U.S. OPEN: Live Oak grad survives Pebble Beach, plays Sunday
PEBBLE BEACH - Less than a day after leaving the U.S. Open with $15,651 in earnings and a life's worth of lessons, Erick Justesen was asked if he ever pictured his PGA Tour debut playing out like it did last week at Pebble Beach Golf Links, a course he caddied at while growing up in Carmel. "Hell yeah," the 2003 Live Oak High School alumnus said Monday. "I was a caddie at a young age, but I've ...

1. LTC insurance is a form of insurance only found within the United States and the United Kingdom. This has been rapidly growing in the past years throughout the United States. The downside is that coverage costs can become very expensive, mainly when customers wait till the last minute to purchase long term care insurance.

2. Taking advantage of care insurance can supplement the cost of living if you live longer than planned or expected. You will always be protected during your elderly years and can ensure that items not covered by Medicare or Medicaid are covered through long term care insurance. Rather than relying on family and friends for support, long term care insurance can cover these costs and more. Not taking advantage can be devastating to your loved one's pocket books.

3. Your premiums paid on your LTC insurance are often times tax deductible at the end of the year, offering extra incentive to take advantage of LTC. Benefits incurred are excluded from income, offering more tax savings. The deduction is based upon many factors including your age.

4. A client's age does not play a factor when dealing with long term care insurance. A vast majority of long term care insurance policy holders are between the ages of 18 and 64. More than half of all seniors ages 65 and older will need some sort of long term care insurance during their lifetime.

5. With LTC insurance, you are covered in many areas. These include, but are not limited to adult day care, respite care, nursing home facility costs, Alzheimer's facilities, hospice care, home care, and assisted care.

6. To determine a person's care insurance rates, there are six major factors to take into account. These will tell you how much you will have to pay to receive the benefits offered by LTC. First, they look at the persons age, the daily benefit requested, the time frame of the benefits, the elimination period, any inflation coverage, and lastly thr persons health rating. A persons health rating can either be preferred, standard, or sub-standard.

7. When getting your LTC insurance policy, often times there will be an elimination or waiting period. This is almost the same thing as a deductible because you pay for the care received before the benefits from long term care insurance are applied to the injuries sustained. If you have a larger deductible, then you will have a lower premium, and vice versa. You must make some sacrifices when selecting an insurance plan for yourself or your family.

8. When it comes to group policies and long term care, it can become a bit tricky. Group policies may include provisions that restrict the open enrollment time frame and may require underwriting. These plans may or may not be guaranteed renewable or tax qualifies. When it comes to the fine print, make sure you read it closely, as some LTC plans have provisions that allow your policy to be changed and switched to another form of a policy at that time. Plans are eligible to be canceled at anytime per the insurance company's request.

9. Most policies are opened by those Americans that are 60 or older and most are above 80. This is because they realize it is time to purchase some sort of insurance so they do not become a burden on their family when it is there time to pass.

10. Over 8 million Americans are covered or have some sort of long term insurance. That goes to show that this is a popular form of insurance and has many benefits to the policy holder. When employed by a company you will often have the option to opt into LTC insurance plans. These premiums can be paid annually, semi-annually, quarterly, or monthly.

Learn more about Long Term Care Insurance Read his Long Term Care Blog