[Fredslist] promotion LATER IS SOONER THAN YOU THINK

[Howard W. Bersch]

LATER IS SOONER THAN YOU THINK!                         By Howard W. Bersch

 
Independent Insurance Broker

 

We are all going to die! Twenty percent of us are going to get cancer or
another rapidly debilitating condition and we will be dead within a year of
getting the disease. Another 20% of us are going to suffer from cardiac or
respiratory failure. We'll suffer years of worsening symptoms, a few life
threatening episodes, and then eventually die.

 

But 40% of us will suffer from some form of dementia (most frequently
Alzheimer's disease or disabling stroke). Our gradual unrelenting path
toward death will take 8 or 10 or even 20 years, during which we will cease
to become the person we were. We will linger on, in some new state,
depending on the care of others.

 

Researchers at Fidelity Investments project that a 65 year old couple
retiring in 2005 without employer sponsored health benefits will need more
than $190,000 to cover out-of-pocket medical expenses. These expenses
include Medicare Parts B and D premiums, co-payments and deductibles, and
any additional prescription drugs not covered by Medicare Part D.

 

There is one important cost that the research does not include-the cost of
long term care (LTC) expenses. The average annual cost, nationally, of a
private room in a nursing home in 2003 was $70,080. It is considerably more
in the New York area, $113,880.00 and less in Shreveport, La.-$36,135.00 and
is expected to rise in excess of inflation rates. Only 10% of individuals
age 65 or older own LTC policies. Why the low level? Most cite the high cost
of premiums, complexity and array of benefit payment amounts, elimination
periods, and other policy features. Others are confused because they are
first-time buyers and have not built up the reservoir of experiences in
buying and using benefits. They are afraid of making a mistake that either
they will buy too much or they will buy nothing because they feel they
cannot afford this insurance.

 

Buying a policy earlier can lower premiums. A policy that cost a 65 year old
$2964.00 a year would cost a 45 year old $1584.00. Younger applicants are
also less likely to be denied coverage for health reasons. Premiums are not
guaranteed to stay the same. While states generally do not permit insurers
to raise an individual's premium based on age or health, companies can seek
permission from state regulators to increase rates for all holders of a
particular policy.

 

The good news is that many policies now cover home care, assisted living,
respite care and hospice care; two decades ago, many only covered nursing
home care.

 

The really good news is, you still have a lot of living to do!

 

Please call if you would like additional information or have questions.
Telephone: 201 567 3236

Email:  <mailto:howard at hwbinsurance.com> howard at hwbinsurance.com

                                      

REMEMBER

 

 

TAKE CARE OF TOMORROW TODAY

 

 
Howard W. Bersch
tel. 201 567-3236
fax 201 567-6210
email- howard at hwbinsurance.com
 
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