Baygroup Insurance

Maryland's premier Long-Term Care insurance agency

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Welcome to our blog! Here you will find posts and comments from our experts. You can filter the posts by the related insurance products or author.

It is estimated that 44 million people eighteen years of age and older in the United States provide unpaid assistance to adults who are aging or have disabilities. The value of this unpaid group is almost double that of both the nursing home ($115 billion) and home health care industries ($43 billion), coming in at $306 billion annually. While this shows a remarkable amount of care for one’s family and community, evidence shows that most caregivers do not have the necessary support they need and are not prepared for what is required of them.

Dementia is a blanket term for memory loss and intellectual disabilities that interfere with daily tasks. However, according to the Alzheimer’s Association, Alzheimer’s Disease makes up 60-80% of all types of dementia cases. Alzheimer’s is not a normal part of aging though. While it is documented that those older in years may experience slower thinking and the occasional difficulty with remembering something in particular, Alzheimer’s is much more severe and needs careful monitoring. 

You may have heard that Medicare premiums were due for a drastic increase in 2016. However, thanks to the Bipartisan Budget Act of 2015 that was signed into effect on November 2, 2015, those costs are not going to be as high as originally thought for Medicare Part A and Part B participants.

When people imagine long term care they often envision the elderly being cared for in nursing homes. However, research indicates that more often than not the reality of long term care does not actually reflect this image. In fact, there are several trends that are currently changing the face of long term care in America.

Here are the 2016 Tax deductible limits for eligible long-term care insurance premiums.

Attained Age Before The Close of the Tax Year        Limitation on Premiums

Do you have a plan for your long-term care when you become a senior? When the time comes and it finally becomes harder for you to perform daily activities on your own, it is important to know what you want to do. Will you move in with children or other relatives? Hire a caregiver to come to your home? Move to an assisted living facility? Go it alone for as long as possible? Whatever your decision it is important to understand the full physical, financial, and emotional impact on yourself and your loved ones.

Have you been a caregiver for a loved one who did not have insurance to pay for long term care and they relied solely on you for help? Did it impact your health, your lifestyle, or income? Would you have preferred that you could supervise the care instead?
Throughout their working years most people look forward to a long life, dream of what they want to do when they retire, and save with hopes that it will be a worry-free time for finances. However, while budgeting for retirement many people forget to account for one of the most important aspects of this special time in their lives: their long term care.

Alheimer's Disease affects a reported 36 million people worldwide.  Meryl Comer, award-winner reporter and Alzherimer's advocate has written a book " Slow Dancing With a Stranger: Lost and Found in The Age of Alzheimer's".   It is quite powerful. She explains the struggle for diagnosis, emotional and financial hardships involved.

You know how long you can expect to live, it may help you with many financial planning decisions.  Granted, this is not an absolute, but is yet another input to use.

The carriers have re-priced their products, and offer a variety of options.    

Many of our clients 60 years and under select 3% compound because this will be adequate to keep up with inflation of home care and assisted living based on recent years.  Their other resources can supplement nursing home costs.  Also, 3% is the "sweet-spot in pricing.  

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