An annuity is an insurance policy in which the money you pay is invested by the insurance company, and after certain period of time, the income made from the investment is paid to you. Some benefits of an annuity are it provides you with lifetime income, offers some inflation protection, it combines insurance and savings, it guarantees returns, and it offers better tax savings. However, investors should always bear in mind that it does not maximize your investment, it requires a large sum of money to invest, and it proves to be inflexible.
Therefore, the comparison between the three background information on annuities below are essential to help you make a better decisions:
1. Annuity explained
There are two basic types of annuities:
1.1 Immediate annuities
Type of payment: a lump sum payment
Period of start receiving time: One year
Advantage: Suitable for who have a large sum of money and want to quickly start getting money they may need.
Drawback: more expensive than Deferred annuities.
1.2 Deferred annuities
Type of payment: either paid in a lump sum or in installments with your returns given out after a stipulated period of time, such as ten years.
Period of start receiving time: over a certain period of time
Advantage: The principal money you have invested here grows tax-free until you decide to withdraw it.
Drawback: inflexible
2. Benefits of annuity
Annuities are becoming increasingly attractive to many investors because of annuity leads generation.
The benefits that annuities provide its holders are as follows:
2.1 Provides you with lifetime income – You will annually receive returns upon retiring
2.2 Combines insurance and savings
2.3 Guarantees returns
2.4 Offers better tax savings.
2.5 Offers inflation protection
3. Drawbacks of annuities
The drawbacks of investing in annuities are as follows:
3.1 Does not maximize your investment
3.2 Proves to be inflexible–The principal amount you paid is held for investment and cannot be get back anytime you want for another investment or purpose.
3.3 Requires large sums of money to invest
4. Investment styles
4.1 Fixed annuities
Characteristics: a guaranteed and fixed rate of return on investments
Type of annuities: either be immediate or deferred
4.2 Variable annuities
Characteristics: whose returns vary depending on the performance of the mutual funds selected at the beginning of the contract that invests money
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Insurance: 6 Common Mistakes You Should Avoid
Insurance may be considered a necessary thing nowadays. However, buying the right policy is not as easy as it sounds. This is because of the availability and generation of Insurance Leads, insurance companies can easily bombard potential customers with their products. Besides, with a wide range of available insurance products, you can easily become confused. As a result, it is a good idea to know what mistakes can be avoided as showed below:
1. Buying a wrong insurance
If you buy a wrong insurance, you could end up paying for unnecessary policies. Therefore, please read and understand the policy and being aware of its fine print in order to determine whether it will really prove useful to you in the future.
2. Not updating your insurance
Major changes in your life, such as getting or losing a job, getting married, and having a child, could affect your insurance coverage significantly. Do consider updating your coverage whenever you are expecting any major changes to occur. But, please always take time to review your policy before the designated renewal period avoid making unnecessary changes.
3. Not looking around for other deals
One of the most common and biggest mistakes that people make when buying insurance products is not looking around for other insurance deals. Most people just find one insurance agent and rely on that person to handle everything. If you impulsively buy your insurance and don't look around, you might miss finding better coverage or a better price.
4. Comparing the prices only
The price is only one of the important factors to be considered in insurance purchasing. Besides that, you should also make sure that the company you buy from is licensed, credible, and financially stable. It would be meaningless when we are getting a good price but the insurance firm won’t be able to deliver the necessary services later on. Therefore, you should research and solicit feedback about the company from people who know about it.
5. Not knowing how much insurance you need
One of the reasons buying insurance can be a tough task is it is quite difficult to assess how much insurance you actually need. This can result in either over-insuring or under-insuring yourself. To avoid this kind of mistake, you can seek the advice of an insurance agent, preferably someone independent, so personal interests will not be involved. You will also need to determine how many assets you have and whether you have any major illnesses.
6. Not taking time to understand the policy
Understanding and knowing the contents and the fine print of your insurance policy is a fairly basic requirement. Not taking the time to understand your policy can cause disastrous consequences especially when you really need the insurance and realize that it is insufficient.
Always think of insurance as a protection you are making. Therefore, equip yourself with knowledge about this commodity to get the most out of your purchase.
1. Buying a wrong insurance
If you buy a wrong insurance, you could end up paying for unnecessary policies. Therefore, please read and understand the policy and being aware of its fine print in order to determine whether it will really prove useful to you in the future.
2. Not updating your insurance
Major changes in your life, such as getting or losing a job, getting married, and having a child, could affect your insurance coverage significantly. Do consider updating your coverage whenever you are expecting any major changes to occur. But, please always take time to review your policy before the designated renewal period avoid making unnecessary changes.
3. Not looking around for other deals
One of the most common and biggest mistakes that people make when buying insurance products is not looking around for other insurance deals. Most people just find one insurance agent and rely on that person to handle everything. If you impulsively buy your insurance and don't look around, you might miss finding better coverage or a better price.
4. Comparing the prices only
The price is only one of the important factors to be considered in insurance purchasing. Besides that, you should also make sure that the company you buy from is licensed, credible, and financially stable. It would be meaningless when we are getting a good price but the insurance firm won’t be able to deliver the necessary services later on. Therefore, you should research and solicit feedback about the company from people who know about it.
5. Not knowing how much insurance you need
One of the reasons buying insurance can be a tough task is it is quite difficult to assess how much insurance you actually need. This can result in either over-insuring or under-insuring yourself. To avoid this kind of mistake, you can seek the advice of an insurance agent, preferably someone independent, so personal interests will not be involved. You will also need to determine how many assets you have and whether you have any major illnesses.
6. Not taking time to understand the policy
Understanding and knowing the contents and the fine print of your insurance policy is a fairly basic requirement. Not taking the time to understand your policy can cause disastrous consequences especially when you really need the insurance and realize that it is insufficient.
Always think of insurance as a protection you are making. Therefore, equip yourself with knowledge about this commodity to get the most out of your purchase.
Weather insurance start-up which helps insure farmers against losses from increasingly volatile weather has received $42 million by way of investment from Silicon Valley venture capitalist Vinod Khosla and Google Ventures
A start-up which helps insure farmers against losses from
increasingly volatile weather has received $42 million by way of
investment from Silicon Valley venture capitalist Vinod Khosla and
Google Ventures.
WeatherBill, founded by ex-Google employees
David Friedberg and Siraj Khaliq, collates weather data from various
sources and sells insurance based on statistical analysis. The company's
workforce includes a team of software engineers and climatologists.
According
to WeatherBill, the $3 trillion annual global agriculture production is
increasingly hostage to the vagaries unpredictable weather
fluctuations.
Last year's tumultuous weather conditions caused
devastating floods in Pakistan, China and Australia and a heatwave in
Russia. According to the UN it was the warmest period on record
alongside 1998 and 2005.
According to a
UN panel of climate change experts, weather is set to become more
unpredictable and extreme in the 21st century, impacting everything from
food to water supplies, due to a build-up of heat-trapping gases from
human use of fossil fuels.
"More than 90 per cent of crop losses
are due to unexpected weather and climate change is increasing the
frequency of extreme weather events," CEO Friedberg said in a statement.
Insurers must stop setting prices based on gender, an EU court ruled, in a move that could raise costs for women drivers, cut male pensions, and prompt more legal challenges to insurance pricing practices.
Taking the gender of the insured individual
into account as a risk factor in insurance contracts constitutes
discrimination," the European Court of Justice said on Tuesday.
The
ECJ told insurers to adopt a "unisex" approach to setting premiums from
December 21, 2012, confirming a recommendation from its senior adviser
in September.
Insurers said the
decision could push up motor insurance costs for women, who currently
pay less than men because they are statistically less likely to be
involved in accidents, by up to 25 percent.
The
ruling could also reduce retirement annuity payments to men, who
currently get more than women to take account of their lower average
life expectancy. Annuities are insurance policies which offer a regular
income for life in return for a lump sum, usually paid on retirement.
INDUSTRY ANGER
The
ECJ's decision drew condemnation from the industry, which said
differential pricing for men and women was legitimate given their
different risk profiles.
"Europe-wide
the effect on the price and benefits and on the choice of insurance
products for consumers could be significant," said the CEA, Europe's
insurance industry lobby, which added it was "deeply disappointed" by
the ruling.
Analysts said the decision would have little long-term impact on insurers' earnings as they had enough flexibility over pricing to ensure any changes would cancel each other out.
"From
the consumer perspective it is going to make a difference, but my sense
is that the insurers will change their rating to maintain their current
level of profitability," said Espirito Santo analyst Joy Ferneyhough.
The Stoxx 600 Europe insurance sector share index .SXIP was flat at 1420 GMT, lagging the wider market .FTEU3, which was up 0.2 percent.
AGE NEXT ?
The
gender ruling could pave the way for a potentially more damaging legal
challenge to insurers' reliance on their customers' age in setting
prices and payouts.
"Of greater
concern to the industry is the likelihood there will be further European
challenges, particularly around age," said Mark Winlow, head of general
insurance at accountants KPMG.
"This is a more significant factor than gender, as age is used much more widely to differentiate risks."\
Younger male drivers can pay as much as 2000 percent more for car insurance than they would if they were aged 50, Winlow said.
Sheila's
Wheels, a British motor insurer that markets itself to women drivers,
said its business would be largely unaffected as a low volume of claims
from its mostly female customer base allowed it to maintain a low gender
price gap.
"We are protected by the sheer number of women on our books, which will not change overnight," a spokesman said.
"The decision will not change our advertising or marketing or dilute our appeal to women."
Analysts
said insurers were likely to look for ways of measuring customer risk
more accurately, including pay-as-you-drive schemes which set car
insurance prices by monitoring customers' driving habits through a
"black box" fitted inside their vehicles.
What is variable life insurance plan (VLIP) and its difference with unit-linked insurance plan (ULIP ) , Advantage of VLIP and all about premium which combines investment and insurance
A variable life
insurance plan (VLIP) combines investment and
insurance, just like an unit-linked insurance plan (ULIP). Variable
life insurance schemes offer flexibility in the proportion of mortality
and savings components.
These plans
also offer more transparency, simplicity, quick liquidity, guaranteed
minimum returns, transparent charges and ample risk cover. This type of
life insurance allows you to participate in several investment options
simultaneously targeting your premiums to separate accounts.
Generally, the optional investment funds include stocks,
bonds, money market funds, equity funds, or a combination of them all.
Variable Life Insurance allows you to switch from one sub-account to
another.
You can also apply the
interest earned on these investments toward the premium, reducing the
amount you pay. In a departure from the ULIPs, the returns are declared
by insurance companies annually and are not linked to the stock market.
One part of the premium is
allocated to buy life insurance. The balance is invested in bonds or
equities. The premium amount cannot be altered in the course of the
policy, but the death benefit and savings element can be reviewed and
altered as the policyholder's circumstances change.
You can increase your insurance protection and decrease the
investment component, or vice versa. Another feature of this plan is
that it does not get automatically canceled if the policyholder fails
to pay the premiums as long as the premiums paid till date meet policy
requirements. Under the plans, the premiums paid by the holder, after
deduction of charges, will be credited to the account maintained
separately for each policyholder.
If all due premiums are paid, the amount held in the policyholder's
account will earn an annual interest which will be guaranteed for the
entire policy term. In addition to this guaranteed return, if all due
premiums are paid, the individual policyholder's account may earn an
additional return depending upon the experience under the plan.
There is an option to pay additional
(top-up) premiums without any increase in risk cover to the extent of
total basic premiums paid under the policy. The premiums can be paid
regularly at yearly, half-yearly, quarterly or monthly (through ECS mode
only) intervals over the term of the policy. The sum assured ranges
from 10 to 30 times the annualised premium, depending on age of entry.
There are two types of variable life
insurance plans - participating and non-participating. Participating
plans offer a guaranteed return, while nonparticipating plans offer an
annual bonus at the end of each financial year in addition to guaranteed
returns.
The minimum sum assured
is Rs 50,000 or 10 times the annualised premium, whichever is higher for
entry at the age below 45 years. After that age, the maximum is Rs
50,000 or seven times the annualised premium.
Top-up premium is allowed throughout the term. In case the
insured decides to increase his contribution through a onetime top-up, a
maximum of up to three percent charges may be deducted from the top-up.
The product also provides for loans up to 60 percent of the balance at a
specific rate of interest.
src:ET
LIC ULIP Samridhi Plus offers insurance protection, safety and growth with policy term of 10 years for 8 - 65 years age group and premium range and detials
Life Insurance Corporation
of India today launched 'Samridhi Plus'
under its unit linked portfolio offering insurance protection, safety
and growth.
Samridhi Plus safeguards policyholders' investment from market fluctuations, LIC said in a statement here.
Accident benefit option is also available under this plan that
will be equal to the life cover up to a maximum of Rs 50 lakh, subject
to certain conditions.
The policy term for the plan is fixed for 10 years, it said.
The minimum age at entry level for Samridhi Plus is 8 years while the maximum age is 65 years.
The minimum premium ranges from Rs 1500 (monthly - ECS) to Rs
30,000 (single premium) depending on the mode of payment while the
maximum is Rs 1 lakh per annum under any mode for the 5 year premium
paying term.
How to get the right Health Insurance? : Choosing the Right Health Insurance
I need health insurance, what should I do?
If you are asking this question to yourself, then you are doing the right thing. It is very important for you and your family to get a health insurance cover, since you know that a single incidence of major illness can leave you bankrupt. With the economy in a bad shape and the recession looming large, there have been huge layoffs. Millions are losing their jobs and also the health cover provided by the employer. This definitely is a great cause for worry and the health insurance premiums are also very high. If you plan properly, you can still opt for a quality health plan that is affordable and can cover your major health expenses.
You would be aware that initially all the good work of finding a quality health insurance firm was done by the human resources department of the companies. But now the scenario is entirely different. Now in many offices, the employers pay only a marginal sum for the health cover or they do not pay at all. This means that you now need to do all the work which would ideally include identifying the right health insurance company, choosing the correct health plan, checking all the terms and conditions, seeking the correct tenure, work out the premiums and plan the finances.
Online Health Insurance Quotes
One of the best ways to seek a quality health insurance plan is to go in for online health insurance quotes. The advantage of seeking an online quote is that there is no excess paper work, you wont be bothered by too many executives pleading to buy their plan and above all, you can do all the work from the comfort of your home. You may also discuss the various options with all the other family members and seek their advice. In the case of online quotes, you just need to fill in all the basic details and the best health plan is presented right before you.
Choosing the Right Health Insurance
When you opt for a health plan, you must keep certain things in mind. Always opt for a group health insurance plan as it is less expensive and there are plenty of benefits associated with it. Along with your family members, you may also include your friends and office colleagues. The main advantage of a group health insurance plan is that even if one of them is afflicted with a pre-medical condition, the health insurance company does not take this in to account, and all the members are properly insured.
When you opt for a health insurance plan, you need to make sure that it covers all aspects of maternity. Ideally, it should cover all the pregnancy costs which include all the tests before and after the pregnancy. You need to plan your finances well. You may come across many health plans which offer attractive benefits and free services. You need to be very careful because many may turn out to be fake. Therefore, you need to check all the facts before you opt for the right health insurance plan.
6 Important Things to Look for in an Auto Insurance Company
Six important things your should consider in order to find the best auto insurance company are shown bellow:
1. Search for a company whose coverage fits your needs
Always look for a company that offers you the most important auto insurance coverage which suits your needs and budget. The example of a insurance coverage is responsible for paying for loss or damages incurred from theft, the responsible for vehicular damages caused by collision (Collision insurance), or a limited medical insurance that pays for the medical expenses incurred by the insured driver and passenger/s who are hurt during the accident. Moreover, depending on your needs and budget, you may decide to drop certain coverage or add. For example, you may consider dropping collision insurance if your car is quite outdated due to very expensive payment.
2. Find one that offers discounts
In this heavy competitive industry, many auto insurance companies offer discounts along with less risky driving conditions such as vehicles with anti-theft devices,drivers who have not been involved in an accident for many years of driving, and drivers who never had a ticket.
3. Look for an auto insurance company that has the best price for your desired coverage
Do ask for price quotations from as many auto insurance companies as possible and contact your state insurance department for auto insurance rates in your area in order to find the most affordable auto insurance rates.
4. Find one that is licensed to operate in your area
Next, you need to make sure whether the insurance company is allowed to operate in your area or a certain state or a few neighboring states only. Therefore, do your research via Internet to find the company that will serve your needs best without leaving a big hole in your pocket.
5. Look for one that has good customer service
Do find an auto insurance company which has not only an impressive insurance coverage, but also has a fair and consistent service. In other words, the insurance company is readily available and responsible when you need them. Besides doing a searching in Internet for customer feedback and reviews, you can also inquire from your state’s Department of Insurance and the National Association of Insurance Commissioners
6. Seek out an auto insurance company that is financially stable
It is a very important part of your search to look for an auto insurance company that is always in a good financial condition. One of the ways to do it is checking their credit ratings before entering into a policy with a certain company.
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1. Search for a company whose coverage fits your needs
Always look for a company that offers you the most important auto insurance coverage which suits your needs and budget. The example of a insurance coverage is responsible for paying for loss or damages incurred from theft, the responsible for vehicular damages caused by collision (Collision insurance), or a limited medical insurance that pays for the medical expenses incurred by the insured driver and passenger/s who are hurt during the accident. Moreover, depending on your needs and budget, you may decide to drop certain coverage or add. For example, you may consider dropping collision insurance if your car is quite outdated due to very expensive payment.2. Find one that offers discounts
In this heavy competitive industry, many auto insurance companies offer discounts along with less risky driving conditions such as vehicles with anti-theft devices,drivers who have not been involved in an accident for many years of driving, and drivers who never had a ticket.
3. Look for an auto insurance company that has the best price for your desired coverage
Do ask for price quotations from as many auto insurance companies as possible and contact your state insurance department for auto insurance rates in your area in order to find the most affordable auto insurance rates.
4. Find one that is licensed to operate in your area
Next, you need to make sure whether the insurance company is allowed to operate in your area or a certain state or a few neighboring states only. Therefore, do your research via Internet to find the company that will serve your needs best without leaving a big hole in your pocket.
5. Look for one that has good customer service
Do find an auto insurance company which has not only an impressive insurance coverage, but also has a fair and consistent service. In other words, the insurance company is readily available and responsible when you need them. Besides doing a searching in Internet for customer feedback and reviews, you can also inquire from your state’s Department of Insurance and the National Association of Insurance Commissioners
6. Seek out an auto insurance company that is financially stable
It is a very important part of your search to look for an auto insurance company that is always in a good financial condition. One of the ways to do it is checking their credit ratings before entering into a policy with a certain company.
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7 Different Types of Business Insurance for Your Business Needs
To reduce the financial risks brought about by unpredictable events like accidents, natural disasters, lawsuits, and so on, business insurance will be a great help. There are many types of business insurance. The cost in obtaining one will be different from one insurance provider to another. It is ideal that you ask for an insurance sales leads agent to guide you in choosing the best business insurance for you. Below are the different types of business insurance:
1. Worker’s compensation insurance
Worker’s compensation insurance is necessary for businesses with certain number of employees. It will cover the damages and medical expenses of your employees for on-the-job injuries.
2. Business interruption insurance
In cases when the business may have to be closed temporarily, this types of insurance helps support the business until it reopens again. It covers the damages and loss of the business’ calculated earnings during those periods.
3. Casualty or liability insurance
Casualty or liability insurance covers the loss and damages caused by acts of negligence or omissions. Meanwhile, it also covers lawsuit costs and settlement bonds if ever the problem goes to court. This type of insurance is best paired with property insurance, and is not particularly connected with life or health insurance.
4. Property insurance
On the other hand, property insurance insures an owned, leased or rented property, including its contents, against damage or loss from fire, theft, vandalism, and other disasters. It is important for you to recognize the details of your property insurance coverage needs because this type of insurance can be specific and applied to only one type of risk. It is recommended to choose the exact coverage you required since purchasing a few components of property insurance is more costly.
5. Auto insurance
Auto insurance is meant for vehicle used for business purposes. The cost of repairing any damage to the vehicle and to the other vehicles if an accident occurs is covered by this insurance.
6. Crime insurance
Basically, the damages and loss of the business against robberies and even employee theft is covered by crime insurance.
7. Business life insurance
This type of life insurance is particularly for businesses run by partnerships or corporations with some stockholders. The business life insurance insures the partners and stockholders of the business by dispensing money to purchase the portion or business interest from the family of a deceased partner or stockholder.
It is better to be prepared than to risk your business to any financial crisis. Business insurance is a sure back-up plan when business trouble arrives.
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1. Worker’s compensation insurance
Worker’s compensation insurance is necessary for businesses with certain number of employees. It will cover the damages and medical expenses of your employees for on-the-job injuries.
2. Business interruption insurance
In cases when the business may have to be closed temporarily, this types of insurance helps support the business until it reopens again. It covers the damages and loss of the business’ calculated earnings during those periods.
3. Casualty or liability insurance
Casualty or liability insurance covers the loss and damages caused by acts of negligence or omissions. Meanwhile, it also covers lawsuit costs and settlement bonds if ever the problem goes to court. This type of insurance is best paired with property insurance, and is not particularly connected with life or health insurance.
4. Property insurance
On the other hand, property insurance insures an owned, leased or rented property, including its contents, against damage or loss from fire, theft, vandalism, and other disasters. It is important for you to recognize the details of your property insurance coverage needs because this type of insurance can be specific and applied to only one type of risk. It is recommended to choose the exact coverage you required since purchasing a few components of property insurance is more costly.
5. Auto insurance
Auto insurance is meant for vehicle used for business purposes. The cost of repairing any damage to the vehicle and to the other vehicles if an accident occurs is covered by this insurance.
6. Crime insurance
Basically, the damages and loss of the business against robberies and even employee theft is covered by crime insurance.
7. Business life insurance
This type of life insurance is particularly for businesses run by partnerships or corporations with some stockholders. The business life insurance insures the partners and stockholders of the business by dispensing money to purchase the portion or business interest from the family of a deceased partner or stockholder.
It is better to be prepared than to risk your business to any financial crisis. Business insurance is a sure back-up plan when business trouble arrives.
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Review by: Xaivier Chia
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HHS Launches New Website Promoting Long Term Care Planning
Essential Planning Tool to Help Americans Own Their Own Future
HHS’ Assistant Secretary for Aging Josefina G. Carbonell announced a new Web site that will make it easier for consumers to get the information they need to plan for long-term care. The National Clearinghouse for Long-Term Care Information Web site provides comprehensive information about long-term care planning, services and financing options, along with tools to help people begin the planning process.
The clearinghouse Web site is designed to increase public awareness about the risks and costs of long-term care and the potential need for services, and to provide objective information to help people plan for the future. The clearinghouse Web site was designed by HHS’ Administration on Aging (AoA), Centers for Medicare & Medicaid Services (CMS) and the Assistant Secretary for Planning and Evaluation (ASPE).
"The National Clearinghouse for Long-Term Care Information Web site is an important step toward giving consumers the tools they need to take personal responsibility for planning for their future long-term care needs," HHS Secretary Mike Leavitt said.
The Deficit Reduction Act of 2005 mandates that the Clearinghouse contain the following: objective information to help consumers decide whether to purchase long-term care insurance or to pursue other private market alternatives that pay for long-term care; information about states with long-term care partnerships under Medicaid; and information about the availability and limitations of coverage for long-term care under Medicaid. The Web site features a number of resources to help individuals start the planning process, including interactive tools such as a savings calculator, contact information for a range of programs and services, and real-life examples of how individuals have planned successfully.
The National Clearinghouse for Long-Term Care Information Web site helps support the principles of the "Choices for Independence Initiative," included in the recently reauthorized Older Americans Act (OAA), signed into law by President Bush in October.
"The new OAA helps empower individuals and supports better planning, improved home and community-based long-term care options, and more flexible and consumer-friendly systems that allow Americans to remain vibrant and independent," Assistant Secretary Carbonell said.
The new Web site also supports the "Own Your Future" education campaign, a joint federal-state initiative designed to increase consumer awareness about planning for long-term care. HHS recently announced new federal-state partnerships with several states designed to help Americans take an active role in planning ahead for their future long-term care needs.
"The National Clearinghouse for Long-Term Care Information Web site is an essential component of the ‘Own Your Future’ campaign," CMS Acting Administrator Leslie V. Norwalk said. "Users can easily find information about services, resources and finances to help them plan for future long-term care needs."
For more information about the "Own Your Future" campaign and the National Clearinghouse for Long-Term Care Information, please visit www.longtermcare.gov
Technorati Tags: Long+Term+Care+Planning HHS Insurance Healthcare Aging
HHS’ Assistant Secretary for Aging Josefina G. Carbonell announced a new Web site that will make it easier for consumers to get the information they need to plan for long-term care. The National Clearinghouse for Long-Term Care Information Web site provides comprehensive information about long-term care planning, services and financing options, along with tools to help people begin the planning process.
The clearinghouse Web site is designed to increase public awareness about the risks and costs of long-term care and the potential need for services, and to provide objective information to help people plan for the future. The clearinghouse Web site was designed by HHS’ Administration on Aging (AoA), Centers for Medicare & Medicaid Services (CMS) and the Assistant Secretary for Planning and Evaluation (ASPE).
"The National Clearinghouse for Long-Term Care Information Web site is an important step toward giving consumers the tools they need to take personal responsibility for planning for their future long-term care needs," HHS Secretary Mike Leavitt said.
The Deficit Reduction Act of 2005 mandates that the Clearinghouse contain the following: objective information to help consumers decide whether to purchase long-term care insurance or to pursue other private market alternatives that pay for long-term care; information about states with long-term care partnerships under Medicaid; and information about the availability and limitations of coverage for long-term care under Medicaid. The Web site features a number of resources to help individuals start the planning process, including interactive tools such as a savings calculator, contact information for a range of programs and services, and real-life examples of how individuals have planned successfully.
The National Clearinghouse for Long-Term Care Information Web site helps support the principles of the "Choices for Independence Initiative," included in the recently reauthorized Older Americans Act (OAA), signed into law by President Bush in October.
"The new OAA helps empower individuals and supports better planning, improved home and community-based long-term care options, and more flexible and consumer-friendly systems that allow Americans to remain vibrant and independent," Assistant Secretary Carbonell said.
The new Web site also supports the "Own Your Future" education campaign, a joint federal-state initiative designed to increase consumer awareness about planning for long-term care. HHS recently announced new federal-state partnerships with several states designed to help Americans take an active role in planning ahead for their future long-term care needs.
"The National Clearinghouse for Long-Term Care Information Web site is an essential component of the ‘Own Your Future’ campaign," CMS Acting Administrator Leslie V. Norwalk said. "Users can easily find information about services, resources and finances to help them plan for future long-term care needs."
For more information about the "Own Your Future" campaign and the National Clearinghouse for Long-Term Care Information, please visit www.longtermcare.gov
Technorati Tags: Long+Term+Care+Planning HHS Insurance Healthcare Aging
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