Posts Tagged ‘retirement’

Home foreclosure is becoming a far more common problem now then it was just a few years ago. Often it originates from one missed payment which soon spirals out of control. Before you know it you have missed three or four payments and the mortgage lender or bank wants you to pay everything you owe all at once, right then and there. Often this is a major burden to the homeowner and in the end they must decide on some sort of plan of action…this is normally where some one can fall for a scam.

Foreclosure scams are very common as much as the problem itself. Since most homeowners believe that they have little or no choice they fall for these traps, which of course make their situation much worse than it was. Not only is the stress of the foreclosure an issue, but then the fallout from the scam starts…and brings additional stress.

The people who work these scams advertise online, publish advertisements in the local newspaper, distribute flyers, and call houses which are included on the foreclosure list. They call themselves “mortgage consultants/real estate investment planners” who offer foreclosure services or advertise with “We buy houses” signs.

Some of the more common scams.

Bankruptcy Foreclosure Scam

The promise here is that the house will be saved. This is how the scam goes…They will either ask for the homeowner to pay their mortgage directly to them, hand over their deed and pay rent, or obtain refinancing. of course they don’t do ANYTHING to fulfill the other end of the bargain, they don’t contact your lender or obtain refinancing for you. They keep all the money and file bankruptcy without your knowledge. Only to use a diffirent name and do the scam agian on some other poor soul looking for help.

Since the homeowner is not aware that bankruptcy has been filed, they fail to participate in the case. The case is dismissed and the house continues onto foreclosure. Apart from loosing money and your home, you will also have a bankruptcy on your record.

Equity skimming or “Skimming”

The scam operator poses as a buyer. They then promise the homeowner to pay the mortgage or given them a sum of money once the property has been sold. The operator then convinces the homeowner to sign over the deed and move out. The homeowner can stay but they have to pay rent. If they opt to move out the operator lets a third party rent the property. The scam operator of course does not pay the mortgage and lets the mortgage lender foreclose all the while stemming off questions from the original home owner about where they are in the “process.”

In the event the house has equity, the scam operator sells the property and pays off the debt. (And of course keeps the equity that the homeowner could have had if they sold it.)

Should you find yourself facing ANY of the above mentioned situations….contact a local mortgage office and ask them if they have ever heard of a “program” like the one you would be offered…if they say no….call the local police and ask for the consumer fraud division.

Doc Schmyz has worked with investors all over the US and Canada. His website shares Real estate investing information for all over the US. Find real estate information by state

What do I look for in a good company? You know that you should buy long term care insurance, but where should you look and which company should you consider? A lot of advisers either sell one company’s policy, or they only sell a few policies a year, or truthfully, they really don’t know. So what do you look for in a good company?

We’ve all heard that any insurance policy is only as good as the company standing behind it, but what does that mean? It means that the company must meet the standards of an excellent and superior rating. In order to achieve a rating like this a company must meet certain requirements. Look for:

Financially sound companies Committed companies with a large client base Claims paying history Length of time selling LTC insurance History of rate increases

They all sort of blend into one another, but let’s look at them in detail:

Financially Sound Companies Check their ratings with the companies that rate the strength of insurance companies. Generally you can get a good flavor of the company’s financial strength by looking at their A.M. Best rating. If you want to back up your findings, you can by looking at Standard & Poor, Moody’s, Fitch, Duff & Phelps or Weiss Research, A.M. Best usually gives a very good overview of the companies strength and the companies don’t have to join the rating service in order to be rated.

Where do I get this? Updates are published monthly, quarterly and annually and can be found in any public library. In addition, you can usually find the ratings on each company’s web site. Do this first and then ask your agent.

Committed Companies With A Large Client Base “The theory of large numbers” works here. The larger the client base the better buffer you have against rate increases. As claims come in the companies need to financially spread these over their client base. If larger claims come in than forecasted then the company has to decide whether to absorb this into its projected cost of business or to pass this along to policy holders in the form of a premium rate increase. Companies who have made a commitment to this line of business normally do not raise premiums. A smaller, uncommitted company may be more inclined to do this.

Where do I get this? The company web site should have their policyholder information readily available. Also the agent representing the company should have their marketing materials, approved by the state where you live, that give policyholder information. In addition, you can get more information from the rating agencies, A.M. Best etc.

Claims Paying History Sometimes a good financial rating may not tell the whole story. Some companies with good ratings have been known to deny or delay paying claims in health insurance. If they use that same practice in other areas, then there is a good chance it will do so for long term care insurance claims. Also, it is important to ask how many claims have been paid since they started selling LTC insurance.

Where do I get this? Call your state insurance department for information on the complaints filed about specific companies. If this isn’t available then sometimes you need to use your own judgment based on size and reputation of the company. A well-known company is less likely to risk bad publicity for this type of action.

Length Of Time Selling LTC Insurance The Company that you choose should have been selling long term care insurance since the early’90’s. If they haven’t then they probably have not been in the business long enough to have experienced enough claims. Without good claims experience then a company can’t tell if they have set their premium rates correctly. You do not want a company to find out that they set them wrong to begin with and you are the recipient of a “rate adjustment”.

Where do I get this? Once again if you look at the same sources from the above items you will find this information. The state approved company marketing materials will have this information as well as an informed LTC insurance agent. History Of Rate Increases Any company that has ever had a rate increase to its existing clients should not be a company for primary consideration. There are always exceptions to this especially when it comes to health issues and the need for coverage from a company that specializes in these problems.

Where do I get this? You can always contact your state department of insurance and ask them, or ask your agent. However, a sure fire way to do it is to ask your agent for the first page of the long-term care insurance personal worksheet for that particular company. This is a part of their application and will always show their rate increase history.

Finally! Now we know what to look for in a good company. The ideal company will be very large and financially sound. It will have a lot of long term care insurance clients and will have sold these policies since the early’90’s. In addition it will not have any complaints with your state insurance department concerning the payment of claims. And finally, the ideal company will have a good reputation and will not have ever raised rates to their existing clients in any state.

Before you go out and buy a policy go to Long Term Care Insurance, ask questions and request a long term care insurance quote. We represent 20 of the top LTCi providers. This gives you tremendous options.

Long-term care insurance is insurance that may be added to a patient’s current health insurance coverage. It can be included in private health insurance or government provided insurance, Medicaid or Medicare.

Long-term care insurance covers services that are separate from health insurance plans which help with the payments of physician appointments, hospital stays, or prescriptions. Long term care insurance is specifically for services to help the patient with in-home care. They would need assistance with daily living needs such as meal preparation, feeding, transferring, toileting, or dressing. This might entail paying for a service to have someone to come and perform these requirements such as cooking and cleaning of the home for the patient.

The bulk of folk who would need the service are aged. They won’t be physically able to perform their needs or they may have cognitive impairment like Parkinson’s illness or Alzheimer’s. Some kids may qualify if oldsters need additional help with a disable child. This would be a form of recess care.

Long-term health care insurance also includes coverage for patients who would need to moved from their home into a nursing home. Other examples are assisted living facilities and adult day cares.

Advantages to purchasing a long-term care insurance plan include providing the patient with extra financial security during the time they are least in a position to care for themselves. Paying for a carer to come to the home can be really costly, and an insurance policy covers most costs. Medicare plans pay for a big portion of in-home care.

A second benefit is that these insurance plans are tax deductible, and firms which pay for an employees premiums also benefit from tax repayments.

Tax-qualified are the types of policies which are most commonly available. There are restrictions in which someone must qualify for these services. They must need in-home care for over ninety days. The patient must also need help in two areas of assisted daily living. Examples are help with meal preparation, feeding, bathing, transferring from a chair to bed, continence, light housekeeping, driving to perfom errands, and reminding of medicines. The plan also desires to ordered by the physician. The patient purchasing an insurance plan is not taxed.

The rates of these insurance plans are based on several factors. Insurance companies will look at a patient’s age, the benefit of these services to the patient, the length of service, and the patient’s health rating. There are many types of discounts available to such as rebates for couples purchasing individual policies. This would apply not only to married men and women but to those that meet the factors living together and sharing basic living expenses.

there are several people who would gain advantage from long-term care insurance because when the time comes a person can’t handle their regular obligations, it helps noticeably financially at these times. It provides families the comfort that they are able to provide somebody to take care of their loved one when they are not in a position to. These plans also help in being tax deductible to the consumer.

Before you go out and buy a policy go to Long Term Care Insurance, ask questions and request a long term care insurance quote. We represent 20 of the top LTCi providers. This gives you tremendous options.

It would be a wonderful world if nothing changed and everything remained the same. We would not age, die or need medical care in any way. However, the sad truth is that the world is a dynamic and ever-changing place, where nothing remains the same. We may hope that things will remain the same, but they never will, and it is up to us to prepare ourselves for the possible future outcomes that can be difficult to envision. One such way to prepare is through the purchase of long-term care insurance, which can be your best bet for a financially stable life when long-term care becomes an issue for yourself, or a loved one.

Long-term care can happen to anyone, either through old age or an accident. Few would have ever thought that the man who played Superman in four movies would ever need long-term care. He was an excellent example of a fit and healthy human being, but at the age of only 42 he fell off of a horse and was paralyzed from the neck down. For the next nine years he required long-term care. So, you see, the unthinkable can happen to anyone, at anytime, anywhere.

With long-term care insurance, you are preparing for the unthinkable by taking your own future in your hands and ensuring your financial stability, as well as the financial stability of those around you. Studies have shown that long-term care costs for individuals are often paid by immediate family. So, when you fail to plan for the future with long-term care insurance, you are not only jeopardizing your own financial stability, but that of your family.

Long-term care insurance is the best option an individual has for planning their future. The future may be one of vacationing, traveling and enjoying life in retirement, or it may be one of long-term care due to problems relating to health and disabilities. Either way, there is no harm to preparing for long-term care scenarios should they happen. When you buy a sports car, you are not planning on crashing it, but you get insurance nonetheless. You are not planning on being sick in your old age, but it can happen so you should prepare for it with long-term care insurance.

Conclusion Long-term care is a sad reality of growing old. As we get older, the need for long-term care becomes greater and greater, eventually encompassing our entire lives. In this scenario, you want to make sure yourself, and your children, will not be financially burdened by your long-term care needs. With long-term care insurance, those financial needs are taken care of, leaving your children, and yourself, financially secure through some difficult times. Don’t leave anything to chance. Take the steps to make your long-term future secure in the case of long-term care needs. Long-term care insurance is your best defense against a destitute and financially-trying retirement. Chance favors the prepared, so don’t leave long-term care to chance. The small price is well worth the huge benefits it can reap.

You should just ask for help from an insurance representative who specializes in long term care insurance to answer any questions.

Before you go out and buy a policy go to Long Term Care Insurance, ask questions and request a long term care insurance quote. We represent 20 of the top LTCi providers. This gives you tremendous options. Get a totally unique version of this article from our article submission service

I always like to ask my clients, “Will your financial planner be willing to pay your long term care bills, will they have access to good quality Home Health Care Providers?” Many lawyers and advisors are now reluctant to recommend against Long Term Care Insurance for fear of law suits later on, from children, when hundreds of thousands of dollars were required to pay for their parents long term care bills. Planners who fail to recommend coverage are more times than not, unaware of the real RISK of needing care one day.

The senior has now become the GREATEST financial risk that Americans face today. The majority of them are unaware of it because let’s face it: No One wants to think about needing Long Term Care. It is going to happen to someone else! Long term care bills are the biggest reason for financial failures among seniors today. Yet there are a lot of Financial Planners and Investment advisers who will say that you don’t need Long Term Care Insurance.

If you already have a lot of money, perhaps you don’t! The question is: Would it be a smart decision to have this coverage? What we are seeing today are many Financial Planners split on the subject of LTC Insurance. You will hear some say that if you have any resources you should not be without it, that it is an integral part of financial planning, while others think if you have enough money you should self-insure. Who is right?

Every financial adviser I talk with would recommend long term care coverage if he knew in advance that his client would need several years of long term care. Do the math. In a state where long term care bills are averaging $170 per day, and the average premium is $4000 a year for a couple, aged 60, and they live another 20 years, they have paid out $80,000 in premiums for the peace of mind that they will not go broke. Without the insurance, they could end up paying over $80,000 in less than two years for ONE OF THEM on the advice from a Financial Planner telling them that they DON’T NEED IT! It must be concluded that Financial advisers who recommend against LTC Insurance figure you are not going to need care since they would recommend you obtain coverage if they knew you were going to have to spend several hundred thousand dollars. You should find out from the adviser what is the BASIS for their prediction? Also, be aware that advisers are sales people. They are in the business of making you money.

If you purchase Long Term Care Insurance, you have less money for them to manage! The decision is yours. At this point in your life, are you more interested in making a few more thousand dollars a year or are you more interested in protecting what you have already earned from the most DEVASTATING financial risk that people face in America today? One of the biggest financial mistakes a person can make today is needing Long Term Care and having no coverage! Is this a mistake you want to take a chance on making? Seek out a LTC Insurance Specialist to help you make the best informed decision for you and your family. Remember, your Financial Planner or adviser is not going to pay your long term care bills. You will!

Before you go out and buy a policy go to Long Term Care Insurance, ask questions and request a long term care insurance quote. We represent 20 of the top LTCi providers. This gives you tremendous options. Get a totally unique version of this article from our article submission service

When looking at a long term care insurance quote, there are lots of factors which can determine the cost to you. This article will give you six significant points you need to consider when looking at a ltci quote. Much of this is decided by kind of benefits you would like, your age, and which company you wish to work with. This will permit you to be an enlightened shopper when purchasing this insurance product.

Looking at long term care insurance quotes, what you need your policy to include and when you receive your policy will cause changes in the quotes you will receive. This article will give you additional information about what firms you must look for among other factors.

The sorts of benefits you receive will help determine your value of long term care. These types of benefits can include whether you’ll receive in-home services, care at a nursing home or from services based in your community.

Your age is going to figure out the cost of the policy. If you are younger and buying a policy, you will pretty much certainly receive a lower premium.

You will desire to take a look at differing kinds of firms. Your employer may be ready to offer this type of insurance or you may need to look at individual companies.

Your quote can be crew on how you would like advantages to be paid out. Some policies let you spend a certain maximum in whatever way you need while others provide a maximum based on a daily, weekly, or monthly time frame.

The age at which you can begin to use your benefits will be a question that an insurer’s agent will ask you.

You will want to think about what kind of daily benefits you’ll receive. Your quote will be higher when you want higher daily benefits.

Hopefully this has given you good information per long-term care insurance quotes. More information is always better so that you have an idea what to expect and you can have thought through what you need out of your policy.

Before you go out and buy a policy go to Long Term Care Insurance, ask questions and request a long term care insurance quote. We represent 20 of the top LTCi providers. This gives you tremendous options.