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Unique Long-Term Care Planning Issues for LGBT People

Long-term care insurance is not for everyone, but everyone should be educated about long-term care planning. The following advice comes from Heidi New-Crockford, a long-term care specialist and a partner at LTC Financial Partners, the nation’s largest agency specializing in long-term care planning with the top carriers in the field. The company is a co-founder and sponsor of the "3 in 4 Need More" campaign, which seeks to increase the number of Americans protected by long-term care planning.

What would happen to you in the event of an unexpected illness or accident? Who would take pick you up from the hospital and take you home? Take care of you? See to your long-term needs?

Many Americans are affected by a lack of education and planning in the area of long-term care, and the Lesbian, Gay, Bisexual, and Transgender community can be especially hard-hit due to the unique issues they face. Proper education and implementation of a long-term care plan protects your assets, preserves your dignity, allows you to maintain control of how and where you receive care, and gives you the peace of mind of knowing that, if an accident or unexpected medical event occurs, you have taken steps to protect yourself and leave a legacy of love for others.

Long-term care is precisely what the phrase indicates: care required over a long period of time due to the inability to perform activities we take for granted: getting out of bed, toileting, bathing, dressing yourself, feeding yourself, walking. It can be necessary not only due to physical impairment, but also due to cognitive impairment, as the result of a stroke, Alzheimer’s disease, or another form of dementia. 

According to a Prudential Financial Inc. survey, 74 percent of consumers aged 55 to 65 said they were concerned about needing some kind of long-term care. That's three in four of us. We need to realize that we're at risk, and that the risk is great. According to a recent survey by MetLife, in the U.S., the national average cost of a private room in a nursing home is now about $80,000 per year and is projected to quadruple in 30 years. Today it may not be a problem you face, but 10, 20 or 30 years from now, it certainly could be, and the alternative of home health care is not inexpensive either.

High Home Owners' Insurance Cost? These Actions ... - Article Point

Are you interested in effective ways to enjoy cheap rates for coverage that won't put you in trouble later? If so, the following suggestions will help you reach that goal...

When applying, choose a high deductible since it reduces your rate. Make it as high as you can cope with and you'll attract considerable discounts.

Your deductible is the amount you'll be expected to pay if you make a claim before your insurer would be duty-bound to fulfill the terms of your home insurance policy.

A person who previously opted for a deductible of $500 will save as high as 25% more if they choose a deductible of $1,000. The higher your deductible, the cheaper your home insurance rate. Just ensure it's an amount that you can produce with relative ease when you file a claim.

Let it be as high as you can easily cope with.

You'll save if you get all your policies from the same insurer. Insurance companies offer discounts (multi-policy discounts) for insureds who buy multiple policies from them. Nevertheless, you might be better served by obtaining your policies from different insurance companies.

A group policy gets you cheaper rates. You should already know if your employer offers such. Many associations have also negotiated discounts for their members with home insurers so ask if yours has such.

Though, before you apply this option, compare the premiums you'll receive through such an association with what you will pay with another insurer. You can get an insurance company that your association has no form of affiliations with that offers your profile a far more affordable premium. There's stiff competition in the home insurance industry and you can take advantage of this to get more affordable premiums if you spend some time to do extensive shopping and comparisons.

If you are retired, you can pay cheaper premiums with a retiree discount. But take note that not all insurers offer this discount.

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