Help Your Parents Prepare for Long Term Care

Are your parents prepared for long term care? If not, are you prepared to help?

Your parents might only think about golfing, birding or traveling around the country when you talk about retirement. They should also mind about health issues, though it may not hinder them from enjoying retirement years, it can punch a heavy dent in retirement savings.

“As we age, usually our medical or long-term care expenses increase, sometimes depleting our assets to a level of crisis,” says financial advisor Jake Lowrey, president of Lowrey Financial Group. “It’s important for retirees, and anyone planning for retirement, to become educated about what the pitfalls are and what they need to do to avoid losing their life savings” he added.

Continue to original article:
http://www.forbes.com/sites/annabahney/2015/01/31/how-do-i-help-my-parents-prepare-for-long-term-care/

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Lincoln Financial Group is Up for a good start this 2015

The group scored 90 out of 100 percent which reflected the company’s commitment to LGBT employees and their families with respect to tangible benefits, practices, and policies.
The company has announced that they has been named Human Rights Campaign’s (HRC) 2015 Corporate Equality Index (CEI)  national benchmarking survey and report on corporate policies and practices relating to lesbian, gay, bisexual and transgender (LGBT) workplace equality, administered by the Human Rights Campaign Foundation.

On the other hand, Lincoln Financial ended the year 2014 by announcing the winners of its Give Thanks photo contest.
The winning photo was submitted by Sommer Pacana of Buffalo, N.Y, with her mom, Renee.

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What To Do When Long Term Care Rates Increase

Despite of 8.6% increase compared to last year, long term care advocates and advisors are still not yet discouraged to let their clients use it.

According to Stiles, Slome and planner Paul Jarvis, of United Capital in Fargo, N.D, Here are steps to consider when advising clients as the costs of policies increases:

1. Put the cost of coverage into perspective.
2. Don't try to offset all costs of long-term care.
3. Consider employer policies.
4. Buy in the sweet spot.
5. Shop around.
6. Give your clients options.
7. Negotiate with insurers.
8. Consider hybrid life insurance and long-term care policies.
9. Go with 30- or 60-day elimination periods.
10. Address the disconnect.
11. Prepare to teach.

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Top Ten Features Your LTCI Policy Should Have

Watch the video and learn the important features that a long term care insurance policy must have.

1. Company Reputation

2. Inflation protection

3. Home Health care benefit option

4. Shared care rider

5. Monthly benefit limit instead of daily

6. Care coordinator services

7. Cash benefit

8. Pero day elimination period

9. Pool of money for maximized coverage

10. Comprehensive coverage for all levels of care

 Credits to: http://www.fpsinsurance.com/

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Long term Care Insurance Pros and Cons

Most people does not welcome the conversation about needing long term care, but mnost of us will be needing it at some point of our life.

In fact, 70 percent of people turning 65 years old can expect to need some type of long-term care, according to the U.S. Department of Health and Human Services.

Advocates of long term care insurance says that the investment will surely pay off if you wind up using it. Policy might be pricey but it can surely defray the costs.

Who needs it?

Continue reading:
http://www.cnbc.com/id/102338393#.

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Avoid Stress By Having Long Term Care Insurance

Caring for love ones can cause a great burden within a family.

Daughters are more likely to provide care than any other family members, according to University of Michigan Health and Retirement Study. The research suggests that in families with children of both genders, sons will reduce their time spent with their elderly parents while daughters increase that time to compensate for their brothers.

That lack of participation by one or multiple siblings can cause discord within a family, but proper planning can cut the family feud short, said Stacia Vetter, assistant vice president at National HealthCare Corp.

Vetter is an insurance broker specializing in long-term-care insurance who also has a policy for her parents.

Unlike traditional insurance, long-term-care insurance is designed to help families with the financial burdens of aging by providing funds on a daily basis for long-term care, she explained.

"We are living longer, and we are living longer with chronic illness," Vetter said.

Long-term care is needed when an individual cannot do normal daily things—like eating, bathing, dressing and driving—without some kind of help, said Vetter, a long-term-care insurance specialist.

Read the full article here:
http://www.dnj.com/story/money/business/2015/01/03/long-term-care-insurance-helps-relieve-stress/21244641/

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How to Know if Long Term Care Insurance is Right For You?

About 70% of individuals 65 and older will need some kind of long-term care—whether at home or in an assisted-living facility or nursing home, that's according to researchers at Georgetown University and Pennsylvania State University. But how many of them should really need to have long term care insurance?

To assess the odds of needing long-term care, the researchers used government data to “calculate monthly probabilities of transitioning among various health states” from age 65 on. The data show that 44% of men and 58% of women will spend at least some time receiving nursing-home care.

However, many people spend only short spells in nursing homes. Government data show that, on average, men who require nursing-home care spend an average of less than a year in such care over their lifetimes. For women, the figure is about one year and four months.

See the original article here:
http://blogs.wsj.com/totalreturn/2014/12/23/is-long-term-care-insurance-for-you/

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How to Find The Best Long Term Care Insurance Company

There's a lot of insurance companies that offer long term care, the problem is, how will you know that they are the best and will give you the policy that will suit your needs.

Here are some tips to help you decide the ltci company you need:

Sources:
1. Ask your Friends, family, anyone you know who owns an LTCI policy
2. Read online pages and request for insurance quotes.
3. Ask/ Inquire over the phone

After knopwing different sources where you can get information about insurance companies, the next step is to compare them.

Continue reading:
https://www.linkedin.com/pulse/find-long-term-care-insurance-company-you-rachel-catherine-beter

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John Hancock Expands RPS Business

John Hancock Financial, a US division of Manulife Financial Corporation acquires New York Life's Retirement Plan Services business. Within the first half of 2015, all transactions are expected to close and are subject to customary closing conditions and regulatory approvals.

Donald Guloien, President and Chief Executive Officer of Manulife said that “This transaction, similar to our recently announced acquisition of Standard Life’s Canadian operations, will significantly increase our retirement plans business overall.”
“When completed, these transactions will each accelerate our strategy to grow our wealth and asset management businesses around the world,” added Guloien.

Read the full article here:
http://www.fpsinsurance.com/john-hancock-buys-new-york-life-retirement-division-expands-retirement-plan-services-business/

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People Underestimates Long Term Care

A new study finds Americans are strongly underestimating the needs for future long-term care.

According to the study by Health Affairs, 60 percent of adults between 40 and 65 years old don't think they'll need long-term care services.

That's a potentially costly oversight, since evidence suggests nearly 70 percent of older adults will need long-term care at some point.

The study found respondents living with minor children were the least likely to expect they'll need long-term services and support; and to require paid care if the need arose.

In contrast, respondents living alone were the most likely to expect that it's "very likely" they'll need long-term services and need to rely on paid care.

Health Affairs used data from the 2012 National Health Interview Survey, which is data collected by the US Census Bureau.

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Prudential Financial Committed $6.7 million to Containment Efforts

Prudential helps fight and control ebola crisis by committing $6.7 million to containment efforts.
“The Ebola epidemic is the largest in history, affecting multiple countries in West Africa, as well as here in the United States.” stated Lata Reddy, vice president of Corporate Social Responsibility at Prudential and president of The Prudential Foundation.


The Prudential Foundation promised to provide the funds under this distribution:

$6 million in Capital to the UNICEF Bridge Fund
$300,000 grant will go to Doctors Without Borders
$200,000 grant will go to the U.S. Fund for UNICEF
$200,000 grant will go to Newark, N.J.’s University Hospital


Read the full article here:

http://www.fpsinsurance.com/prudential-helps-fight-ebola-crisis-committing-6-7-million-containment-efforts/

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Will Medicare Pay For Long Term Care?

According to U.S. Department of Health and Human Services, people will be needing long term care at some point of their life. Yet most people underestimate the cost of that care.

A March 2014 National Health Policy Forum report, National Spending for Long-Term Services and Supports, found that the average cost of nursing home care in 2012 was $81,030 per year for a semi-private room and $90,520 for a private one. If you’re thinking that Medicare will pick up the tab, that typically isn’t the case. The following, which will help you better understand which long-term care services Medicare does—and doesn’t—cover, is based upon two U.S. Department of Health and Human Services publications, Medicare & You 2015 and Medicare, Medicaid & More.

Read the full story here:
http://www.forbes.com/sites/northwesternmutual/2015/01/12/does-medicare-pay-for-long-term-care/

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"Spirit of Giving" Campaign of Allianz Life Donates $114,000 to Local Charities

As part of their annual "spirit of Giving" campaign, employees of Allianz life raised more than $114,000 in cash donations last December. “Allianz Life supports organizations that are dedicated to improving the lives of those in our community who need it most,” said Allianz life President and CEO Walter White. “Year after year I am amazed at the passion our employees have for doing so much for others in need.”

Five nonprofit organizations near the company’s offices in Minneapolis received the donations, including 24,000 pounds of food, 24,000 pounds of clothes, 3,000 new toys, 200 books and 100 new bikes.

Read the original article here:
http://www.fpsinsurance.com/allianz-life-spirit-giving-campaign-donates-114000-local-charities/

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Genworth and their Long Term Care Videos with Celebrities on it

The nation's biggest seller of long term care insurance, enlisted actor Rob Lowe and journalist and author Maria Shriver for their new educational video series about long term care planning.

Lowe and Shriver discuss the impact of an aging population and the importance of long-term care planning.

The video series will be available on Genworth's Youtube  page and at http://mariashriver.com/

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Re-planning Your Retirement Plan this 2015

New year is a best time to reflect on your retirement plans and ensure that you have updated your strategies and tactics that will increase the possibility of accomplishing your retirement goals.

You may want to build an investment portfolio that can take advantage of many different potential market scenarios, the reality is that no one can predict what return the market will provide.

Here are some practices that are worth undertaking this new year:

1. Diversify your retirement accounts as well as your investments
2. Review your debt management strategy
3. Insulate your portfolio from unexpected expenses
4. Get some investment advice

Read the full/ original article here:
http://www.marketwatch.com/story/4-retirement-planning-rethinks-for-2015-2014-12-29

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Financial Tips for Newlyweds

Change in finances is one of the changes you need to face after getting married. Couples should sit and take time to sort out their finances after their honeymoon.

Here are some tips for the newlyweds to help them build a strong financial foundation as they start their married life:

1. Be open.
Transparency is the key when you talk about money with your spouse.
Disclose every financial detail with each other such as your current financial status, debts and money habits.

2. Find the best account set up.
Decide if you are going to combine your money in a joint account or keep an individual accounts.

3. Set goals.
Goals will keep you focused, enhances your teamwork and improves your overall financial outlook and status.

4. Evaluate your Insurance Needs
Major life changes such as getting married warrants an evaluation of your current insurance policies and in some cases, it may prompt you to consider getting new ones.

5. Enjoy life.
Remember that financial planning as a couple is not just about keeping as much money as you can and depriving yourself of the luxuries in life.

Read the original article here:
http://www.selfgrowth.com/articles/5-financial-tips-for-newlyweds

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Genworth Launched New Fixed Annuity with Lifetime Rider

A new fixed index annuity with a lifetime income rider was launched by Genworth intended for buyers who plan on setting up a retirement income.

“With defined pension plans becoming increasingly rare, SecureLiving® Growth+ with IncomeChoice rider is a great fit for consumers who are seeking solutions to fund their own retirement,” said Lou Hensley, president of Life Insurance and Annuities at Genworth.

“SecureLiving®Growth+ with IncomeChoice rider can help consumers save for retirement and gives them the added benefit of protection from market losses, growth potential greater than existing interest rates, and guaranteed lifetime income that can keep growing,” added Hensley.

Read the full article here:
http://www.fpsinsurance.com/genworth-launches-new-fixed-index-annuity-lifetime-income-rider/

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2015 New Year Retirement Resolutions

New year is near and it offers you a great opportunity to review your finances of the past year.
This is essential to makeso that you can make necessary changeas to boost your retirement savings and increase the chances of a secure retirement.

Consider these retirement-related new year's resolutions for 2015

1. Try to save at least 1 percent more next year. If you get a raise, redirect part of it to a retirement or investment account.

2.  Investors can defer paying income tax on up to $18,000 contributed to a 401(k) and $5,500 deposited in an individual retirement account in 2015.

3. take advantage of employer contribution to you 401(k) account.

4. Take a look at how much you are paying in fees and expenses on your investments. Consider switching to similar lower cost funds when they are available.


Read the full article here:
http://finance.yahoo.com/news/10-retirement-resolutions-2015-153654127.html

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Year End Financial Planning Ideas for 2014

Shore up you finances before this year end. Here are 8 ways to do that:

1. Be generous. Reduce your tax bill by donating to charity.
2. Before year ends, spend down your flexible spending account (FSA).
3. Lessen your tac bite by harvesting your unrealized gains and losses.
4. Review and rebalance your asset allocation plan.
5. Confirm you are still on track to meet your written retirement savings goal. If you don't have a written plan and goal, get one.

Read the full article here:
http://www.bizjournals.com/orlando/blog/2014/12/8-year-end-financial-planning-ideas.html

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Retirement Planning: 3 Mistakes you Can Avoid Easily

Retirement planning may be overwhelming, but it is the simple and avoidable mistakes that hurt your returns the most.

Here are three common mistakes that Jason Hall listed on his article on The Motley Fool:

1. Cashing out your 401(k) early.
2. Ignoring "free" money
3. Paying too much in fees

Read the full article to find out what you can do about it:
http://www.fool.com/investing/general/2014/12/07/retirement-planning-3-dumb-mistakes-you-can-easily.aspx

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