Age And Your Ability To Qualify For Long-Term Care Inaurance?
Most consumers do not know they must "health qualify" for Long-Term Care insurance. There is a saying, "Your money pays for Long-Term Care protection - but your health buys it". Your health is the single most important factor.
What does age have to do with health?
Rns are mindful, as we age, our health changes. And once you reach your 50s it almost never gets better (even if you diet and exercise). If you are 50, chances are that you leave your doctor's office with some new prescription in hand. That drug may help you live a longer life, but, it's those changes in our health that can make it harder, or, even impossible for you to health qualify for Long-Term Care insurance.
Hear are some important facts to keep in mind.
- Insurers offer discounts to applicants who are in good health.
- These discounts are locked in. You do not lose them if your heath changes.
- Each insurer establishes their own health requirements. If you have some conditions, or take some medications (even common ones) you should speak with your ANA Peronal Benefit LTC Advocate.
- Existing health conditions, though, may be acceptable now (even if you were declined several yearsa ago).
- The percentage of applicants who qualify for good health discounts declines as one ages.
- The percentage of applicants who are declined for health reasons increases as one ages.
- Premiums for Long-Term Care insurance are based upon your age when you apply.
- Premiums increase on your birthday, up until the time you apply for coverage and are approved. On approval, your age does not effect your premiums going forward.
- In 2017, new buyers of individual Long-Term Care insurance were the following ages: Under age 54 (26.5%). Between ages 55 and 64 (54%).
As we live longer, healthier lives, we can look forward to spending more time in retirement. Travelling, recreational sports, and pursuing the grandkids across the country are becoming increasingly common possibilities in retirement. But, before we get there, how would a Long-Term Care (LTC) experience impact your financial resources required for theses desired activities? What impact would it have on your retirement income security?
Increasingly we know, types of Long-Term Care services can be very costly. Americans pay an average $97452.* a year for a private nursing facility. With the rapidly increasing costs of healthcare, the price may be much higher in the future.
ANA, through Anchor Health Administrators, ("Official LTC provider and Designated Advocate for ANA") is pleased to offer a comprehensive LTC program for eligible Nurses and their Families. This LTC program is designed to provide multiple resources, products and funding options to address your personal long-term care needs.
From a 2011 ANA survey: "ANA surveyed RNs in 2011 to determine workplace hazards and compare results to a similar 2001 survey. Results from 4,614 responses indicate that the work environment has improved overall, especially the availability of mechanical lifting technology and needles with engineering safety protections. Yet, Nurses are still developing back, neck and shoulder pain on the job and health and safety concerns influence their decisions to continue to practice."
Because of the aforementioned, now consider the following information and place it within the career conditions of practicing Nurses, as they enroll in their LTC program at earlier than previous ages.
Throughout the Nursing profession, there is an accelerating concern about the high costs of LTC services and the effects these costs have on our financial security, retirement planning and quality of Family life. We may think we are in good health today, but an unexpected illness, accident, or the natural aging process, can leave us unable to perform those everyday activities we take for granted. Medical Science is "ramping up," with one medical break-through after another, continually stabilizing us and increasing the likelihood we will need some form of LTC.
42% of people on Long-Term Care Claim are under the age of 65.**
Without hesitation, we traditionally insure our most valued assets; our lives, our homes, our cars, etc. Wouldn’t it then be prudent to shelter our hard-earned assets against a significant exposure to Long-Term Care expenses, while we have stable health now and can qualify for coverage.
The likelihood of One of a Couple needing Long-Term Care has reached 90%***
Recognizing the likelihood of needing LTC services is high, it is natural for Nurses to want a comprehensive program that covers all levels of care, but to primarily search for every way to benefit from Home Health Care, rather than Facility Care. With this in mind, realize, 87% of the Home Health Care nationally is provided by unpaid Family caregivers. It is important to note, the members primary LTC coverage, unlike many other programs, allows you to choose your own Home Health Care provider and it may be a family member or friend. This is very significant because, it enables the Home Health Care benefits to be paid monthly directly into the home in tax-free funds. This gives us the best opportunity to stay in the comfort and security of our home, instead of a facility.
79% of Women, who have reached age 65, will need Long-Term Care services****
Knowing that 79% of women who have reached age 65 will need Long-Term Care services, but also understanding the demands of nursing on the musculoskeletal structure, it is easier to recognize the likelihood for Nurses needing LTC care may be higher. Nurses though, due to the focused nature of their education, along with the depth of their career experiences, may recognize the LTC need more and perhaps earlier than other fields.
Eligible Nurse LTC applicants will qualify for premium discounts on their Long-Term Care Program. These discounts and benefits are additionally available to extended Family members and employees, as well as their Families.
As the LTC Advocate for ANA, Anchor is now offering all members and their Families a personal phone consultation with one of our expert Long-Term Care planning ANA Advocates. If you haven’t spent time evaluating your needs, or looking into coverage, it is highly recommend you do so now. If you have been looking at other plans, then you should definitely seek information on this free service from your Association LTC Advocate to make sure you're getting the best coverage you can, in terms of quality, value and reliability.
You are urged to take advantage of this valuable benefit feature of your ANA membership. There is no obligation, but there is significant "piece-of-mind" to be gained by joining the other members who have sought the information they needed from an LTC Advocate to make the right planning decision for themselves and their Families.
For your free, no obligation consultation with an ANA, LTC advocate, please call us toll-free:
* Genworth Life Market Survey of Long-Term Care Median National Costs, Private NH Room 2017
** Henry K. Kaiser Commission on Medical Facts, October 14, 2012
*** AARP.ORG web-site, August 16, 2012
**** National Clearinghouse for Long-Term Care Insurance.Gov., August 16, 2012