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WELCOME WALL STREET JOURNAL READERS!

Chances are pretty good that if you stay healthy eat right and take care of yourself you’ll get to live a long healthy life. The Trusted Expert in our network want to remind you that with longevity comes an added responsibility to do things today to help you financially and emotionally prepare for that long life. This type of planning helps assure yourself that the rest of your life will be filled with emotional security and independence, rather than with fear, insecurity, and dependence on others.

Having a long term care contract not only provides the financial support you’ll need to pay for your care, whether it be at home or at an assisted living facility but, in addition a long term care, contract comes with provisions for a care coordinator who will take on all responsibilities your health care from home to a hospital through rehab and hopefully back to your home or an assisted living facility or when needed to a skilled nursing facility.

OPTION 1

Do nothing

ACTION OUTCOME

Wasting your assets and give your problem to your Family

OPTION 2

Give away assets and after 5 years qualify for medicaid

ACTION OUTCOME

Lose all control of your life

OPTION 3

Put away enough money to pay for your future care {Self Insure}

ACTION OUTCOME

In 20 years you’ll need approx$ 750,000 each

OPTION 4

Buy a long term nursing and home contract

ACTION OUTCOME

least expensive way to pay $1,000-$4000

THE REALITY:

In light of the recent unprecedented actions on the part of Conseco Ins companies successful attempts to get rid of the unsuccessful side of their Long Term Care book of business, we as professional independent brokers advising our clients to be more careful of the companies we decide to recommend to our clients. We must look beyond the least expensive price and unrealistic easy underwriting when we make a suggestion lest it will come back to haunt us as well as our clients years later as is now the case with Conseco Ins co.

As an experienced professional in the Insurance Industry I myself was confused as to how to tell the strong companies from the weaker ones. Management changes regularly and with it perhaps their morale or focused guidance. I believe that we as independent brokers now more than ever have a responsibility to do more than just rely on a Companies financials to determine the real fiscal strength of an Insurer. We have an obligation to know which questions to ask to determine which assets are meaningful and which are not in terms of ratings and risk.

In my opinion a stronger indicator might be to look into the manner in which this Company has conducted itself in the past. The claims paying history and complaints of a Company can speak volumes towards the level of integrity the Company has directed toward the importance of keeping its promises to its customers. We must begin to look for verifiable indicators to help us determine a real value which once again will include a genuine trust factor.

Some companies are known to be Blue chip quality companies with a good reputation while others are known for their pricing structure or their ease of underwriting. Those pieces of information will now become vital towards my decision making process in terms of which contract I will choose to offer once the dust settles.

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Tags: assisted living, cfp, conseco insurance, financial planning, health insurance, henry montag, insurance, life insurance, long term care, long term care video, retirement, retirement planning, wall street journal

About the Author: Henry Montag is an Independent Certified Financial Planner as well as a CLTC. He’s been in practice since 1976 with offices on Long Island, New York. He is a contributing writer for The Moneypaper, a national financial publication, been my sourced by Investors business Daily, Long Island Business News, Newsday, Wall St Journal, The Moneypaper,Investment News, Senior Lifestyles and has held insurance and securities licenses for over thirty years.

This entry was posted on Friday, June 19th, 2009 at 8:57 am and is filed under insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.