Long-Term Care Insurance in Scottsdale, Arizona Is Not Expensive…

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One of the great misperceptions about long-term care insurance is that it’s expensive. One argument goes, “it’s expensive because I could pay for something I never use.”

Would you say the same thing about your homeowner’s insurance?  “It’s a waste if my house never burns down.”  Or your car insurance?  “I’d better total that car so I get my premiums back.”   Of course you wouldn’t make either of these statements. That’s because you know that every day many people have bad car accidents and every day house fires happen. You count yourself quite lucky when they don’t happen to you.

The same is true for long-term care insurance. Every day many people submit a claim on their long-term care insurance policy. According to the American Association for Long-Term Care Insurance  some 180,000 individuals are receiving benefits from their insurance coverage yearly. Some $8.5 billion is paid out annually.

Long-term care insurance is incredibly valuable protection to have should you need it. Consider yourself lucky if you live a long life and never need long-term care.

For those who are still not convinced, I’d like to share two real examples of individuals who purchased long-term care insurance. These are real people with the information provided to the Association by the nation’s leading insurance companies at the beginning of 2009.

COMPANY A: Largest open claim: $1.2 million.
The individual (a woman) purchased long-term care insurance at age 43, paying an annual premium of $1,800. Three years later her claim began and has continued for almost 12 years ($1.2 million in benefits already paid).

COMPANY B: Largest open claim: $1.02 million.
The individual (also a woman) purchased long-term care insurance at age 72 paying an annual premium of $12,766.   Three years later her claim began and has continued for almost 9 years ($1.02 million is benefits already paid) for her nursing home care.

Individuals between the ages of 55 and 59 paid between $700 and $6,950 for long-term care insurance according to a new report from the trade organization. People are taking advantage of readily available discounts to and policy design techniques to reduce the cost of coverage. You can too.

The cost for long-term care insurance coverage is based on a variety of factors. Some you have no control over such as your age and current health when you apply. Others are choices that can significantly impact what you pay. Understanding how to take advantage of applicable discounts and saving techniques can reduce the cost by 20-to-50 percent yearly.

Spouses as well as partners residing together can take advantage of the most significant discount available today when both parties purchase coverage. The discount can be as much as 40 percent applied to both policies. A number of insurers will even offer the discount when only one individual purchases coverage or can health qualify.

If you would like more information, please call Ernie Bobel of EHB Insurance Group, Scottsdale, Arizona at 602.617.4770 / 877.441.4714. Visit my website for more information. I can help make this important protection more affordable than you might think.

What individuals pay for long-term care insurance can range significantly from about $700 a year to as over $13,000 per year according to a Scottsdale, Arizona professional who shares ways to reduce cost…

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Individuals purchasing long-term care insurance paid as little as a few hundred dollars to as much as $13,000 a year according to a new report from the American Association for Long-Term Care Insurance.

“People are misled by reports that reflect high average costs for long-term care insurance,” explains Jesse Slome, executive director of the industry trade group. “Averages do not reflect what many people pay for this important protection.”

According to the new study buyers between ages 50 and 54 paid as little as $694 per-year, to as much as $9,650. The average paid was $2,236.   The range for buyers between ages 55 and 59 went from $794 a year to $8,824 per year. Most buyers today are in their 50s and young 60s the Association notes. 

The average age for new long-term care insurance buyers is 57 explains Ernie Bobel, Principal Advisor and Educator of EHB Insurance Group located in Scottsdale, Arizona. “If you wait until age 65, you’ll pay quite a bit more for this coverage and may not be able to health qualify,” Bobel adds.

The study reported a range in costs for those between 65 and 69 from a low of $1,434 to a high of $7,466. The average cost was $3,815. The highest costs were paid by individuals age 75 or older with costs ranging from $6,733 a year to $13,039 per year.

 “Most insurers today offer significant ways to reduce the cost of long-term care insurance,” explains Bobel. Good health and spousal or partner discounts are relatively common but can vary from one insurer to another. “Each insurer sets their own rates and these can vary by 40-to-80 percent for virtually identical coverage,” Bobel notes. “It pays to speak with a knowledgeable professional.”

 To learn more about ways to reduce the cost for long-term care insurance or to obtain a no obligation quote, contact Ernie Bobel at EHB Insurance Group by calling 602.617.4770 / 877.441.4714. Or visit the EHB Insurance Group website .

 Bobel is a member of the American Association for Long-Term Care Insurance the national organization for leading insurance and financial professionals committed to educating consumers on the importance of planning.

How much you’ll pay for long term care insurance is based on three factors….

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How much you’ll pay for long-term care insurance is based on three factors. Your age when you apply, how much protection you want and your health when you apply.  Where you live today and where you plan to retire also play a part.

But here is information that’s most important for Scottsdale, Arizona residents. Your long-term care insurance can be far more reasonable than you think. 

Let me share a few ways people I work with significantly reduce the cost of long-term care insurance. Before I share, I thought the following statistic from the American Association for Long-Term Care Insurance (http://www.aaltci.org) was especially interesting. In 2009, individuals between the ages of 55 and 59 paid as little as $794-a-year for LTC insurance protection. The maximum paid by someone in this age range was $8,824.

So, how can one reduce the cost? Start by considering a policy that might protect a specific amount of your savings and assets. The coverage you buy today can increase in value over time. So, a policy that provides $115,000 of protection today can grow to $305,000 in 20 years. If you are married, some long-term care insurance policies allow one spouse to access the other spouse’s benefit pool.  That’s an option well worth looking into.

Consider adding a deductible to your long-term care insurance policy. Most people have a deductible on their car insurance and their homeowner’s policy. When it comes to long-term care insurance, adding a deductible will significantly reduce the cost and the majority of people select a 90-to-100 day period.  The average savings will be about 20 percent annually.

Finally, know that costs vary significantly from one long-term care insurance company to another. I am a member of the industry’s long-term care insurance association and they share an enormous amount of information. Once a year they undertake a Price Index Study and the costs for almost identical coverage can vary by as much as 100 percent depending on your age and marital status.

If you’d like to learn more on long term care insurance please take a moment to call me, Ernie Bobel, at 602.617.4770 / 877.441.4714 or E-mail me at ebobel@ehbinsurancegroup.com. We will get you free information without any obligation.  Thanks for reading our blog today, we really appreciate it.

The cost of home care, assisted living and nursing home care has risen in Scottsdale, Arizona according to local planning professional..

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The cost of home care, assisted living and nursing home care in Scottsdale, Arizona has increased over the previous year according to an analysis conducted by Ernie Bobel, a long-term care insurance professional.

 Nationally the average hourly rate for a home health aide is $21, a 4.7 percent increase from the previous year, according to the yearly study conducted by the American Association for Long-Term Care Insurance. The average monthly rate for assisted living communities increased 2 percent to $3,100 and a private room in a skilled nursing facility now averages $220, up $10 from the previous year.

Costs for home care in Scottsdale, Arizona will range from $18 per-hour to $22 depending on the level of care needed explains Bobel.   Most people who require home care pay for several hours of care daily.

Costs for nursing home care in Scottsdale can range from $5400 per month to $7400.   All costs for care locally are rising and people need to prepare today so that a future need for care won’t wipe out a lifetime’s worth of savings.

The national average for one year in a private nursing home is $80,300 according to the Association study. Local skilled nursing home costs will vary but one thing is certain, they never decrease.

People tend to think they will never need long term care. Unfortunately when they do need it they are not prepared. With long term care insurance you can take control and be prepared. It helps you retain your independence, preserve your quality of life, stay at home as long as possible, protect your assets and savings and avoid burdening friends and family.

As life expectancies increase, there is a greater chance that people will require long term care.  According to an AARP study, only half of people say they “feel very or fairly prepared if they suddenly required long term care for an indefinite period of time.” 

If you are among the half that do not feel prepared, knowledgeable long-term care insurance agent, Ernie Bobel offers free, no obligation information that can help you plan and reach a decision regarding your future. 

To learn about ways to reduce the cost for long-term care insurance or to obtain a no obligation quote, contact Ernie Bobel at EHB Insurance Group by calling 602.617.4770 / 877.441.4714. Or visit the EHB Insurance Group website.

Bobel is a member of the American Association for Long-Term Care Insurance the national organization for leading insurance and financial professionals committed to educating consumers on the importance of planning.