Professional Indemnity Insurance (PII) provider BareRock has launched a counselling and wellbeing support programme for its advice firm policyholders.

The programme aims to support the mental health and wellbeing of individuals within BareRock’s club member firms who are dealing with the strain of high-stress complaint situations, by covering the costs of professional counselling.

Under the new initiative, BareRock will fund up to 10 one-hour counselling sessions per claim, subject to a £2,000 cap, with no policy excess payable by the club member firm.

This is designed to help business owners, senior leaders and employees who often find themselves directly involved in managing complex and pressure-filled complaints while juggling multiple responsibilities in highly regulated businesses.

The initiative will be incorporated into BareRock’s offering at no extra cost during the last quarter of 2024.

It will be available to existing and new policyholders.

The news was announced on World Mental Health Day today (10 October).

BareRock CEO and founder Jonathan Newell said: “We are constantly seeking ways to enhance our offering and provide meaningful value to our club members where it’s needed most.

“By offering compassionate support on a human level, alongside technical and strategic assistance during complaint situations, we can help our club members better manage the emotional and mental toll of dealing with stressful complaint situations.

“This mental health and wellbeing support is a great demonstration of our commitment to our customers and to the FCA’s vulnerable customers guidance.”

BareRock’s counselling services aim to support individuals as they navigate the challenges of their roles.

The programme helps develop strategies for better stress management, work-life balance and mental-health prioritisation.

Corporate Personal Wellbeing (CPW) is BareRock’s preferred partner in delivering these professional counselling sessions.

THOUSANDS of households will soon receive letters confirming their entitlement to a £300 cash boost.

The Winter Fuel Payment is a state benefit paid once a year to pensioners to help cover the costs of heating during the colder months.

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It was avaible to everyone aged 66 and over but recent cuts made by Chancellor Rachel Reeve mean only those on means-tested benefits, such as Pension Credit, will now get the help.

How much you recieve also depends on what year you were born.

For example, if you live alone you will get £200 if you were born between September 23 1944 and September 22 1958.

But you will get £300 if you live alone and were born before 23 September 1944.

If you and your partner jointly claim any of the benefits, one of you will get a payment of either:

• £200 if one or both of you were born between September 23 1944 and September 22 1958
• £300 if one or both of you were born before September 23 1944

The Department for Work and Pensions (DWP) will begin sending letters to pensioners who quailfy for the payment in England, Wales and Northern Ireland. by the end of October.

For customers in Scotland the target date for issuing the letters will be in November.

All quailfying pensioners across the UK should recieve their payment of either £200 or £300 by November or December.

The money is paid automatically in your bank account.

If you do not get a letter or the money has not been paid into your account by January 29 2025 it is recomennded you get in contact with the Winter Fuel Payment Centre.

This is operated by the DWP and can reached on the telephone by calling 0800 731 0160.

You can also send a letter via the psot to Winter Fuel Payment Centre. Mail Handling Site A, Wolverhampton, WV98 1LR.

When you contact the payment centre, you’ll need to tell them your personal details like:

• Your name
• Your address
• Your date of birth
• Your National Insurance number

Who is eligble for the Winter Fuel Payment

You will receive the Winter Fuel Payment if you are aged 66 or above and on any of the following benefits.

• Pension Credit
• Universal Credit
• income-related Employment and Support Allowance (ESA)
• income-based Jobseeker’s Allowance (JSA)
• Income Support
• Child Tax Credit
• Working Tax Credit

You may also recieve the benefit if you are a UK pensioner who lives abroad.

A partner below the state pension age may also be eligible for the £300 payment if they live with a partner who is over state pension age and they jointly claim benefits.

It is worth noting that around 800,000 older ­people risk missing out on the £300 Winter Fuel Payment because they have not first registered for Pension Credit.

The benefit is a weekly payment from the government to those over the state pension age who have an income below a certain level.

If your claim is successful then the benefit will top up your income to £218.15 a week if you are single, or £11,343.80 a year.

It will also give you access to the Winter Fuel Payment.

You will need to have been claiming Pension Credit in the ‘qualifying week’ of September 16 to 22, 2024.

But claims can be backdated by three months meaning you have until December 21 to make a claim and still get the Winter Fuel Payment.

If you want to check your eligibility then it is worth checking out our article here.

You can also find free-to-use online benefits calculators to work out what you’re entitled to.

For example, Age UK has an online calculator which helps you work out what benefits you could be entitled to including the Winter Fuel Payment and Pension Credit.

According to the site it takes 10 minutes to complete and you will need the following information:

• Your savings
• Your income, including your partner’s if you have one
• Any benefits or pensions you’re already claiming, including anyone you’re living with.

The calculator is free to use and confidential.

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Imagine that you’re 68 years old and have a long-term care insurance policy in place that will help you pay for this all-important type of care later in life. You pay $600 per month in premiums and tell yourself it’s a good investment, considering how expensive long-term care can be.

Consider working with a financial advisor if you need additional help planning for long-term care and other needs you’ll have later in life.

The problem? Your premiums are well above the average monthly cost of long-term care coverage. Here’s what you should be thinking about if you’re interested in buying long-term care insurance or evaluating whether you’re paying too much for it.

What Is Long-Term Care Insurance?

Long-term care insurance helps pay for extended or residential treatment such as in-home care (like a home health aide) or residential/custodial care (such as a nursing home or assisted living).

Long-term care insurance generally doesn’t cover medical bills outside of the extended treatment itself. For example, if you stay in a nursing home and need to see the doctor, your long-term care insurance would pay for the nursing home while health insurance/Medicare would pay for the doctor’s appointment.

Health insurance and Medicare, on the other hand, don’t pay for residential care. This is what makes long-term care insurance so important for retirement planning. As the American Council on Aging found in 2021, staying in a nursing home can cost more than $100,000 per year. Meanwhile, the median cost of a private room in a nursing home is expected to reach $13,267 per month by 2034, according to Genworth. This is beyond the means of most households to pay out of pocket. While Medicaid can cover these costs you must fall below the program’s income and asset limits, which forces some middle-class retirees spend down their assets until they can qualify for care.

It is not uncommon for people to sell off family homes and liquidate their retirement portfolios to afford assisted living. This can be tragic, particularly if you want to come home someday or leave those assets to your children. Long-term care insurance can potentially prevent that and a financial advisor can help you plan for it.

What Determines the Cost Of Long-Term Care Insurance?

Long-term care is structured around a monthly or annual premium that’s set when you buy the policy. Then, if you need care, the insurer pays your costs up to the limit of your coverage. For example, if you have a $100,000 per year policy your insurer will cover the first $100,000 in care that you receive each year and you will pay for the remainder. Many, if not most, policies offer lifetime coverage, meaning that if you need permanent care the program will cover you indefinitely.

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The costs of a long-term care policy are based on a few key factors, including:

• Your age when you buy the policy

• Your gender

• The policy’s coverage amount

• The duration of coverage (if it covers lifetime stays vs. a limited stay)

• Inflation coverage (if the policy grows by a percentage each year)

The younger you are when you buy the policy the longer it will be until you will likely need it. As a result, your premiums will likely be lower. Women pay significantly more than men because they have a longer life expectancy, and so will likely use more care if they need assisted living.

Coverage growth protects your policy from inflation. At a 2% rate of inflation, prices will double roughly every 30 to 35 years, meaning that a policy you buy at 55 may lose half its spending power by the time you’re 85. If you need help assessing your options for long-term care insurance or even purchasing a policy, speak with a fiduciary financial advisor.

Is $600 Per Month Too Much For Long-Term Care Insurance?

The question is, what should your policy cost, and more specifically, is $600 per month too much for a 68-year-old single person to be paying? Long-term care insurance isn’t cheap, and it gets more expensive the later in life you purchase it but it doesn’t have to be this expensive.

According to the American Association for Long-Term Care Insurance, you should probably pay somewhere between $100 and $400 per month for your insurance. While there’s a lot of variability, if you’re an individual with $165,000 in coverage and 2% inflation protection, an average policy will cost:

• $1,650 per year ($137.50 per month) for a male purchasing at age 55

• $2,725 per year ($227 per month) for a female purchasing at age 55

• $2,600 per year ($217 per month) for a male purchasing at age 65

• $4,230 per year ($352.50 per month) for a female purchasing at age 65

Just going off these average premiums, a 68-year-old can pay a lot less than $600 per month for long-term care coverage. However, a premium that high isn’t completely out of the ordinary. For example, the average cost of coverage for a 65-year-old woman who wants an annual 5% inflation adjustment is $7,225 per year or just over $600 per month.

Like all insurance, long-term care policies tend to get more expensive the longer you wait to purchase one. Buying a new policy at 68 won’t be cheap, but it may be cheaper than doing so at 73. Consider working with a financial advisor to determine how much coverage you may need and how much you’ll be able to afford.

Bottom Line

A year at a nursing home can cost over $100,000, placing immense financial strain on the person who needs it and/or their family. While Medicare typically does not cover these costs, long-term care insurance can fill that gap. However, it isn’t cheap. If you can buy it well in advance, though, it can protect your future for a couple hundred dollars per month.

Retirement Insurance Tips

• Insurance in retirement can be a very complicated subject. Among the many moving pieces here is the concept of life insurance as a savings account. Depending on the policy you hold, your life insurance policy can act as a retirement portfolio from which you can withdraw assets. See how these policies stack up against standard investments.

• A financial advisor can potentially help you plan for your insurance needs. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

• Keep an emergency fund on hand in case you run into unexpected expenses. An emergency fund should be liquid — in an account that isn’t at risk of significant fluctuation like the stock market. The tradeoff is that the value of liquid cash can be eroded by inflation. But a high-interest account allows you to earn compound interest. Compare savings accounts from these banks.

• Are you a financial advisor looking to grow your business? SmartAsset AMP helps advisors connect with leads and offers marketing automation solutions so you can spend more time making conversions. Learn more about SmartAsset AMP.

Photo credit: ©iStock.com/Hailshadow, ©iStock.com/kazuma seki, ©iStock.com/brizmaker

The post I’m 68 and My Long-Term Care Insurance Now Costs $600 Per Month. Is This Too Much? appeared first on SmartReads by SmartAsset.

As Hurricane Helene’s devastating toll rises to at least 215 fatalities, with thousands still missing, homeowners across the country are taking a hard look at where they live and the risks they face.

According to data issued by Realtor.com, more than 730,000 homes remain without power over a week after the storm, prompting many Americans to consider safer ground for their next move.

The scope of 2024’s extreme weather has been unprecedented. According to the report, natural disasters have inflicted over $25 billion in damage nationwide just this year. Climate change has driven a 20% increase in global floods since 2000, while U.S. wildfire-burned acreage has surged 320% since 1996.

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For homeowners seeking refuge from nature’s fury, Realtor.com identified the top 10 states with the lowest risk of extreme weather damage:

1. Nevada leads with 90.6% of homes at the lowest risk, representing $440.4 billion in property value.

2. Nebraska follows at 90.2%, though with a lower total property value of $159 billion.

3. Colorado ranks third at 89.5%, with over $1 trillion in low-risk property value.

4. Kansas claims fourth place, with 88.8% of homes in safe zones.

5. Minnesota rounds out the top five at 88.5%.

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Iowa, Washington, Ohio, South Dakota, and Missouri complete the list, all with over 87% of homes in low-risk areas.

“Hurricanes present substantial challenges for homeowners, including property damage, increased financial costs, community recovery issues, and emotional stress,” said Realtor.com economist Jiayi Xu. “Opting for a property in states with a lower hurricane risk can help alleviate these concerns.”

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The impact of extreme weather extends beyond immediate damage. Insurance premiums have skyrocketed in high-risk areas, with some Florida homeowners abandoning coverage. Each region faces challenges: the West battles wildfires while the Southeast contends with floods. Cities like Austin, Baton Rouge, and Coral Gables grapple with extreme heat damage to properties.

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For those contemplating relocation, Xu suggests using a Realtor’s environmental risk scores to evaluate potential homes. “Prospective homeowners can use these scores to identify safer locations before making their final decision,” she notes.

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The reality remains. According to data issued by insurance company Universal Property, Florida has endured 120 hurricanes since 1851, with 37 reaching Category 3 or higher. Texas follows with 64 hurricanes, while North Carolina – surprisingly, the most hurricane-prone state outside the Gulf Coast – has weathered 55.

As recovery efforts from Helene continue, Florida is preparing for another hurricane, Milton, which could make landfall as early as Wednesday. Now, it seems the broader conversation is shifting to long-term safety and resilience. For many Americans, the next move might not just be about finding a home but finding a haven.

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This article Hurricane Helene’s Destruction Sparks Search For Safety: 10 States Where Property Is At The Lowest Risk originally appeared on Benzinga.com

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