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Long Term Care Insurance

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By GREGORY KARP and GREGORY KARP,THE MORNING CALL | May 21, 2006
Once the children are out of the house and you wind down your full-time working years, your insurance needs shift. You'll need more of some kinds of insurance and less of others. And you'll need some patience and diligence. At no other time in life does insurance get more complicated than retirement, when you're considering the baffling ins and outs of Medicare, long-term care insurance and annuities. Here are tips for empty-nesters and seniors: Life As you approach retirement, and especially during retirement, your need for life insurance diminishes rapidly.
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Susan Reimer | March 29, 2012
I had the money spent before I bought the tickets. That's how sure I was that my friends and I were going to win the Mega Millions lottery Tuesday night. They sent me to purchase them — not because I am lucky or have dreams involving numbers, but because I live in Annapolis and we thought a change of venue would get it done. The tickets we'd been buying in Lutherville were, I don't know ... stale. "We should buy the tickets in Fargo," I objected. "People from nowhere always win it. " But nobody had won it, not since January, and the lottery pot was filled with $363 million.
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BUSINESS
By JANE BRYANT QUINN and JANE BRYANT QUINN,Washington Post Writers Group | December 8, 1997
SUDDENLY, I'm getting a lot of questions about long-term care (LTC) insurance. Mostly, they come from baby boomers, who are wondering whether their parents should buy.But older people, too, are trying to decide whether the risk is worth the annual premium cost. Congress created two tax breaks to lighten the load. Starting this year:Part of your LTC insurance premium may be deductible on your tax return, as a medical expense. (But ask your agent; some policies are tax-qualified and some aren't.
NEWS
Susan Reimer | December 5, 2011
Connie and Nancy, my best friends since the seventh grade, and I were chatting on a kind of cross-country speakerphone conference call - catching up on jobs, husbands, kids and, sadly, mothers in nursing homes. Connie's mother is in terrific physical health - for 92 - but her mind has left the building. Nancy's mother's mind is still sharp, but her body has quit on her. Connie's mother doesn't know her. Nancy's mother knows very well where she is, and how unhappy she is. We changed the subject to talk about our next girlfriend getaway, but I dragged the conversation back to the tough topic of aging.
BUSINESS
By Janet Kidd Stewart and Janet Kidd Stewart,Chicago Tribune | February 25, 2007
Long-term care insurance is becoming the Rodney Dangerfield of the retirement world. The product gets little respect in certain circles, and consumers know little about its potential benefits, new research shows. A Consumer Reports review of 47 policies concluded that for many people long-term care insurance is too expensive and coverage too spotty to warrant paying for it. In addition, the Financial Planning Association recently gave an award to an article in its journal that used probability statistics to make the case that the insurance is a better deal for women than for men when compared with investing money that would have gone to premiums.
NEWS
By Karen Hosler and Karen Hosler,SUN NATIONAL STAFF | September 20, 2000
WASHINGTON - Within two years, 13 million federal workers, retirees and military personnel will be able to purchase long-term care insurance at group rates under a measure signed into law yesterday by President Clinton. Like many private employers who offer such insurance, the federal government will not subsidize the premiums for long-term care policies. But advocates of the bill, which include a cross-section of lawmakers from both parties as well as the administration, said the law would make it easier for federal employees to prepare for their long-term health needs and encourage more private employers to make such group policies available.
NEWS
Susan Reimer | December 5, 2011
Connie and Nancy, my best friends since the seventh grade, and I were chatting on a kind of cross-country speakerphone conference call - catching up on jobs, husbands, kids and, sadly, mothers in nursing homes. Connie's mother is in terrific physical health - for 92 - but her mind has left the building. Nancy's mother's mind is still sharp, but her body has quit on her. Connie's mother doesn't know her. Nancy's mother knows very well where she is, and how unhappy she is. We changed the subject to talk about our next girlfriend getaway, but I dragged the conversation back to the tough topic of aging.
NEWS
By The Oregonian, Portland, Ore | July 23, 1991
THE AVERAGE cost of a year's stay in a nursing home is $25,000. At that price, even the most well-planned retirement savings soon give out.The "Secure Choice" legislation that Sen. Bob Packwood, R-Ore., and Sen. Bob Dole, R-Kan., plan to introduce this month tackles the issue head-on, but requires caution: Congress should not offer more than it can afford -- and in the area of long-term care, estimates of cost and demands are sketchy.One portion of the Packwood-Dole legislation is squarely on the mark.
NEWS
January 17, 2010
The Anne Arundel County Department of Aging and Disabilities is sponsoring a series of free workshops, "The Future is Now! Are You Ready?" focusing on legal, financial and future expectations. The workshops run 6:30 p.m. to 8:30 p.m. at the Arnold Senior Activity Center, 44 Church Road, Arnold. •Wednesday: "Long Term Care Insurance," featuring Senior Health Insurance Assistance Program director Amy Rubino and a representative from the Maryland Insurance Administration. •Jan.
BUSINESS
By EILEEN AMBROSE | August 6, 2000
Caring for her elderly father convinced Denise Kalus it was time to buy long-term care insurance for herself. At age 85 and in the process of buying insurance for at-home care, her father contracted pneumonia and became ineligible. Kalus and around-the-clock nurses cared for her father until his death about three years later. Money went quickly, about $1,500 a week for care alone. "It's like if you open your hand and put water in it and open your fingers. It just goes through," said the Baltimore County woman.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | November 6, 2011
When the Obama administration recently backed off a long-term insurance program that was part of the law to overhaul health care, we all lost. The so-called CLASS Act, which even supporters acknowledge had design flaws, would have allowed workers to voluntarily buy a long-term care policy regardless of their health. The benefit wasn't huge, but it might have been enough to allow some seniors to remain in their homes. And it was better than nothing — which is what most people have now. But as it turned out, the program wasn't financially sustainable and was dropped before it ever launched.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | December 5, 2010
We've all heard a lot about the nation graying, which is what makes the recent news about long-term care insurance even more troubling. MetLife, citing "financial challenges" facing the industry, said it would soon stop selling insurance to cover nursing homes and other long-term care costs, although it promised to honor existing policies. Meanwhile, other players that vowed to stay in the market are seeking stiff premium increases from insurance regulators across the country. The most eye-popping: John Hancock wants to raise premiums an average of 40 percent on most of its long-term care policies.
NEWS
By Larry Carson, The Baltimore Sun | September 12, 2010
National health care reform will help seniors on Medicare as well as millions of uninsured Americans, Maryland U.S. Sen. Benjamin L. Cardin told a receptive crowd of more than 100 people at the Vantage House retirement community in Columbia. "We're sort of following Howard County on the national level," Cardin said at the start of his visit Wednesday, referring to the county's health access plan for the uninsured. But although he, like many in the audience, feel the law passed by Congress and signed by President Barack Obama is lacking in some respects, "I'm a supporter.
NEWS
January 17, 2010
The Anne Arundel County Department of Aging and Disabilities is sponsoring a series of free workshops, "The Future is Now! Are You Ready?" focusing on legal, financial and future expectations. The workshops run 6:30 p.m. to 8:30 p.m. at the Arnold Senior Activity Center, 44 Church Road, Arnold. •Wednesday: "Long Term Care Insurance," featuring Senior Health Insurance Assistance Program director Amy Rubino and a representative from the Maryland Insurance Administration. •Jan.
NEWS
By New York Times | April 12, 1991
WASHINGTON -- Investigators from the General Accounting Office have told Congress that they had found numerous abuses in the sale of private insurance intended to cover the high costs of nursing home care for elderly people.The testimony laid a foundation for congressional efforts to set minimum standards for such insurance, perhaps as early as this year, even though insurance executives insisted there was no need for federal regulation.The inspector general of the Department of Health and Human Services, Richard P. Kusserow, seemed to lend support to the call for minimum federal standards.
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