But an article I read recently shows that for baby boomers, there’s a dramatic rise in mobility-limiting disabilities.  The upward trend for baby boomers is shocking, because for adults 65 and over, the number of disabilities is actually declining. 

The study on which the article was based found that 40 percent of the people age 50 to 64 reported having trouble with at least one of nine physical functions that were surveyed.  These are basic things we do every day, like bending, kneeling, climbing 10 steps, or walking a quarter of a mile.  In addition, more baby boomers are finding that they have to rely on special aids, like canes or wheelchairs, than ever before.

The researchers weren’t really clear on the causes of this alarming increase in mobility-related disabilities for baby boomers.   More and more people are reporting problems with back and neck pain, and there’s a national epidemic of obesity that I believe is part of the problem as well.  Heart disease, diabetes, nerve, muscle and joint problems can all be tied back to poor diets and lack of exercise.

But whatever the reasons may be, one thing is clear:  this trend will have consequences that extend far into the future.  And that’s because, in general, we don’t get healthier as we age.  If we’re having big problems earlier in life, it’s to be expected that those problems will only get worse with time.  There will be an even greater need for disability coverage and for long term care coverage in the years ahead. 

I once heard a speaker give the following advice:  do what you have to, as fast as you can, so that you can do what you want to as long as you can.  If it’s time to make some changes in your personal life, like eating better, or getting more exercise, the best day to begin is today.  And if your financial life needs some work, the best time to begin that is today, too. 

Do you have your own disability income insurance policy?  Do you own long term care insurance?  The need is there, and the best time to secure your future is today.

I’ve lived in New Jersey for many years now, and I think I’ve heard every New Jersey joke that’s ever been written.  Most of them are funny, and most of them are at least a little true.  But here’s something about New Jersey that isn’t funny at all. 

The number of residents age 85 and older is projected to grow by over 70 percent between now and 2030.  Currently, 13% of our population is 65+, and 175,000 of our residents are over 85.  And the numbers would be higher if we didn’t have a law that requires every third senior citizen to move to Florida! 

Okay, so I made that part up, but seriously, that group of senior 85+ is the group most likely to need long term care services.   And according to AARP, New Jersey is ranked 25^th in projected growth of 85+ population.  That means that 24 states out there are expected to see increases even higher than New Jersey does. 

Right now New Jersey is spending 80 percent of its Medicaid funds on institutional care, with 935,000 citizens relying on Medicaid, and 16% of them being 65 years old or older.  New Jersey is one of the states that permit Medicaid recipients to choose between nursing home care and in-home care, which is great because in-home care on average costs one third of what it costs to care for someone in a nursing home.

But in addition to those being care for by our state, 980,000 New Jerseyans are providing family care to a loved one at home, with the value of that care, according to AARP, is more than $11 billion.   I’m telling you this because what’s happening here is happening in your state too – and chances are your state is not providing the care options that New Jersey is.

Does it surprise you that there are only about 7 million long term care policies in effect at this time?  With Americans living longer, and with the costs of health care rising to rapidly, you’d think that everyone would be looking for ways to make sure that they can get the care they need in the way that they choose and at a price that won’t create a hardship for the rest of the family.

When we started this company, my focus was really on life insurance.  But the connection between life insurance and long term care insurance in a sound financial plan is undeniable.  Having enough of one can truly reduce your need for the other, and as we age, the importance of each changes as well.

If you have long term care insurance, I applaud you!  You’re among a select group that’s taken a very important step in planning for your later years.  If you don’t, take the first step and find out how your current financial plan will help you or hurt you in the event that you need long term care.  Call BeamaLife at (866) 972-3262 today to talk with one of our long term care insurance specialist!

It’s no secret that people tend to live longer than the generations before them. As medical research advances, so does life expectancy and the day to day tasks life involves. There comes a point in almost everyone’s life where their bodies become less and less capable of taking care of themselves on their own and require assistance. For this, home care, nursing homes, and assisted living residents were created. But as the need for them grows, so do their costs. To help alleviate the escalating price of these long-term care providers there is long-term care insurance.

Long-term care insurance (LTCI) is for all people to use when they’re no longer able to independently perform basic activities of daily living—bathing, dressing, eating—due to illness, injury, or cognitive disorder. LTCI insures people of all ages and current condition and is for anyone who wants to know they can be taken care of when they need to be.

As the price for care increases people look for all means of alleviating the costs. Medicaid has strict financial eligibility requirements and will likely exhaust a chunk of your life savings to become eligible. Similarly, HMO’s, Medicare, and Medigap don’t pay at all for most long-term care. However, if you are between 40 and 84 years old and have significant assets you wish to protect, then you are the perfect candidate for LTCI. If you are also in good health, are insurable, and can afford to pay the premiums now and in the future, you are practically a shoe in.

LTCI works by the benefits being triggered by a physical or mental impairment, or by your doctor certifying long term care is necessary. Once triggered, the policy pays a selected amount of money per day, for a set period of time, based on the type of long-term care outlined in your policy.

When buying LTCI, make sure you shop around and read the policies carefully for benefits, exclusions, and provision as packages can differ considerably based on the company. Once you’ve found a few you like, make sure to research the ratings of the companies using A.M. Best, Moody’s, etc. to ensure that company is in a sound financial state. After all, you can’t be insured if the company isn’t around. That is exactly BeamaLife will do for you.

To ensure that you are taken care of should a day come when you can no longer perform day to day tasks independently, you should start early to find the right insurance as premiums are cheaper when you are younger. Know your policy and consult a financial advisor, attorney, or accountant for any questions as policies can be confusing.

Long term care insurance is becoming more and more necessary as people live longer. We are all thankful for modern medicine and its ability to cure disease and keep us and our loved ones on earth longer, but who’s going to care for them when they can’t care for themselves? If you can take them in, God bless you, but for most of us, LTCI can alleviate those expensive bills of a nice nursing home or assisted living residence where the ones we love most can be happy.

This is an increasingly common scenario. Perhaps one or both of your parents are having health problems, suffering mental lapses, or just slowing down with age. The problem may not go away or get better, but there are several ways you can deal with it. First, talk with your parents and any siblings you may have.

Sometimes the best option is to have your parents move in with or closer to you. That way, you avoid having to use our parents’ assets or your own to pay for a nursing home or other facility. You won’t have to worry about your parents receiving inadequate care from strangers. And your parents will probably appreciate the gesture of love and self-sacrifice on your part. However, the cost of feeding, clothing, and caring for your parents can be high, especially if you’re forced to give up a job to be home with your parents. And don’t underestimate the emotional and psychological impact.

What if your parents’ care is more than you can handle? You may then wish to consider some type of assisted-living arrangement. The broad term assisted living encompasses a range of facilities and services designed to help seniors who can’t live independently. The assistance provided may be short or long-term and may focus on social services, medical care, or some combination of the two. Depending on your parents’ conditions and needs, one or more of the following assisted-living arrangements may be worth considering:

Nursing homes
Assisted-living communities
Continuing care retirement communities
Alzheimer’s/dementia care specialty facilities
Retirement communities
Active senior communities
Home health care
Hospice care
Adult day-care services

Ask a social worker, your parents’ physicians, or other professionals for information about these assisted-living arrangements. Such individuals can also offer you support and recommend solutions that best meet your parents’ needs. Finally, if you have an employee assistance program at work, contact your human resources department for help and suggestions.

Please visit BeamaLife for long term care quotes, disability insurance quotes and life insurance quotes.

A new tax law with some very favorable tax treatment for long term care benefits from annuities and life insurance has been passed. As of January 2010, any withdrawals or early distributions from life insurance or annuity products to pay tax-qualified long-term care expenses will be tax free – yes, tax free!

There’s really no such thing as nursing home insurance. What you’re probably referring to is long-term care insurance (LTCI), which typically provides coverage for several different types of long-term care, including nursing home care. For example, home health care, adult day care, and assisted-living care will also be covered under a typical LTCI policy.

Although LTCI policy types vary, they usually work something like this: You pay a premium, and when you need it, the policy pays a selected dollar amount each day (for a set period of time) for the type of care outlined in the policy. Because the probability is high that a policyholder might file a claim, LTCI can be relatively expensive. The cost depends on many factors, including the type of policy that you purchase (e.g., size of benefit, length of benefit period, optional riders), your health, and your age at the time you purchase the policy. You can learn more about long term care policies, Aging and home care at beamalife.com