Comments on: What next for long-term care after CLASS act folds? http://blogs.reuters.com/reuters-wealth/2011/10/17/what-next-for-long-term-care-after-class-act-folds/ Fri, 05 Dec 2014 11:27:18 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: Geomguy http://blogs.reuters.com/reuters-wealth/2011/10/17/what-next-for-long-term-care-after-class-act-folds/comment-page-1/#comment-9091 Sun, 26 Feb 2012 01:13:37 +0000 http://blogs.reuters.com/reuters-money/?p=21018#comment-9091 Jonathan Pond, Financial Planner, says that 90% of estates are spent this way: 1) nursing home, 2) IRS, 3) children, 4) grandchildren, 5) charity. More people are worried about the IRS taking their money than about having to spend it on a nursing home.

The Federal Deficit Reduction Act provided for every state to have a Partnership program to provide asset protection for those who buy qualified long term care insurance policies. http://www.partnershipforlongtermcare.co m/

An alternative to “lose it or lose it” LTC insurance are linked-benefit products, Life insurance or Fixed annuities with long term care riders. In most states if over 59 1/2 you can use qualified money (IRA/401k) to fund your plan. http://guidetolongtermcare.com/linkedben efit.html

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By: Lee4ltc http://blogs.reuters.com/reuters-wealth/2011/10/17/what-next-for-long-term-care-after-class-act-folds/comment-page-1/#comment-8588 Tue, 18 Oct 2011 21:55:41 +0000 http://blogs.reuters.com/reuters-money/?p=21018#comment-8588 The CLASS Act should be a wakeup call to all citizens. We all have know for a very long time that if you live a long life, you will need help. Long Term Care is not just for nursing homes. it’s to help remain independent and hopefully at home for as long as possible. We must be self reliant and not dependant on others. Long Term Care Planning is Self Responsibility. We should not look for a hand out we should want to be self dependant. The CLASS Act was doomed from the start. LTC Planning using ether insurance or asset based vehicles with LTC benefits are available to the majority of us. Quit ignoring the facts. We had a Pope with Parkinson’s, a President with Alzheimer’s and Superman became a quadriplegic. It happens and we must be self reliant. The Government is not and never will be the answer.

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By: lcd2107 http://blogs.reuters.com/reuters-wealth/2011/10/17/what-next-for-long-term-care-after-class-act-folds/comment-page-1/#comment-8583 Tue, 18 Oct 2011 17:26:02 +0000 http://blogs.reuters.com/reuters-money/?p=21018#comment-8583 Unfortunately, the ability to plan for old age may be long gone for many…expecting people who are underpaid (or out of work) and already in poor health to afford insurance and use other investments to save is not realistic–not to mention our poor economic climate. There needs to be a public option with mandatory enrollment for all so the healthy can subsidize the sick. We are a country that refuses to acknowledge individuals cannot afford on their own this expensive yet universal right–the right live out one’s days in dignity.

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By: jesseslomeltc http://blogs.reuters.com/reuters-wealth/2011/10/17/what-next-for-long-term-care-after-class-act-folds/comment-page-1/#comment-8560 Tue, 18 Oct 2011 00:03:36 +0000 http://blogs.reuters.com/reuters-money/?p=21018#comment-8560 CLASS may be gone but ignoring the problem will not make it disappear.

That is why we call on all Americans between the ages of 52 and 67 (the sweet spot for long-term care planning) to take some personal responsibility and develop their own long-term care plan which could be setting aside sufficient savings, opting for some insurance protection to cover part of the cost or any of the other viable options. The American Association for Long-Term Care Insurance has 2 free consumer guides available at http://www.aaltci.org/long-term-care-ins urance-costs/ and no sign in is required.

Jesse Slome
American Association for Long-Term Care Insurance
http://www.aaltci.org

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