Baygroup Insurance

Maryland's premier Long-Term Care insurance agency

Baygroup Blog

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.

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.  

Commissioner Goldsmith clarified MD Law today. Insureds should evaluate their options carefully.  Premium is not the only factor.  The deductibles, co-pays, coinsurance, out-of-pocket maximums and covered services should be considered with what services you expect to use in 2014. 

Many middle-income Americans do not have adequate safety-net to draw on, IF they have significant health expenses not covered by health insurance.  Also, what about health events that are not covered by major medical health insurance, such as custodial care?

Your medical insurance, including Medicare when eligible, will not pay for help in the home and other venues (assisted living, skilled nursing home..) for an extended period of time.

Starting mid-April, 2013, pricing will be much higher, especially for women.  Roll-out of changes vary by state of residence and insurance company.  Your family health history as well as your health history will be evaluated more thoroughly than it is with current policies.  This change will affect some people who are currently easily insurable. The high cost of care today and tomorrow, increasing longevity, increasing probability of requiring care, and the severe impact on family lifestyle and finances makes long term care a front burner issue. 

We all have so much going on in our lives on an average day – going to work, putting food on the table, taking care of the children, cleaning the house, etc.  What happens when there is a sudden serious illness or life threatening event that happens to a close loved one?  Priorities change immediately. The last thing those who need care may want is to be a burden on family members.   Unfortunately stress is the top challenge caregivers experience.

Pages