Merrill Lynch Health Insurance Company

This Merrill Lynch Health Insurance Company review looks at the well-known brokerage company. Originally founded in 1914 by Charles E. Merrill, Bank of America bought the company on September14, 2008. With $2.2 trillion in assets and 15,000 financial advisors, it is the number one brokerage firm worldwide, with divisions in the United States, Europe, Asia, and South America. Its US headquarters are located in New York City. It was ranked #1 in Barron’s 2010 Top 1000 Advisors.

Merrill Lynch offers a wide array of financial services for people looking to manage their wealth.

With a population that expects to live longer lives than their parents and is looking towards a rich and full life after retirement, planning for these important years is a crucial part of the services offered by this company.

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A well-planned retirement must include a health insurance plan. As we live longer, we cannot overlook the possibility of a long illness and its devastating impact on even the best-planned retirement. It can rob us of our independence, our nest egg, and leave our heirs without the funds we hoped to leave them.

Merrill Lynch Wealth Management has several offerings, which will help you plan in case of a long-term illness or disability

Merrill Lynch Long Term Health Insurance

Your long term care insurance policy will pay for health care costs not covered by Medicare It will also pay for home care, allowing you to keep enjoying your home and receive professional care as needed in case of a disability or chronic illness.

Long-term care funds can help with the costs of nursing home care. You also will have funds available to cover insurance premiums and medical costs not included in your own health insurance.

Before you decide to buy a long-term care policy, consider all the options available. You might be afraid of paying the relatively high premiums for long-term care insurance and never needing it or you might prefer a less expensive solution.

Merrill Lynch Annuity Program

Some variable annuities, which provide for income in retirement, for a fee, can also provide additional funds in case of health problems. If you plan an annuity as part of your income during retirement, this might be a way to have funds available in the event of health problems.

Merrill Lynch Life Insurance Policy with a Long-Term Care Benefit Rider

A less expensive way to cover health care costs is with a life insurance policy, which will pay a specific long-term care benefit if needed. Otherwise, your heirs will be the recipients of a guaranteed sum upon your death.

Merrill Lynch Self Funding Long-Term Care

You can also pay for your long-term care with your own funds. When you decide to self-fund these expenses, you gamble that your costs will not be more than your assets.

On the positive side, you will not pay more than what is required for your health care. On the negative side, you could need all your funds and more. This can influence the kind of care you will receive and leave you unable to transfer an inheritance to your children, grandchildren or a charitable cause

Merrill Lynch Health Insurance Company and Cost of Care Survey

Make sure to check the 2011 Genworth Cost of Care Survey. It will help you calculate the cost of long-term care. Here are some facts from that survey:

• Two-thirds of Americans over the age of 65 will require some kind of home care or nursing home stay

• In 2005, the median annual rate for a private room in a nursing home was $60,225

• In 2011, the median annual rate for a private room in a nursing home is $77,745

• In 2005, home care professionals charged an average of $17.50 per hour

• In 2011, home care professionals charge an average of $19.00 per hour

Merrill Lynch Long-Term Care Insurance Policy Requirements

While the policy premiums will be lower if you purchase long-term care insurance when you are younger, you will have more payments to make over the years. The age recommended to buy this insurance is between age 55 and 70. Before buying a policy, you must inquire about the type of inclusion of an inflation-adjusted benefit to guard against possible inflation in the future.

To see if long-term care insurance is right for you, contact Merrill Lynch at 1-800-Merrill or check Merrill Lynch Wealth Management on the web. An advisor will be available to share his/her knowledge and help you reach your goals.

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