MAGA Ltd.WARNS OBAMA CARE WON'T PAY FOR LONG TERM CARE

Act Now...Many Carriers Will Be Raising New Female Applicants Premiums Significantly

If you’ve been waiting for the new healthcare law to take effect because you thought long term care insurance (LTCI) would be covered, you’re mistaken. Although President Obama was hoping to include a long term care plan in the law, it became obvious that it was too expensive for the federal government to do and the idea was dropped in 2011.

So, what does this mean for our future financial security and retirement?

Adding a new wrinkle to the cost of long term care insurance is gender pricing with many carriers. Last spring was an across the board increase-especially for single women of approximately 20-40 percent from one of the leading insurance companies selling LTCI.

"Insurance companies have come to the realization that women are living longer and have more serious illnesses as they age such as osteoporosis or arthritis," says Brian Gordon, president of MAGA Ltd. in Riverwoods, Illinois. "Besides women are utilizing the benefits at a greater pace. A 38-year study, just released, shows that with one carrier 71 percent of all claims were for women. We are also facing the growing dilemma of Alzheimer’s Disease. Alzheimer’s Disease is the sixth most common cause of death in the United States, and the only one of the six diseases still growing at an accelerated rate. When you add in dementia, Parkinson’s Disease and other challenges facing people, personal savings can be wiped out."

Approximately 70 percent of people currently over age 65 will at some point in their life require assistance. Whether you are 30s to your mid-60-years-of-age, now is the time to think about how are you going to afford an extended stay in a nursing home, assisted-living facility or home care with a tab that is steadily rising every year. Today, the average cost of care varies depending on where you reside geographically.

"Many people think that long term care policies are too expensive. Yet, long term care polices do vary as to what benefits you want to include," says CEO Murray Gordon. "Some people who purchase LTCI look upon it hoping they will never have to use any of the benefits. It’s similar to having a home insurance policy. You hope never to use it due to a fire, theft or damage from Mother Nature."

Besides the financial benefits of protecting your assets, there are two other critical reasons to purchase an LTCI policy. If you have always been independent, this policy allows you to protect your dignity by selecting a place best suited to you and your specific health needs so you won’t become a burden to your family.

According to Vice President Peter Florek, "There are new types of policies that can combine life insurance or an annuity with long term care, as well as the traditional LTC plans. MAGA can discuss the pros and cons of these policies and determine which one is right for you and your family."

To find out more about the challenges consumers are facing today in selecting an LTCI policy, please contact either Brian I. Gordon or Peter R. Florek at: 847-940-8866 or visit their website at www.MAGAltc.com