In March 2003, the U. S. Office of Personnel Management launched its early enrollment opportunity to make Long-Term Care insurance available to its more than 20 million employees. There was a multi-million dollar educational and marketing campaign that was paid for with your tax dollars to encourage federal employees to enroll for this important employee benefit, which was made available to all federal government employees, retirees, their spouses, adult children and stepchildren, parents, parents in law, stepparents, retirees and deferred annuitants. Metropolitan Life and John Hancock, two giants in the insurance world, then formed Long-Term Care Partners LLC, a jointly owned entity devoted exclusively to operating the Federal Long-Term Care Insurance Program.

You may be thinking, ‘what does this have to do with me? Why should I care about benefits that Federal employees will be receiving?’ The message is clear: Our Federal Government believes in and is endorsing Long-Term Care insurance. The national average cost of Long-Term Care today is $35,000 per year for home healthcare, and that’s when there is a very strong family support system to help with care giving. The care in a facility today exceeds $75,000. By the year 2030, the national average cost of care will be $82,000 for home health care and more than $200,000 per year for care in a facility.

It’s time each of us addresses our financial responsibilities and take a hard look at the high probability of needing Long-Term health care and deal with it.

Seven out of every ten Americans over the age of 65 will need Long-Term health care at some point in their lifetime and 43% of all Americans receiving Long-Term Care today are under the age of 65. Everyone needs to plan for their future and that of their family members. Those who are not facing the very real possibility of Long-Term health care are courting disaster with their entire family’s economic livelihood.

Talk with your peers tomorrow and ask the following questions:

• Who is or has been a caregiver for a family member or friend?
• How has it affected your family life physically, emotionally, and financially?
• How has the caregiver had to re-arrange their own life to accommodate the many affected members of their family?
  

Of course, there is no question that as a caregiver, we would do everything possible to help the situation, as any of us would, but how much easier would it be if the patient had Long-Term Care Insurance?

Long-Term Care Insurance can transfer 90% or more of the financial risk of a Long-Term health care situation to a financially sound insurance company, relieving you of the financial burden of care giving. Naturally, when relieved of the financial and the physical burden of care giving by professionally trained caregivers or nurses, it becomes so very much easier to focus on what matters most to us when faced with emotional challenges: spending quality time with our disabled loved one.

If your employer is not making Long-Term Care insurance available to employees, then you must accept personal responsibility. Long-Term Care doesn't have to be a complicated and unpleasant subject. In fact, taking responsibility for your own health and welfare can help you avoid years of poverty or substandard care. Everyone must have a Long-Term Care plan in place that will fit her lifestyle and budget.


Dorothy McMahon, president of McMahon and Associates, is a Long-Term Care Insurance Consultant in Bloomfield Hills, MI. Reach her at (248) 844-9787 or LTCINSUSA@aol.com.

    

A diagnosis of Alzheimer's disease is devastating not just for an individual; it can also be a diagnosis of financial and emotional ruin for the entire family.

Alzheimer's disease is not a normal part of aging. It is a disorder of the brain's nerve cells that impairs memory, thinking, and behavior and leads ultimately to death. The impact of Alzheimer's disease on our health care system makes it one of our nation's greatest medical, social and economic challenges.

Alzheimer's disease is progressive and degenerative and there is no cure! Sometimes it progresses slowly and gradually. Sometimes it moves very quickly. Life expectancy after diagnosis can be anywhere from eight to 20 years and it is estimated that 4.5 million Americans have Alzheimer's disease. The number has more than doubled since 1980 and the number will continue to grow. By 2050 the number of individuals with Alzheimer's disease could range from 11.3 million to 16 million.

One in 10 individuals over age 65 and almost 50% of those over age 85 are affected. A rare, inherited form of Alzheimer's can strike individuals as early as their 30s and 40s. Research has shown that those who have a parent, brother or sister, or child with Alzheimer's disease are more likely to develop the disease. The risk increases if more than one family member has the illness. Heredity, environmental factors or both can play a role when Alzheimer's disease tends to run in the family.

Annual costs of caring for those with Alzheimer's disease are approximately $100 billion and the cost to American business alone is $61 billion. Of this figure $24.6 billion pays for care of the Alzheimer's disease patient, with $36.5 billion covering costs related to the caregivers. This cost includes lost productivity, absenteeism and employee replacement.

More than seven out of 10 people with Alzheimer's disease live at home, where almost 75% of their care is provided by family and friends. A devoted caregiver will take care of their loved one as much and as long as they can, regrettably, at tremendous cost to their own health. The symptoms of stress will become evident: denial, anger, social withdrawal, anxiety, depression, exhaustion, sleeplessness, irritability and lack of concentration. As a direct result, the caregiver becomes susceptible to heart attack, stroke, and serious emotional disorders.

As a society we are not prepared to care for our aging population and as responsible citizens we must begin planning, each within our own family, for the eventual need for long-term health care.


Dorothy McMahon is a Long-Term Care Insurance Consultant. Reach her at (248) 844-9787 or LTCINSUSA@aol.com.

NEW! Buy your Blue Cross and Blue Shield Health Insurance and individual Health Savings Accounts online! These are becoming very popular, especially now that employee benefits are beginning to disappear. Click here and buy online now: McMahon and Associates Coverage for One.

    

Nearly 18.2 million Americans have diabetes and one third of them, about 5.2 million, are not aware they have it. Diabetes affects one in five Americans age 65 and older and the aging of the population, along with the obesity epidemic, will only intensify the impact of this deadly and debilitating disease.


Some of the factors that increase the risk of diabetes are age, ethnicity, obesity, lack of physical activity, family history, hypertension and cholesterol. Diabetes is associated with serious complications of the heart and circulation, leading to coronary artery disease, heart attack and stroke, as well as heart failure.


Neuropathy, another complication, affects nerve sensation. It begins in the fingers and toes and moves up the arms and legs. The symptoms are tingling, weakness, burning sensations and loss of the sense of warm and cold, numbness and deep pain. Between 20% and 40% of older diabetics have neuropathy, peripheral vascular disease or both, putting them at increased risk for foot complications, such as ulcerated or infected feet or loss of limb.


Diabetes can cause retinopathy and eye complications and accounts for 12,000 to 24,000 of new cases of blindness annually. Studies also indicate that patients with type-2 diabetes face a higher than average risk of developing dementia, as well as problems with attention and memory.


People with diabetes face a higher risk for the flu and pneumonia; it doubles the risk of depression, reduces the bone quality and increases the risk of hearing loss and fatty liver disease. Obese women with type-2 diabetes face a higher risk of uterine cancer and both men and women with diabetes seem to have a higher risk of colon and rectal cancer.


When you think in terms of all of the disease and illness associated with diabetes, you soon will realize that diabetics are more likely to be dependent on caregivers for basic daily tasks, such as bathing, dressing, eating, toileting, continence and transferring.


And that's not the worst of it. More than 80% of older Americans are living with diabetes or other chronic disease, and of those half suffer from more than one debilitating condition. About 22 million American families, almost one in every four, are involved in caring for someone age 50 or older, and that number is expected to rise to 39 million by 2008. Plus, older caregivers have a 63% higher death rate than persons who are not caregivers.


Today you can't pick up a newspaper or magazine without reading about cuts in Medicare and Medicaid and increases in the cost of health care. With rising trade and budget deficits, and the looming threat of a recession, this society cannot afford to give its members the care they need and deserve, regardless of age. The message coming from Washington is "personal responsibility." Government programs designed to help those truly in need should be kept intact, but they are simply inadequate to the rising demand.


If you have researched Long-Term Care insurance and have decided to take a pass, it is now time to reconsider. The window of opportunity is closing, both from an insurability and cost perspective. If you have a family history of diabetes or you have already been diagnosed with diabetes or any chronic illness, now is the time to re-visit Long-Term Care insurance. Do not assume that you are not insurable. Remember, patient power comes from the ability to pay privately.


Dorothy McMahon is a Long-Term Care Insurance Consultant. Reach her at (248) 844-9787 or LTCINSUSA@aol.com.

NEW! Buy your Blue Cross and Blue Shield Health Insurance and individual Health Savings Accounts online! These are becoming very popular, especially now that employee benefits are beginning to disappear. Click here and buy online now: McMahon and Associates Coverage for One.

    

"A serious illness is marriage's unspoken fear. The chances of a couple staying healthy together and dying at the same time are Las Vegas odds. Life is a dance you want to finish on the same beat."
~ Erma Bombeck


Erma was absolutely right, and she was the first to stumble in her marriage. She died at age 69 after an extended illness and complications from a kidney transplant.

It is a risk most of us choose to ignore, but Long-Term Care is one of the four major financial risks all of us face. Those risks are home fires, auto accidents, short-term medical care and Long-Term Health Care. The odds of our home burning down are 1 in 1,200, and the deductible is typically $500 to $1,000. The odds of having an auto accident are 1 in 240, and this deductible is typically $250 to $500. The odds of needing short-term medical care are about 1 in 5, and the deductible for medical care could be anywhere from $100 to $1,000.

Today the odds of a person over the age of 65 needing health care for an extended period of time, either at home or in a facility, are 57%, and seven out of every ten couples can expect at least one partner to enter a nursing home after age 65. But a survey conducted in the year 2000 says that two-thirds of Americans say they could not afford to pay for more than two years of care at a cost of $54,000 per year. In Michigan, that cost is now $74,000 per year. We all think, "It won't happen to me," but the shocking reality is that more than half of us will need Long-Term Care, either in our homes or in a facility, for a duration of two and a half years.

There are only three ways to cover the financial exposure of Long-Term Health Care.

• If you are wealthy you can self-insure.
• If you are impoverished, you will qualify for Medicaid and the government may pay for your care.
• A third choice is to transfer the risk to a highly rated financially sound insurance company.
  

For married couples, qualifying for Medicaid can be devastating for the spouse who is still at home, known as the community spouse. That person is left with little to survive on while trying to make sure the sick spouse gets necessary care. This situation is financially, physically and emotionally draining.

Why would anyone want to risk hundreds of thousands of dollars for care when it is possible to purchase insurance for only a fraction of that amount? The alternative to paying $74,000 per year is to pay insurance premiums of about $1,500 to $2,000 per year. Those who say they cannot afford those premiums may want to think again: it beats the alternative. Above and beyond the risk of asset loss is the inability to access top quality care at the appropriate level.

Long-Term Care can be received in one or a combination of different settings including your own home, an assisted living facility, hospice care center, Alzheimer's facility, a home for the aged, or foster care. Care could also be given by a licensed home health care provider in an adult day care center, and may include respite care. These types of care would be provided as professional or personal care.
 
Long-Term Care and nursing home are not synonymous. Today's Long-Term Care policies are actually designed to keep us out of a nursing home and a nursing home is always the last choice. The average duration of Home-Health Care is 4.5 years and any level of care you could possibly need can be received in your own home. Let's be at home with our families! That's is the beauty of Long-Term Care insurance.

Dorothy McMahon is a Long-Term Care Insurance Consultant. Reach her at (248) 844-9787 or LTCINSUSA@aol.com.

    

I had an interesting conversation with a business owner recently. An employee has been off work for the past 12 weeks caring for her spouse who needs care because of a stroke. She has no idea how soon or if, the employee will return to work.

The employer now incurs the cost of hiring and training a new person. There is the added cost of lost productivity and the loss of valuable time. The average employer spends $6,000 per (caregiver) employee per year. This would have an even greater impact on the business if the employer herself were in this caregiver situation.

If the employee returns to work, there is the dilemma of whether to keep the original employee and let the new hire go. The employer is faced with the uncertainty that the original employee may require more time off. Above and beyond the loss of money, productivity and peace of mind, the families of all three parties are at the very least inconvenienced.

This scenario is playing out daily in thousands of businesses and could have been avoided had the employer planned ahead. She could have made Long-Term Care insurance coverage available not only to her employee but also to the employee’s spouse.

Here are three ways an employer can solve the caregiver issue:

1. Provide Long-Term Care insurance coverage to employees as a benefit.
   
   
2. Provide a BASIC plan of Long-Term Care insurance coverage for employees and if they have an interest give them the option to buy-up to a more comprehensive plan.
   
   
3. Offer the plan as a voluntary benefit. With this option the employer does not pay for the coverage but arranges for those who have an interest to be able to take advantage of a group discount.
   

In any of the above three scenarios the coverage may then be offered to spouses, parents, parents in law or children of the employee at the same discounted premiums.

Of those receiving long-term support services today, 43% are under age 65 and still of working age, 90% of the care is received in the home and 59% of the caregivers are employed.

Care giving affects a person physically, emotionally and financially. Caregivers very often must go to work late, leave early, take time off during the day and sometimes must cut back to part time, quit the job or take an early retirement. Care giving will have an effect on everyone’s bottom line.


Dorothy McMahon is a Long-Term Care Insurance Consultant. Reach her at (248) 844-9787 or LTCINSUSA@aol.com.


This article appeared originally in Women’s LifeStyle Magazine in July 2006

    

1. Take your time. Be sure you understand the policy you are considering buying, ask questions and don’t be pressured into making a decision.
   
   
2. Make sure you are comfortable with agent, the company and the policy.
   
   
3. Be sure the agent gives you choices and options before you make a final decision.
   
   
4. Always make your check payable to the insurance company and not to the agent.
   
   
5. If you have a complaint about the agent, contact the insurance company he/she represents and the insurance department in your state.
   
   
6. Review your application; it becomes a part of the policy. Notify your agent and the company if there are errors or missing information.
   
   
7. Remember you have a 30-day "free look" - read the policy over carefully before you decide to keep it.
   
   
8. Always contact your original agent before deciding to cancel your Long-Term Care policy and buy a new one.
   
   
9. When you decide on the agent that you choose to do business with, be sure to provide him/her with all the pertinent information.
   
   
10. Review your policy when changes occur in your life to make sure coverage is in line with your needs.
    

Long-Term Care doesn't have to be a complicated and unpleasant subject. In fact, taking responsibility for your own health and welfare can help you avoid years of poverty or substandard care. Everyone must have a Long-Term Care plan in place that will fit their lifestyle and budget.

Dorothy McMahon, president of McMahon and Associates, is a Long-Term Care Insurance Consultant in Bloomfield Hills, MI. Reach her at (248) 844-9787 or LTCINSUSA@aol.com.

    

Be careful what you wish for; wishes have a way of coming true, and they can have serious consequences for those we love most.

We assume that if our health changes our kids, spouse or another family member will step up and provide the care we need. But will they? And at what cost?

If aging baby boomers are expected to provide healthcare for their parents, they should know in advance the price they will pay in the form of their own health, retirement lifestyle plans and the toll it can take on their relationships with a spouse, children and grandchildren. More important, those who plan on having their children provide long-term health care for them better make sure the kids know it!

Families are being torn apart because parents do not share their expectations with adult children. The adult children risk a similar situation by not talking to their own kids. Three and four generations are being affected by the graying of America.

There is a disease among us that is affecting women, in particular, but men as well. I refer to it as “Designated Woman Syndrome.” Whether or not they are aware of it, 80% of women, young and old, have been designated to be someone else’s caregiver. It could be a spouse, a mother, father, parent in law or a sibling. And the reality is that 90% of care is provided and received in someone’s home.

A caregiver must have an income and hold a family together, but almost 30% of caregivers under age 65 say they have quit their jobs to provide care for another person, and 25% have reduced their work hours. Some female caregivers have three jobs. They care for their children, they care for a spouse or an elderly parent and they work a full time job.

Long-Term Care is a family issue, and an economic issue. A woman, on becoming a caregiver, may have to go from a full-time position to a part-time work schedule. She is already earning 74¢ to every $1.00 her male counterpart is earning. She then has less of both necessary and discretionary income. She has less for the savings account, less money being paid in to her own Social Security account, less money to contribute to her own 401K and could lose out on employer matching contributions.

A caregiver may also be forced to take a 12-week unpaid family leave, which results in a loss of income for three months. She may not even be able to assume her previous position when she returns and will be obligated to pay for the three months of health benefits that stayed in effect while she was gone. What if she then is forced to work part time and loses those health benefits? This caregiver has compromised her own physical and emotional well being in addition to suffering a significant financial loss.

WHO WILL CARE FOR THE CAREGIVER?
Ideally, this woman had the forethought to plan for her own Long-Term Care, because now she is painfully aware that she cannot expect the same from her own spouse, children or extended family. Long-Term Care insurance should be a consideration whether you are 40 or 70. None of us wants to spend our last years in poverty, nor do we want to place a burden on others. Before saying, “my kids will take care of me,” take advantage of the coming holidays, when families are together, and address the elephant in the room. Start the conversation, open up the dialogue and, by all means, write down what has been decided. Make sure everyone involved knows the plan and is up to the task. By not planning for your own Long-Term Care, you have made a decision to make it someone else’s problem. But are they willing to take on that responsibility? Do they really know what that means? The time to ask is before you need care. Let’s talk about it.

Dorothy McMahon, president of McMahon and Associates, is a Long-Term Care Insurance Consultant in Bloomfield Hills, MI. Reach her at (248) 844-9787 or LTCINSUSA@aol.com.

    

For the 40 percent of Americans who have saved nothing for retirement, their future will be determined by government assistance and their ability to continue working. The other 60 percent may have saved and invested wisely, but in many cases they are finding that they simply will not have enough money to enjoy the type of retirement they had envisioned.

This is particularly true for women, who typically have fewer resources at retirement than men. Often their prime earning years are cut short to raise children or care for aging parents. In 2005, according to the Social Security Administration, retired women received an average of $867 per month from Social Security compared to the $1,101 per month for men; and yet women outlive men, on average, by more than five years.

Currently, Medicare has a $75 trillion un-funded liability, and it will no longer help support Medicaid providers. Social Security has a $16 trillion un-funded liability, and it will no longer supplement Medicaid's cost of Long-Term Care. The time has come to confront this major retirement crisis, and women in particular must plan aggressively for retirement and for the possibility of chronic illness and frailty.

Whether a woman is young and just starting out in a career or approaching retirement, single or married, her income and longevity will directly determine her standard of living. Women today must plan for a long life, maximizing contributions to qualified retirement plans and making small sacrifices in order to enjoy retirement and lifestyle security in the future. Retirement should be safe, secure and free of financial worry.

I have devoted many years to helping my clients, both male and female, protect the assets that they have accumulated through a lifetime of work. It doesn't matter if they are 50 or 75. What does matter is if their health changes between the ages of 45 and 85 and whether they have purchased Long-Term Care insurance. Without Long-Term Care insurance, they could be forced to deplete their assets.

For those of you who think you can't afford Long-Term Care insurance, let me put this is perspective.

The cost of care in Michigan today is $74,000 per year. But the annual premium for a 65-year-old female client of mine has been $910 per year for each of the 10 years since she bought her policy in 1997. At that time, we decided if she needed care, her policy would pay $170 per day. She would then be able to receive care in her home, an assisted living facility or adult day care, as she chose, or in a nursing home if necessary. The policy would pay for four years of care, totaling $248,200.00.

We then built in to the policy a benefit that would automatically increase her $170 daily benefit by a compound 5% per day each year on the anniversary date of her policy. The total of her premiums paid to date is $9,103.50. If she needed care today, this policy would pay $277 per day for her care and would pay out a maximum of $404,420. This policy now offers her an exceptional daily benefit with the option of extending her lifetime maximum benefit. Could she have saved $404,420 in ten years? Could you? And for skeptics who say, "I may never need care," where you can you possibly get a better return on $910.35 per year?

If a client needs care, she has the funds to pay for it and the assets she has accumulated over those 10 years stay perfectly in tact. And she will never pay a premium while she is receiving a benefit from the company.

Today 43% of people receiving Long-Term health care are under age 65 and 75% of them are women. As we age, our chances of needing care increase. Who will care for us? And where will the money come from? These are questions that need to be asked and answered.

Long-Term Care doesn't have to be a complicated and unpleasant subject. In fact, taking responsibility for your own health and welfare can help you avoid years of poverty or substandard care. Every woman must have a Long-Term Care plan in place that will fit her lifestyle and budget.

Dorothy McMahon, president of McMahon and Associates, is a Long-Term Care Insurance Consultant in Bloomfield Hills, MI. Reach her at (248) 844-9787 or LTCINSUSA@aol.com.

    

A diagnosis of a chronic illness is devastating for family members as well as for the patient. All are in it together as a family. The caregiver needs just as much care and attention as does the care recipient.


Q.  What is Long-Term Care?

A.  It is care that a person needs when he or she is no longer able to take care of him or her self. It is a broad range of services that are expected to last at least 90 days. It is care provided for a chronic illness which is a condition for which there is no cure, care that a person needs in order to get through the day because of an accident or illness. It is help with what are known as Activities of Daily Living (ADLs) such as eating, dressing, bathing, toileting, continence and transferring.

A person who needs supervision due to Alzheimer’s disease or dementia because that person may be a danger to him / her self or others would require Long-Term Care.

Long-Term Care could also include help that a person may need with Instrumental Activities of Daily Living (IADLs) such as meal preparation, medication management, transportation to medical appointments, bill paying or basic household chores.


Q.  Why do I hear so much about Long-Term Care on television and in newspapers and magazines these days?

A.  Everyone has become aware of the aging population, the graying of America. Baby boomers are planning for and approaching retirement age and at the same time they are dealing with parents who need to be cared for. Care for those who are chronically ill is taking its toll physically, emotionally and financially on the designated caregiver. It is a critical family that must be addressed.


Q.  Why should this be a concern to me?

A.  Health insurance does not pay for Long-Term Care for people under age 65, and 43% of all people receiving Long-Term Care today are between the ages of 18 and 65. For those over age 65, Medicare does not pay for Long -Term Care. Medicare pays for short-term skilled care only and is limited to a maximum of 100 days. Care must be received in a post acute skilled nursing facility after certain criteria have been met. Medicare will pay for short-term intermittent skilled care in the home (the person must be homebound). This could include physical, speech or occupational therapy.

 

Q.  What are the chances of me ever needing Long-Term Care?

A.  The chance of a female over age 65 needing Long-Term Care is 50%. The chance of a male over age 65 needing Long-Term Care is 33%. The average length of care is approximately three years at an average cost of $74,000 per year.

 

Q.  If Medicare or health insurance do not pay for Long term care who does?

A.  If you are rich you can pay for your Long term care from investments. If not, you can ask your kids to pay for it, or you can have them take care of you. If your resources are limited you can have Medicaid pay for it and become part of the welfare system. Or, you can have Long term care insurance, which will guarantee options and choices. Long term care insurance will allow you to access quality care in the private marketplace at the most appropriate level while protecting assets and retirement income. A Long term care insurance policy offers the following choices: care in your home; an assisted living facility; adult foster care home; adult day care; modifications to your home; hospice care; respite care; or any alternative to a nursing home as well as care in a nursing home. With the help of Long term care insurance your family will be comforted knowing you will receive better care longer.

Q.  I don’t know that I like or even want any of these choices. What should I do now?

A.  The first thing to do is sit down with all members of the family and address the elephant in the room. Start the Conversation, open up the dialogue and write down what has been decided. Make sure everyone knows the plan and is up to the task! By not planning for your own Long term care you have made the decision to make it someone else’s problem. Make sure everyone involved is willing and able to accept the burden of responsibility.


Dorothy McMahon, president of McMahon and Associates, is a Long-Term Care Insurance Consultant in Bloomfield Hills, MI. Reach her at (248) 844-9787 or LTCINSUSA@aol.com.

    

Every woman should understand some important facts about Long-Term Care.  Long-Term Care is care what you would require when you are unable to care for yourself, should that happen when you are 50-years old or 80, or any time in between. 

There may come a time when you are no longer able to care for yourself and it will be necessary to pay someone to take care of you. You may need help with bathing, eating, dressing, toileting, continence or transferring.  These are not necessarily things that you would want your husband, significant other or your children to do for you, and on average, women live seven years longer than men, meaning that we typically spend more time taking care of others and that fewer family members are around to take care of us when the time comes.

You may require Long-Term care if you are diagnosed with a cognitive impairment, such as Alzheimer’s disease.  Long-Term Care can be required due to mental illness, injury, or disability at any age; 43% of those individuals requiring long-term support services today are under age 65. 

Most women are surprised to learn that long-Term care support services are not covered by their health or disability income insurance.  Medicare may be available for those over 65, but it will only pay for a limited amount of skilled care following a hospital stay. Very few people actually end up requiring skilled care.   If you need health care for an extended period of time, chances are you will pay for this care from your savings or retirement income.

The average annual cost of care in Michigan today is $74,000 in a facility and upwards of that amount for care in the home for a 24-hour period.  The costs increase 5% each year.  Is this an expense that you or your family can afford?  Long-Term Care is a family issue it is not a woman’s problem, it’s a family’s responsibility.

Long-Term Care insurance is a contract that guarantees to pay for a sudden, unexpected, large, continuing expense that would seriously deplete or exhaust your financial resources.  It is not limited to nursing home care for the elderly.  Long-Term Care insurance is actually designed to be, and may be the only, tool we have to keep us out of a nursing home when we need care for an extended period of time, as Long-Term Care insurance will actually pay for care in your home.

Savvy women today, even those with significant assets, now consider owning some Long-Term Care insurance because it allows your family members to care about you – not for you – and if they do, it will allow them to care for you better and longer.

If you are considering Long-Term Care insurance protection, here are five things to remember.

1. You must apply while you are in reasonably good health.
2. Policies that provide benefits for a limited period (three or four years) are more affordable.
3. Insurance policy discounts based on health and marital status can save on the cost.
4. Long-Term Care insurance will never be less expensive than it is today!
5. Plan for what you want or settle for what you get.

The real benefit of Long-Term Care insurance is access to quality care in the private marketplace at the appropriate level. Asset protection is just the frosting on the cake.

Dorothy McMahon, president of McMahon and Associates, is a Long-Term Care Insurance Consultant in Bloomfield Hills, MI. Reach her at (248) 844-9787 or LTCINSUSA@aol.com.

This story originally appeared on www.experienceseniorpower.com.