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10 Reasons To Obtain Long Term Care Insurance: |
The
A.M. Best Company: A.M. Best is perhaps the best known of all the
insurance rating companies. It publishes over 50 different information
products about insurance companies and the insurance industry. Here is
an overview of what the A.M. Best rating system means.
The
following ratings are considered "secure" ratings by A. M. BEST:
| A++
and A+ (Superior): |
The
company has demonstrated superior overall performance and has a
very strong ability to meet its obligations to policyholders over
a long period of time. |
| A
and A- (Excellent): |
The
company has demonstrated excellent overall performance and has a
strong ability to meet its obligations to policyholders over a long
period of time. |
| B++
and B+ (Very Good): |
The
company has demonstrated very good overall performance and has a
good ability to meet its obligations to policyholders over a long
period of time. |
The following ratings indicate that a company
is "vulnerable" to financial difficulties in the future by A.
M. BEST:
| B
and B- (Adequate): |
The
company has an adequate overall performance and can meet its obligations
to policyholders, but may be vulnerable to unfavorable changes in
underwriting or economic conditions. |
| C++
and C+ (Fair): |
The
company has demonstrated fair overall performance and can meet its
current obligations to policyholders, but is vulnerable to unfavorable
changes in underwriting or economic conditions. |
| BC
and C- (Marginal): |
The
company has demonstrated marginal overall performance. It can meet
its current obligations to policyholders, but it is very vulnerable
to unfavorable changes in underwriting or economic conditions. |
| D
(Very Vulnerable): |
The
company has demonstrated poor overall performance. The company can
meet its obligations to policyholders, but is extremely vulnerable
to unfavorable changes in underwriting or economic conditions. |
| E
(Under State Supervision): |
The
company is under state insurance regulatory authority supervision,
control or restraint, such as conservatorship or rehabilitation,
but not including liquidation. This rating may be assigned if the
company is under a cease and desist order issued by a state regulator
other than from its state of domicile. |
| F
(In Liquidation): |
The
company has been placed under an order of liquidation by a court
of law, or its owners have voluntarily agreed to liquidate. Companies
that voluntarily liquidate or dissolve their charters are generally
not insolvent. |
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The
government isn't going to pay for long term care at home,
in a nursing home, or in an assisted living center. Medicare
pays 100% of long term care for 20 days and all but $95.00
per day for the next 80 days--after that nothing. However
Medicare only pays for skilled care and most long term care
is not skilled care. |
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The
national average cost for nursing homes is approximately
$105.00 per day. Assisted living ranges anywhere from $50
- $90 per day. If you live on the Eastern Seaboard you can
easily spend $50,000 to $80,000 for a year's stay in a nursing
home. These costs are perfectly capable of wiping out a
lifetime of savings, not to mention the emotional effect
long term care has on a family. |
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A
Harvard University study showed that 69% of single people
and 34% of married couples would exhaust their assets after
13 weeks in a nursing home. 13 Weeks = 91 days! |
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At
age 65, a woman has a 1 out of 2 chance of spending some
time in a nursing home. A man has a 1 out of 3 chance. In
the case of men, mortality catches up with morbidity. |
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Medicaid
kicks in only after a person's assets and dignity are gone.
In many states the eligibility threshold for single people
is $1,500 in assets. After all, Medicaid is WELFARE. |
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Children
would like to help, but children often have kids of their own.
They certainly can't quit their jobs to care for their parents. |
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Health
rarely improves with age. Buying long term health care insurance
early not only locks in rates which you could not receive at a
later date, but ensures you are covered when you need it the most. |
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You can't buy long term care coverage at crisis time or only at
the time you need it.
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American's
have access to the best health care in the world, if they can
pay for it. |
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Most
people want to choose where they go instead of having to go where
they are taken, and if independence is important to them, they
will need to have either a large estate or adequate insurance. |
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