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.

Cornerstone Advantage is the newest long-term care insurance offering by Genworth Financial and AARP. The biggest drawback about Cornerstone Advantage is that it has limited benefits compared to, say, Privileged Choice or Classic Select (both Genworth products as well). Let me elaborate.
With Cornerstone Advantage, you do have the positive features such as coverage for long-term care at home, in an assisted living facility or even in a nursing home. As our statistics show, only 12% of claims are paid for nursing homes, and we think this is important for consumers to know. Long-term care insurance is not “nursing home insurance” anymore!

Specifics on Cornerstone Advantage

So I decided to look into some specifics on Policy Form Series 7048, I.E. Cornerstone Advantage. One key disclaimer that pops out immediately is the fact that Assisted Living Facility rent, room and board is available only as a rider for Cornerstone Advantage. Make sure you keep this in mind if you are considering this coverage! The plan has many advantages and disadvantages, depending on your needs. If you are considering the coverage, continue reading for further analysis on CA.

Continue reading “AARP’s Cornerstone Advantage : Analysis”

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.