28% TLTCS logo   Planning for Long Term Care
                  
 September, 2013
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Featured Article
 
  $100bills   
Largest Open Claims

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Archive Earlier eNews-letters & articles
AALTCI American Association for Long Term Care Insurance 
CLTC Corp. for Long Term Care Certification 
Colorado Division of Insurance Long Term Care section of website 
Medicare The official  Medicare website
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Disclaimer: This eNewsletter and all links to other sources should not be construed as tax or legal advice because it is not either. Raymond Smith, The Long Term Care Specialist, does not give legal or tax advice. Consult your tax advisor or attorney for these matters.

 

 

The American Association for Long-Term Care Insurance (AALTCI) is one of the professional organizations I belong to.  Every year around this time, they publish Sourcebook.  This collection of long term care statistics can only be eagerly anticipated by a long term care planning geek like me.  This month's Planning for Long Term Care eNewsletter will have a series of short articles based upon data from the 2014 (that is what it says on the cover) Sourcebook. 

 

*Citation for the below articles: American Association for Long-Term Care Insurance, 2014 LTCI Sourcebook, www.aaltci.org.  By the way, if you click on the AALTCI website, go to "Find a Local Long-Term Care Insurance Professional", and enter 80016 in the zip code box, my name will come up.   

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*New Claims Opened In 2012 By Attained Age 
  
   

MenWomenTotal
 Under 50
0.1%
0.2%
0.3%
 50-59
0.9%
1.0%
1.9%
 60-69
3.8%
4.9%
8.7%
 70-79
9.2%
16.2%
25.4%
 80 & over
22.0%
41.7%
   63.7%
 

We can see that people age 80 & better opened 63.7% of all claims in 2012.  To state the obvious, 36.3% of claims were opened by people younger than 80.  I have met 50 year old stroke victims in  assisted living.  Younger people also need long term care services.  

 

*Largest Individual Open Claims (2012)
  (Total value of the largest individual claim still being during 2012

 

Male
Female
$1,300,000
Company A
$1,800,000
$1,224,846
Company B
$1,229,129
$898,000
Company C
$688,000

 

The particular insurance companies paying these ongoing long term care claims were not identified.  Can long term care cost more than $1.0M?  You must have a plan to pay for long term care services when you need them...else your, & your spouse's retirement plan  could be in deep trouble. 

  $100bills

 
A plan to pay for Long Term Care services is not a financial plan.  But a financial plan that does not address long term care can not be a complete financial plan. 
Sincerely,
 Ray Smith
 Raymond Smith, CLU, CLTC, MBA
 The Long Term Care Specialist
 303-699-4172

Raymond Smith, The Long Term Care Specialist, 2013