couple can be a gay or lesbian couple who are married.  A couple can be a gay or lesbian couple who aren’t married.  Some companies even discounts given for 2 family members of the same generation who live together.  My advice would be that if you consider yourselves a “nontraditional”...

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What Are “Combo” or “Hybrid” Products?

The last 5+ years have seen the introduction of what the industry calls either “combo” or “hybrid” products.  In most cases the ones that I am familiar with have a long term care insurance component and a life insurance component.  I know that some of the others involve an annuity component.  “Combo” or “hybrid” products are a good fit for certain clients. The clients that I have sold these policies to are people who have already retired and have some “lazy” money sitting...

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Facts and Figures

"The typical caregiver is a family member who is a 48 year old woman who provides more than 20 hours of care each week."
-- American Association for Long-Term Care Insurance, 2011 LTCi Sourcebook, www.aaltci.org
Most people prefer to receive long term are in their homes rather than in a facility setting.
2011 cost of care findings on a countrywide basis: Adult Day Health Care $60/day
-- Genworth Cost of Care Survey 2011
2011 cost of care findings on a countrywide basis: Home Health Aide Services (Licensed) $19/hour
-- Genworth Cost of Care Survey 2011
“The U.S. Census Bureau projects that the population of 85 and over could grow to $19 million by 2050.”
-- American Association for Long-Term Care Insurance, 2011 LTCi Sourcebook, www.aaltci.org
2011 cost of care findings on a countrywide basis: Nursing Home (Private Room) $213/day
-- Genworth Cost of Care Survey 2011
2/3 of people over age 65 will need some kind of long term care in their lifetime.
2011 cost of care findings on a countrywide basis: Nursing Home (Semi-Private Room) $193/day
-- Genworth Cost of Care Survey 2011
"Each year about 600,000 Americans suffer their first stroke. 28% are under the age of 65."
-- A Consumer's Guide to Long Term Care Insurance
“The average age at move-in of an assisted living resident is 84.6 years old. The median length of stay for assisted living is 21 months.”
-- American Association for Long-Term Care Insurance, 2011 LTCi Sourcebook, www.aaltci.org
“86% of older adults have at least one chronic condition like heart disease, arthritis, diabetes, or cancer and 50% have two or more.”
-- National Council on Aging
Long Term Care Insurance may be deductible if you own a business or itemize your medical expenses.
“By 2050, 20% of America’s population will be over 65.”
-- National Council on Aging
“61% of respondents ranked having Alzheimer’s disease as their single greatest fear among disabling diseases in later life.”
-- Our Family, our Future: The Heart of Long Term Care Planning, Age Wave for Genworth.
76 million Baby Boomers were born between 1946 and 1964.
2011 cost of care findings on a countrywide basis: Assisted Living Facility (1 Bedroom/Single Occupancy) $3,261/month
-- Genworth Cost of Care Survey 2011
“5.4 million Americans are living with Alzheimer’s disease. 2/3 are women. By 2050, as many as 16 million will have the disease.”
-- American Association for Long-Term Care Insurance, 2011 LTCi Sourcebook, www.aaltci.org
Average age of consumers who purchase Long Term Care Insurance is 55 to 64.

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Tobe Gerard Insurance, LLC
209 West Central Street
Natick, MA  01760
Office: (508) 653-8110
Fax: (508) 655-9307
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