Today, the Boston Globe reports that Blue Cross Blue Shield in Massachusetts is in talks of combining operations or perhaps even merging Excellus of Rochester, NY.  This has some important implications for long-term care insurance.

Implications for long-term care insurance?

Because Excellus offers long-term care insurance, there is speculation that MA policyholders may be offered the option to purchase LTCi from the nonprofit insurer at some point in the future.  For now, however, there are no products available and local favorite John Hancock is still a great option for residents interested in the possibility of long-term care insurance.

There is a good article today in the Star Tribune of the Twin Cities area covering long-term care insurance and the overall long-term care quandary we face as a nation with respect to aging and its huge associated costs.  We’re not alone in our aging population though.

Yesterday I was listening to an analyst from UBS who studies aging and demographic trends.  The premise of the Bloomberg podcast was that aging in America will have enormous complications in the future to our economy and our infrastructure.  Baby boomers have not done an adequate job in reproducing themselves, leading to a future problem.  Many refer to the children of the baby boomers as the “echo” and they are merely a replacement to their parents.

Because of all this, we face future economic issues as a country.  However, as individuals, we can purchase long-term care insurance and protect our families.  The article comments emphasize an important point: buy long-term care when you are healthy.  Statistically, this should be in your 40s or 50s.  When we look at people in their 60s, about 25% are uninsurable by this point.  By the 70s, almost half of applicants who want long-term care insurance cannot get it - they are declined by the carriers.

The surprising fact for many is that China is on the path to an even worse future than America with regards to population growth trends.  In fact, in just a few years, India will surpass China in population.  China is shrinking and will have some serious difficulties starting in about 2040.

The problem with China is that China does not have long-term care insurance; we should all feel fortunate to live in a country where we have institutions like LTC insurance.  As the article states, last year, more than 180,000 policyholders received over $3.5 billion in long-term care benefits.

Today I was reading the Wall Street Geeks site and noticed they have an upcoming show on long-term care insurance.  I’d suggest you listen in if you have access to the Wall Street Geeks radio show or conference call, as they will be covering the topic of long-term care insurance in-depth.

Long-term care insurance is an important investment for people of all ages, but according to Consumer Reports, it is more important as people approach retirement age.  They also have some other important feedback for potential buyers, so take a closer look at their long-term care insurance research and feel free to ask us if you have any questions about long-term care or any of the associated insurance products.

The health care system that deals with long term care is already stressed by current requirements.  A report released today by the Washington Post predicts that 10 million baby boomers will develop Alzheimer’s, requiring a serious look at long term care, long term care insurance, and the nation’s health care system in general.  The report, released Tuesday by the Alzheimer’s Association, showed that the disease is now the seventh deadliest in the nation and that women are at greater risk than men.

With one in eight boomers developing Alzheimer’s as they age, there is a serious need now, more than ever, to look into long-term care insurance to pay for the long stay often required when the mind-wasting disease strikes.  We wrote about how you can stretch a policy and now may be a good time to revisit that article.  Alzheimer’s patients can have long-term care stays of as long as many years, going way beyond the 3-5 years typically associated with other ailments that activate long-term care benefits.

According to a new story in the Eerie Times-News of Indiana, many types of life and health insurance premiums can be deductible for taxpayers.  It is true that some insurance products come with tax advantages that can save you money when Uncle Sam starts dipping in your pocket.

We’ve written extensively about this here.  In a nutshell, you can deduct your premiums in many small business setting and also if your health care expenses are 7.5% or more of your gross income.  The bottom line with this and all other issues is to ALWAYS consult a CPA/tax advisor prior to making any decisions that have tax implications.

Today in article in The Gazette of Colorado Springs talks of new home health care businesses coming in to Colorado Springs.  This growing sector of the economy is a hot bed for entreprenuers and is expected to continue to grow as baby-boomers begin to age and need the services of home health aides.  Long-term care insurance can pay for such care, which can be costly.

Home health care agencies send workers to homes, nursing homes and retirement facilities to deliver nursing and medical care for people with chronic diseases, infants, the disabled, patients recovering from surgery or injury, and the aging. Agencies might also supply employees to assist with daily living skills such as bathing, dressing and transportation.

Today, home health care is a $54 billion business.  What’s astounding is that the home health care industry is expected to double in the next five years!  The reason: all 76 million of the aging baby boomers are beginning to retire and more and more will begin to need assistance at home.

In Colorado, costs are running about $125 per day on average.  As the patient ages, it may be necessary to move from the home to an assisted living facility.  The idea of home health care is to stay in the comfortable environ of your home as long as possible.

An article today in the El Paso Times of Texas, Common money mistakes, had an article today that gave Long-term care insurance an honorable mention.

“Former Pittsburgh Steeler coach Chuck Noll had a famous expression. He said champions aren’t champions because they do anything extraordinary, but because they do the ordinary things better than anyone else,” said Greg McBride, a senior financial analyst with Bankrate.com

The story goes on to inspire us that we should manage our financial portfolios with the same vigor as an NFL team. The article goes on to talk about how every family needs an emergency backup plan.

“What does your family or spouse need should you become disabled or lose your life?” Spiker asked. “If you wait until you’re not healthy, you may not be able to get life, disability or long-term care insurance.”

The point is: look into long-term care when you are healthy, not when things have deteriorated and you need it, for that is too late.