SourceBenefits.com Blog

Get an “All in One” savings card.

source620 — Wed, 04 Aug 2010 21:08:53 +0000

Get an “All in One” savings card.

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Consumers Urged To Purchase Long-Term Care Insurance.

source620 — Tue, 13 Jul 2010 13:48:17 +0000

Writing for CBS MoneyWatch.com (7/13), Steve Vernon says, “There’s no simple answer to the question of whether you should buy long-term care insurance.” Vernon adds, “There are two primary reasons you may need long-term care in your future. The first is health-related: If you’re in poor health and can’t take care of yourself, you’re going to have to find some help. … The other primary reason you may need such care has to do with the availability of family or friends who can help take care of you when you need it.” Vernon notes, “A report last year by the National Alliance for Caregiving in collaboration with AARP found that just one in five caregivers had their care recipient living with them.” Therefore, most people may need to purchase long-term care insurance.

Paying for Long Term Care

source620 — Thu, 17 Jun 2010 21:28:29 +0000

Case Study A: Family running out of money to take care of 89-year-old father with Alzheimer’s. Solved the problem by getting a Life Settlement on a $300,000 universal life policy. The cash value was almost exhausted but the Life Settlement amounted to almost $90,000 in cash. This amount along with some other income allowed to keep him in place for a least a couple of more years.

Case Study B: A family wanted to keep their father, who was suffering from cancer, at home, as he wanted to remain in the comfort of his own surroundings and with his lived ones for the remainder of his life. They did not have enough money to afford the costs of care at home, but he owned a $250,000 universal life policy. There was no cash value in the policy but a Life Settlement provided over $150,000 in cash. That was more than enough to cover the costs of care for their father, and was a much better alternative than allowing the policy to lapse.

Contact John McAlister at john@sourcebenefits.com for more information or go to our website: SourceBenefits.com

Long Term Care Among Widows & Widowers

source620 — Tue, 15 Jun 2010 20:09:09 +0000

Long-Term Care Is Common Concern Among Widows, Widowers.
In the New York Times (6/15, D7) Personal Health column, Jane Brody examines how Americans deal with the loss of a loved one, writing, “Every year, millions of Americans — women and men, straight and gay, old and young — are thrust into the role of widow and widower, forced to learn how to cope on their own after many years of sharing life’s chores with another.” Brody points out that one “common concern among widows and widowers…is who will care for them if they become ill or inform.” But, “relatively few…have insurance for long-term care or the ability or desire to move in with adult children or live in a nursing home.” Notably, “widows outnumber widowers by nearly five to one,” and “managing financially is usually more difficult for widows.” Back to: SourceBenefits.com