November 30, 2017 in: long term care insurance,
Long Term care insurance can protect you and your family from the financial burden of caring for a loved one, but it can be pricey. The good news is there are options to keep costs down. Here are six strategies to save.
1. Buy early. Ideally, you want to buy the policy at a time when you can get the most benefits for the lowest cost. Most experts agree that the best time to buy long-term care insurance is in your mid-fifties to age sixty, while you’re still healthy enough to qualify for better rates. Premiums are based on your age, so if you’re in this age group, you’ll save money if you buy before your next birthday.
According to the American Association for Long-Term Care Insurance, the cost of long-term care insurance for a 65-year old could be more than twice as much as the cost of insurance for a 55 year old. Because premiums are based on your age when insurance begins, those who buy early often end up paying the same cumulative premium, but for a much longer duration, than those who purchase at later ages.
2. Apply with your spouse or partner. Long-term care insurance companies offer discounts to married couples and domestic partners who live together. You could save up to 30% if you apply with your spouse or partner. Most carriers will give a partial discount even if only one of you is approved.
3. Consider shared care. Consider sharing a policy with your spouse. Typically in a shared policy, you are each buying a policy whose benefits can be pooled together. Couples can essentially double their potential coverage without individually having to purchase more coverage. Shared care can be valuable for any couple, but particularly in cases where there is a large age difference.
4. Choose your benefits wisely. If you can afford to pay for a few months of long term care, consider increasing the waiting period in exchange for lower premiums. Similarly, if you think you’ll be able to cover some costs out-of-pocket, consider lowering the daily maximum benefit. Finally, review the type of inflation protection the policy provides. If you believe your income and savings can cover the cost increases, eliminating inflation protection from your long-term care policy can cut the premium in half.
5. Plan ahead. Start to form a picture of your retirement. Costs for care vary greatly from region to region. Do you plan to stay where you are? By making your home more accessible, you may not need as much assistance as you age. Considering a move to a new location? Be sure to factor the relative costs of care into your decision. You can explore various costs across the country here.
6. Seek expert advice. For most of us, long term care insurance options can be quite complicated. Not only do available plans differ among insurance companies, but premiums for similar coverage can also vary dramatically. Your best bet is to work with a long-term care specialist who has relationships with multiple insurance companies and can customize a plan for you.
November 20, 2017 in: Top 10 Things to Do in Phoenix on Weekend,
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November 13, 2017 in: Independent Living in Phoenix, AZ,
Phoenix, Arizona is one of the best getaway spots in the country for people of all ages. There are plenty of reasons seniors from all over the country consider this place the number one destination for them to put down roots. The comforting Arizona heat and a wide array of tourist attractions make this city not only an appealing destination for seniors but for people of all ages as well.
Independent living facilities here keep the seniors engaged in a healthy lifestyle of social interaction, leisure activities, event celebrations and doing all that they love to do. One of the best things about independent living facilities in Arizona is the facilitation for seniors to choose a lifestyle of their preference. Some take up painting again, some like exploring the richness of the quiet state of Arizona while others like spending sunny afternoons on the patio. Let’s go through the top reasons that make moving to Phoenix to retire at an independent living facility a good idea:
Degree of freedom
The independent living facilities in Arizona provide all senior residents a great degree of freedom and encourage them to pursue activities of their liking. The apartments are completely maintenance free for the residence and offer a wide range of activities to get involved in order to keep the seniors active.
Senior living facilities elsewhere tend to part in their method of residence as they lack activities or don’t leave any tasks for the seniors to do at all. Arizona realizes that being idle is not good for the mental and physical well being of seniors. Seniors here are free to come and go as they please, to socialize with the neighbors and carry out the recreational activities of their choice.
Various lifestyles in various areas
Arizona draws a lot of seniors every year because no matter what kind of lifestyle you’re accustomed to, you can find it here in Arizona. Seniors who’ve selflessly spent their lives parenting and working in a busy city may require a stimulating environment for their retirement as well. Those who like the hustle and bustle of city life can enjoy the fast pace of Phoenix.
Whereas those inclined towards a quieter or perhaps a more artistic community can come to Sedona. Additionally, residents at Scottsdale can enjoy a high-end luxurious lifestyle. However, the best part is that no matter where seniors reside in Arizona, they can take small vacations to any of these different cities for a pleasant change of pace.
Aside from a life of recreation, the State of Arizona has some major financial benefits for the seniors on practical grounds. Arizona charges no tax on the Social Security income that the seniors receive so they can enjoy their retirement income in its entirety.
Furthermore, there are no gift taxes and no estate taxes to be paid either. Those looking to buy a private residential property are in for a treat too since the housing in Arizona is extremely affordable. In fact, just last year the Phoenix metro area was ranked the eighth most affordable big city in the country for buying a house.