(EMAILWIRE.COM, May 05, 2008 ) CNNMoney.com published an article titled “When to get Long Term Care insurance” with a subtitle “it can be a great way to protect your heirs - or a giant waste of your savings”. The article does have an interesting perspective and some excellent rules of thumb for income-to-premium ratios.

CNNMoney.com has intentions that are honorable by providing helpful risk-based information, generated mainly from the long term care industry itself, to its readers. Consumers need high-profile media outlets to open the conversation so families can make financial decisions based on all aspects of the subject.

The blind spot arises from the narrative of a long-term care life-event. For far too long articles, sales materials, industry presentations and news stories have focused on risk-based surveys, done “strictly by the numbers”, of the high cost of professional care.

We face an impending crisis as many older Americans are living longer, with more complex health care needs, and this increasingly outpaces health care providers. The United States is not the only country facing this reality. Countries with a National Health Care system are scratching their heads along with us and asking the same question; what do we do about caring for all of these people?

Sometimes we have to work backwards to find answers. Let’s start with who the caregivers are in most countries. They are family members and there are still only a handful of Long-Term Care insurance policies providing any real tangible benefits for informal caregivers. Why is this so important for all of us? First, the health care provider shortage is very real. Second, families are not prepared, emotionally or financially, to deal with caregiving. Third, the runaway cost of professional services. And fourth, the economy.

Yes, the economy is a very strong factor. Imagine for a moment that you are now a care-provider for Mom or Dad. With gas over $4 a gallon and food costs rising, are you really prepared to take on the unexpected expense of caring for a loved one? Taking time off work, lost income and increasing expenses, in addition to the emotional impact, is enough to make anyone get chills down their spine.

In today’s economy, Long Term Care insurance is transforming in order to help families manage consequences rather than just the high cost of professional services and its risk. The sooner the industry and consumers wrap their arms around unpaid informal caregiving and set aside cash for care, either in savings or a CashLTC policy, they could be in a whole world of trouble. The all or nothing ideology does not make sense. Especially when considering that the monthly premium for a CashLTC policy, with a 90 calendar day elimination period, from a major carrier for a 70 year-old married individual is $121.03 and for a 65 year-old it is only $82.08 a month (married standard South Carolina rates) to provide $100,000 in cash benefits that pays out $3,000 a month tax-free. How many American families have set aside $100,000 in cash for care?

CashLTC.org will be holding a conference call for professional agents and advisors on May 14, 2008 at 1:00 p.m. Eastern Daylight Time. This will be the topic and we will be offering presentation tools designed to spread the message to consumers, so that they can re-equip their financial toolbox. Call participants must go to CashLTC.org and register www.cashltc.org or call 828.628.0876.

Contact Information:
CashLTC.org
Gregg Kroman
Tel: 828.628.0876
Email us


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