Understanding Long-Term Care Insurance

A lot of us don’t like to think about this, but inevitably there will come a time where we will all need help taking care of ourselves. So how can we start preparing for this financially?

Many people opt to purchase long-term care insurance in advance as a way to prepare for their golden years. Long-term care insurance includes services relating to day-to-day activities such as help with taking baths, getting dressed and getting around the house. Most long-term care insurance policies will front the fees for this type of care if you are suffering from a chronic illness, injury or disability, like Alzheimer’s disease, for example. 

If this is something you think you’ll need later on, it’s crucial that you don’t wait until you’re sick to apply. If you apply for long-term care insurance after becoming ill or disabled, you will not qualify. Most people apply around the ages of 50-60 years old. 

In this article, we will discuss long-term care insurance, how it works and why you might consider getting it.   

How long-term care insurance works

The process of applying for long-term care insurance is pretty straight forward. Generally, you will have to fill out an application and then you’ll have to answer a series of questions about your health. During this point in the process, you may or may not have to submit medical records or other documents proving the status of your health. 

With most long-term care policies, you will get to choose between different plans depending on the amount of coverage you want. 

Many long-term care policies will deem you eligible for benefits once you are unable to do certain activities on your own. These activities are called “activities of daily living” or ADLs:

  • Bathing
  • Incontinence assistance
  • Dressing
  • Eating
  • Getting off and/or on the toilet
  • Getting in and out of a bed or other furniture

In most cases, you must be incapable of performing at least two of these activities on your own in order to qualify for long-term care. When it’s time for you to start receiving care, you will need to file a claim. Your insurer will review your application, records and make contact with your doctor to find out more about your condition. In some cases, the insurer will send a nurse to evaluate you before your claim gets approved. 

It’s very common for insurers to require an “elimination period” before they start reimbursing you for your care. What this means is that after you have been approved for benefits and started receiving regular care, you will need to pay out of pocket for your treatments for a period of anywhere from 30-90 days. After this period, you will get reimbursed for your out-of-pocket expenses and from there.

Who should consider long-term care insurance

Unfortunately, the statistics are against our odds when it comes to whether or not we will eventually need some type of long-term care. Approximately half of people in the U.S. at the age of 65 will eventually acquire a disability where they will need to receive long-term care insurance.  Of course, the problem is, long-term care can be really expensive. Unless you have insurance, you’ll be paying for your long-term care completely out-of-pocket should you ever need it.

Your standard health insurance plan, including Medicare, will not cover your long-term care. The benefits of buying long-term care insurance are that:

  • You can hold on to your savings: Many uninsured seniors have to dip into their savings account in order to pay for their long-term care. Because it’s not cheap, many of them drain their life savings just to be able to pay for it.

 

  • You’ll be able to choose from a larger variety of options: Being insured gives you the benefit of being able to choose the quality of care that you prefer. Just like with anything else, you get what you pay for when it comes to healthcare. Medicaid offers some help with long-term care, but you’ll end up in a government-funded nursing home. 

 

How to buy long-term care insurance

If you’ve recently started thinking about shopping for long term-care insurance, you’ll want to keep a few things in mind:

  • Do you mind being insured on a policy with an elimination period?
  • Can you afford all of the costs including living adjustments?
  • Are you interested in a policy that covers both you and your spouse, otherwise known as “shared care”?

There are a few different ways to go about getting long-term care benefits. You can either buy a policy from an insurance broker, an individual insurance company, or in some cases, your employer. Obtaining long-term care insurance through your employer is probably going to be cheaper than getting it as an individual. Ask your employer if it’s included in your benefits. 

Many people also opt to shop for hybrid benefits insurance policies. This is when a long-term care policy is packaged in with a standard life insurance policy. This is becoming a lot more common in the world of insurance. Keep in mind that the approval process may be slightly different for a hybrid insurance policy than of that of a stand-alone long-term care insurance policy. Make sure to ask about the requirements before you apply. 

Best long-term care insurance packages

There are not very many long-term care insurance companies that exist as there once was. It’s hard to wrap our heads around purchasing something that we don’t yet need. However, here are a few examples of companies that offer competitive long-term care packages:

 

  • Mutual of Omaha: This company offers benefits of anywhere between $1,500 and $10,000. While the main disadvantage of this company’s packages is that they do not cover doctor’s charges, transportation, personal expense, lab charges, or prescriptions, you CAN choose to receive cash benefits instead of reimbursements. This company also offers discounts for things like good health and marital status. This company’s insurance policies offer a wide range of options and add-ons so you can make sure that all your bases are covered.

 

 

  • Transamerica: This company’s long-term policy, TransCare III, is good if you don’t want to hassle with an elimination period. If you live in California, this may not be the best choice for you because California’s rates are a lot higher than the rates in other states. Your maximum daily benefit can be up to $500 with this program, with a total of anywhere between $18,250-$1,095,000. 

 

 

  • MassMutual: Popular for their SignatureCare 500 policy which comes in both base and comprehensive packages, is a long-term care and life insurance hybrid. This is very appealing to many seniors wanting to kill two birds with one stone. This company also has a 6-year period as one of their term options, which is pretty high.

  • Nationwide: This program sets itself apart from many other programs available because it allows you to have informal caregivers like family, friends, or neighbors. You will receive your entire cash benefit every month and it is up to you to disperse the funds as you would like. Currently, this company does not have their pricing available online, so you will need to speak with an agent to discuss prices.

 

Understanding Long-Term Care Insurance is a post from Pocket Your Dollars.

Source: pocketyourdollars.com

Matthew Perry Sells Malibu Beach House for $13.1M

Matthew Perry Sells Malibu homePaul Drinkwater/NBCU/Getty Images

Matthew Perry of “Friends” found a buyer who was there for him. He has successfully sold his Malibu, CA, beach house for $13.1 million.

Perry had initially listed his “kick-ass Malibu home”—as he called his place on social media—in August for $14.95 million. In September, the actor dropped the asking price by a million dollars, to $13.95 million.

He then slashed the price one last time to $12.95 million. That reduction attracted a buyer, who scooped up the swanky space for just a little over the ask.

Although the price ended up lower than his initial asking price, Perry came out ahead. The savvy star picked up the the property in 2011 for $12 million.

Perry reportedly bought the beachfront abode from the Southern California developer Scott Gillen, who completely transformed the circa-1960 build.

The result is a loftlike space with expansive walls of glass, looking out to the Pacific Ocean.

The fab pad can hold lots of friends, with two floors, four bedrooms, and 3.5 bathrooms on 5,000 square feet. The main level features an open living and dining area, a fireplace, beamed ceilings, and sparkling views of the ocean. The glass walls completely open up, extending the living area out to a deck that runs the length of the house on both floors.

A floating wood-and-steel staircase leads to the lower-level master suite, which includes a sitting area, walk-in closet, and luxurious bathroom.

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Watch: Comedian Kathy Griffin Gets a Deal While Downsizing in SoCal

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The home also features an outdoor spa and a state-of-the-art home theater.

Meanwhile, the deck comes with plenty of seating and a fire pit, perfect for catching the sunset.

The open floor plan made the buyer swoon, according to Luis Robledo, the Douglas Elliman agent who represented the buyer.

“The minute you walk through the front door, you have a completely open and expansive view of the ocean, with floor-to-ceiling and wall-to-wall windows,” Robledo says. “Two decks on both levels spanning the length of the home—maximizing the outdoor space—also made it extremely compelling. This is the perfect getaway place.”

Perry took full advantage of the beach pad as his personal getaway during the pandemic. He posted photos to his Instagram account from the property as he hung out on his deck or baked cookies in the kitchen.

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A post shared by Matthew Perry (@mattyperry4)

Perry had been on a selling spree, also placing a posh penthouse on the market in Los Angeles in 2019 for $35 million. In 2017, he bought the “mansion in the sky,” which occupies the entire 40th floor of the Wilshire Corridor’s elite Century Building, for $20 million.

He renovated the place to his taste, with what looks like wall-to-wall velvet furniture, a huge master suite with views, and the home theater. The listing is currently off market.

Now that he’s freed from his real estate concerns, the star’s new focus appears to be an adorable puppy.

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A post shared by Matthew Perry (@mattyperry4)

Luis Robledo of Douglas Elliman represented the buyer. Joshua Flagg with Rodeo Realty repped the seller.

The post Matthew Perry Sells Malibu Beach House for $13.1M appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com

Inside Supernatural Star Jensen Ackles’ ‘Very Hip’ Lake House in Austin

If you’re a die-hard Supernatural fan like us, you’re probably still reeling from the show’s finale and coping with the fact that there won’t be any new Winchester adventures for us to follow. But we’re not here to talk about that, but rather snoop into the private life of one of the series’ leading men. More specifically, Jensen Ackles’ house — which we actually think Dean Winchester would approve of.

The actor starring in CW’s longest running show and his wife Danneel opened up their 7,500-square-foot home in Austin, Texas to Architectural Digest, giving us a rare glimpse into the heartthrob’s home and personal life.

As the story goes, the couple was relocating from Los Angeles and initially considered buying a house down the road when they noticed this property (that wasn’t even for sale). But since they fell in love with it, the couple went ahead and asked the previous owners if they’d be willing to sell. And since it’s not easy resisting Jensen Ackles’ charms, they managed to convince the owners so the Ackles’ moved on to the next step –- redecorating the house.

To help out, they hired architect Paul Lamb and interior designer Fern Santini and together they came up with some brilliant ideas on how to best revamp their already-stunning new house.

“It was imperative that the house express the Ackleses — young, bold, and irreverent,” Lamb told AD.

Jensen Ackles’ house, which boasts five bedrooms, revolves around Danneel’s decorating outlook of “more is more is more!” There is a lot of color, texture, a lot of wood work going on to make it look like a lake house and endless decorations with some of the coolest background stories.

Let there be music

In Supernatural, Jensen loves music. Remember his spontaneous Eye of a Tiger outtake? Still fun to watch! There’s definitely more of where that came from in real life, since Jensen did his best to create an amazing acoustic sound in his house.

The living room is scattered with guitars and all across the shag rug lie comfy and colored floor pillows. All this because the couple loves having friends over, sitting on the floor, singing and playing the guitar.

Jensen was excited to talk about one of his favorite features of the house: “The hand-scraped wood floors undulate quite heavily, and we’ve got these giant beams and wood all around that feel like you’re in the hull of a giant ship.” “What that does is it creates an amazing acoustic sound,” he continues. “We’ve always had music in our lives, and we wanted to pass on that tradition.”

Jensen Ackles and his family at home in Austin, Texas
Jensen Ackles home in Austin, Texas. Image credit: Jeff Wilson for AD

Jensen’s kick-ass bar

They’ve taken care of the music, and to complete the ambiance they got rid of the formal dining room (that nobody used anyway) and replaced it with a kick-ass bar.

Placed on one end of the large living room, the bar is made out of black walnut with black and white veined marble. The cabinets were specially made to light the expensive bourbons it holds inside.

jensen ackles bar in his home in austin texas
Jensen Ackles home in Austin, Texas. Image credit: Jeff Wilson for AD

The master suite

There’s a master bedroom swaddled in Trove wallpaper bearing vintage photography of 1920s opera boxes. The wallpaper is covered in sections by Japanese-inspired barn door panels “because sometimes you need an audience and sometimes you don’t”.

 Jensen Ackles home in Austin, Texas.
Jensen Ackles home in Austin, Texas. Image credit: Douglas Friedman for AD

The master bathroom has a beautiful
bathtub sitting in front of a large window that provides a stunning view to the
lake.

The Mr. and Mrs. own two separate counters, because, you know, it just makes things easier in the mornings; and the inspiration for their master bathroom shower came from an Architectural Digest story featuring a steel and glass shower in the home of Neil Patrick Harris.

 Jensen Ackles home in Austin, Texas.
Jensen Ackles home in Austin, Texas. Image credit: Douglas Friedman for AD

Jensen Ackles’ bright, wood-framed home

Thanks to exposed beams, larger expanses of windows, and rich wooden ceilings, the architect managed to simplify and open the spaces. They simply tore down walls to let more natural light into the home.

Jensen’s favorite space is the breezy two-story screened porch that transformed the entire profile of the house; and his favorite piece – a custom long table made using a 2,000-year-old cypress log.

Parents of three

Jensen and Danneel have three beautiful children, so they had to choose the decor and furniture according to their needs as well. It appears that the couple’s eldest daughter would make a great interior designer once she grows up. The six-year-old girl, JJ, helped pick out all her own bedroom decor.

 Jensen Ackles home in Austin, Texas.
Jensen Ackles home in Austin, Texas. Image credit: Douglas Friedman for AD

Unsurprisingly, the kids’ favorite toy is a rolling acrylic table from the ‘50s, placed in the kitchen. Everybody loves a happy kitchen!

 Jensen Ackles home in Austin, Texas.
Jensen Ackles home in Austin, Texas. Image credit: Douglas Friedman for AD

Jensen Ackles’ home is full of hidden gems

The actor’s house is a personalized, eccentric, yet highly livable place. It was designed to resemble the Laurel Canyon bungalow the couple had once lived in and it’s a testament to the old school, Austin-style lake house.

The space is filled with all kinds of eccentric and eclectic objects—some useful, some decorative, some both. The decorations could be found in abundance in Austin during its bohemian period (the Ackles’ are active supporters of local art), as well as in late-60s California.

More beautiful celebrity homes

Rob Lowe’s Gorgeous House in Montecito is Back on the Market for $42.5 Million
Luxurious Malibu Estate Previously Owned by Kelsey Grammer On the Market for $20M
‘Hunger Games’ Actor Josh Hutcherson is Selling His Celebrity-Magnet “Tree House” in Hollywood Hills
Jessica Alba’s Los Angeles House is a Pinterest-Perfect Dream Home

The post Inside Supernatural Star Jensen Ackles’ ‘Very Hip’ Lake House in Austin appeared first on Fancy Pants Homes.

Source: fancypantshomes.com

A September State of Mind

Hi friends. So sorry to go completely MIA on you. Between attempting online school with a five-year-old, much of California burning to the ground, and the general state total chaos in which we find ourselves, getting to the computer for any length of time has been a bit of challenge, to put it mildly. And then I blinked and summer is officially over.

But I had to finally get on here as I have big news for you!

They say you shouldn’t make major life decisions during times of extreme stress, right? Well, we decided to throw all caution to the wind and instead have purchased a coastal cottage in Washington State! Apparently a global pandemic, homeschooling a kindergartner and the most consequential presidential election of our lifetime wasn’t enough to keep me busy.

coastal cottage mood board on Apartment 34

In all seriousness, if the past seven months of Covid have taught us anything, it’s the importance of friends and family and so we decided to create a gathering place that can bring together those we love most for years to come. Nestled within the myriad of inlets and islands that dot the Puget Sound north of Seattle, the cottage enjoys sweeping views of the Olympic mountains and Hood Canal. I consider it my official respite from the impending doom. Sadly it looks nothing like the inspiration images I’ve collected here.

Instead, it is going to take a LOT of work to get our little coastal cottage visitor ready – and in a very short period of time. Over the coming weeks, I plan to take you along on the entire design journey. I will be sharing everything with you – from the cottage’s current state, to all of my design inspiration and through the remodel process. If all goes according to plan, I’ll share a major before and after reveal in time to spend the holiday season with our family rather than more than 800 miles away.

coastal cottage mood board on Apartment 34

Trust me, we’re going to have plenty to discuss, as I have to pick an entire household’s worth of things – from paint colors and kitchen cabinets down to dishware, bedding and everything in between. No design decision will be left unturned. It’s both exhilarating and incredibly daunting. These mood boards are just part my first ideation session for my dream vibe.

I’m hopeful sharing this process with you will offer you some fresh design ideas and positive inspiration as we all hunker down to weather what will undoubtedly be a stormy fall – be it literally or just politically. It’s been a rather dark year and I feel like this might be a way to share a little bit of light. I know I am very happy for the creative distraction. I hope you are too.

I can’t wait to share more very soon!

The post A September State of Mind appeared first on Apartment34.

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Source: apartment34.com

An Eye-Opening Timeline of Tarek El Moussa’s Own Homes, From His First to Where He Lives Today

Tarek El Moussa's homesHGTV | Instagram | realtor.com

Tarek El Moussa is known for his impressive home renovations on his HGTV shows “Flip or Flop” and “Flipping 101 With Tarek El Moussa.” But what are his own homes like?

That depends, since this 39-year-old reality TV star has purchased, and rented, quite a few properties for his personal use over the years.

Each reflected where he was in life at the time, whether he was single (when his home had a shark tank), married to Christina Anstead (time to upgrade to a massive family mansion), divorced (hello, “dadchelor” pad!), or starting fresh with his fiancée, Heather Rae Young.

For a good look at how life changes can affect the home you have, check out this timeline of El Moussa’s many homes through the years, and how much his tastes have evolved.

Early 2000s: Tarek El Moussa’s first home

Even El Moussa had to start somewhere! Back when this HGTV star was just 21, he bought his first home—and spent way more than he expected. He set out to find a house for around $400,000, but ended up falling in love with a home that was listed for over $800,000.

“It was the perfect bachelor pad—1,400 square feet, massive master bedroom, man cave all to myself, and coolest of all, a 300-gallon shark tank—may I remind you I was 21 at that time?” he wrote for realtor.com®.

Let’s just say that El Moussa’s first home was a huge life lesson for him that you should never bite off more than you can chew—financially or otherwise.

“I was very, very broke,” he admitted. “With no money for furniture, I ended up living in an empty house for nearly nine months.”

2013–18: El Moussa’s first family home with Christina Anstead

Tarek's home
This Yorba Linda, CA, mansion was Tarek El Moussa and Christina Anstead’s family home when they were married.

realtor.com

By 2013, El Moussa was married to Christina Anstead, and they had their daughter, Taylor, so they needed a bigger family house. The couple’s hit TV show, “Flip or Flop,” had completed its first season, so they had the cash to upgrade.

Tarek's home
El Moussa and Anstead did a lot of work on their backyard.

realtor.com

And upgrade they did: El Moussa and Anstead’s home in Yorba Linda, CA, was purchased for an even $2 million at the end of 2013.

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Watch: Kate Gosselin Vacates Her ‘Kate Plus 8’ Pad

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With six bedrooms and 6.5 bathrooms, this property was already impressive, but the couple ended up spending an additional $1.5 million to improve the property, turning the backyard into an oasis, with a gorgeous dining area, swanky pool, and fire features.

Tarek's home
El Moussa and Anstead lounge at home in a Season 4 episode of “Flip or Flop.”

HGTV

Despite all that renovation equity sweat, when the pair split in 2018, they sold the house at a loss, accepting an offer for just $2,995,000—proving that renovations don’t always pay off.

2017: El Moussa’s Bad Decisions houseboat

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A post shared by Tarek El Moussa (@therealtarekelmoussa)

Originally, El Moussa and Anstead bought this yacht together, naming it Flip or Flop. But soon after they separated, El Moussa pointedly renamed it Bad Decisions.

The boat, which cost almost $1 million, has two bedrooms and two bathrooms—making it virtually as spacious as some of his flips.

With teak flooring and cedar-lined closets, the boat is stylish, and it has a kitchen and a washer and dryer. It is also convertible and can either be left open to the ocean breezes, or closed up so that the heater or air conditioning can make the ride more comfortable.

As it turns out, this boat played an important part in El Moussa’s meeting his fiancée in Newport Beach, CA.

“His boat was parked next to the boat I was on,” Young explained on Netflix’s “Selling Sunset.” “And my girlfriend happened to be on his boat.”

She jumped aboard, she recounted, and El Moussa turned around.

“And he was, like, ‘Hi, I’m Tarek,’” she said. “Then we were just, like, texting and kept in touch.”

2018–20: El Moussa’s postdivorce ‘dadchelor’ pad

Tarek El Moussa's new home
El Moussa’s “dadchelor” pad

realtor.com

After El Moussa and Anstead split, El Moussa moved into a four-bedroom “dadchelor” pad”  in Costa Mesa, CA. A good mix of family-friendly and all-El Moussa—without Anstead’s feminine touches—it was only a couple of blocks from his ex-wife’s place, making shared custody of their kids much simpler.

The home had a pool, spa, and outdoor dining space. The interior was styled in bold colors, making it homey but masculine. With a modern fireplace and high ceilings, the space was perfect for El Moussa.

April 2020: El Moussa and Young’s first rental together

By April this year, El Moussa and Young were ready to move in together. They rented a snazzy Newport Beach home, just a block from the ocean. El Moussa and Young’s home had fun swivel chairs, a dining table perfect for a family of four, and lots of family photos.

This rental was temporary, but these two certainly looked comfortable!

September 2020: El Moussa’s beachside fixer-upper

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A post shared by Tarek El Moussa (@therealtarekelmoussa)

Of course, Young and El Moussa didn’t plan to rent forever, and in September, they bought a home in Newport Beach. Originally, El Moussa bought this house to flip, but after he proposed in July, they decided it would make a great home for both of them.

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A post shared by Heather Rae Young (@heatherraeyoung)

Unfortunately, it looks as if it will be a while before these lovebirds can move in to their new abode.

In November, El Moussa reported that his new house had flooded. “Ugh, when it rains it pours! We are now way behind schedule and way over budget lol,” he said.

It may take some work to get this place ready, but if El Moussa has proved anything, it’s that he can roll with the punches and is always up for a challenge—with his homes or otherwise.

The post An Eye-Opening Timeline of Tarek El Moussa’s Own Homes, From His First to Where He Lives Today appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com