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Home » Blog

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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What is “Partnership”?

I was recently teaching a class and one of the attendees asked me: “My friend lives in RI and she said she has a “Partnership” LTC insurance policy.  What does she mean by “Partnership” and is it only available in RI?  “Partnership” policies became a bit of a household word when former President Bush signed the Deficit Reduction Act of 2005.  “Partnership” LTC insurance policies allow policyholders a degree of asset protection so that the policyholder can retain some of...

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Can I get a discount for being married even if my spouse doesn’t apply?

My wife and I both want to buy long term care insurance but I’m not in the greatest health and don’t want to apply.  Will she get any kind of a discount because we are married? The answer is that it depends upon the particular insurance company that you are considering.  When you work with a long term care insurance specialist she/he knows which insurance companies will treat your wife as if she is “single” and charge her the premium that will go with a “single” person and which...

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How does divorce affect a couple’s LTCi policy?

With 50% of today’s marriages ending in divorce I’m often asked the question about how divorce affects a “couple’s” long term care insurance policies.  When a “couple” applies together for long term care insurance they are given a discount specifically because they are a “couple”.  This discount usually ranges from 30% to 40% depending upon the insurance company.  When a “couple” divorces almost all insurance companies will remove that discount because the policyholders...

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Facts and Figures

"One million Americans suffer from Parkinson's Disease and each year 40,000 new cases are diagnosed."
-- Parkinson's Disease Foundation
Long Term Care Insurance may be deductible if you own a business or itemize your medical expenses.
2011 cost of care findings on a countrywide basis: Nursing Home (Semi-Private Room) $193/day
-- Genworth Cost of Care Survey 2011
“Every 70 seconds, someone develops Alzheimer’s disease.”
-- The 2009 Alzheimer’s Disease Facts and Figures, Alzheimer’s Association.
2/3 of people over age 65 will need some kind of long term care in their lifetime.
“By 2050, 20% of America’s population will be over 65.”
-- National Council on Aging
2011 cost of care findings on a countrywide basis: Home Health Aide Services (Licensed) $19/hour
-- Genworth Cost of Care Survey 2011
"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
“The nation’s 10 leading long-term care insurance companies paid over $10.8 million in daily claim benefits in 2010. Benefits paid by just these insurers totaled nearly $4 billion for the year.”
-- American Association for Long-Term Care Insurance, 2011 LTCi Sourcebook, www.aaltci.org
“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
Most people prefer to receive long term are in their homes rather than in a facility setting.
"There are 23.6 million people in the U.S. who have diabetes and over 1.6 million new cases are diagnosed every year."
-- American Diabetes Association
2011 cost of care findings on a countrywide basis: Homemaker Services (Licensed) $18/hour
-- Genworth Cost of Care Survey 2011
Average age of consumers who purchase Long Term Care Insurance is 55 to 64.
“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
"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
76 million Baby Boomers were born between 1946 and 1964.
2011 cost of care findings on a countrywide basis: Adult Day Health Care $60/day
-- Genworth Cost of Care Survey 2011

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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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