Long-term care insurance is a complicated product. Purchasing a new policy in today’s market is difficult, expensive and restrictive as providers scramble to stay ahead of the rising costs of care.
Insurance policies tend to be complex, rife with limitations and exclusions, and long-term care insurance is no different. Many people purchased their policy many years ago and even those who have recently purchased their policy are often unsure about their coverage.
Continuing care at home programs are ideal for those who want the benefits of an independent living retirement community focused on health and wellness, but aren’t interested in leaving their own home.
Can a life insurance policy be used to pay for long-term care, if someone finds themselves in assisted living, gets a medical diagnosis that makes it inevitable, or is simply planning ahead? It can…. With caveats.
Long-term care insurance policies and Life Care plans might sound alike, but they are very different types of insurance. You can have one or both, depending on your health and financial means when you apply.
Understanding differences between long-term care (LTC) insurance versus Life Care plans can be a bit baffling. Many people are concerned about outliving their financial resources. What happens if I am diagnosed with Alzheimer’s disease? Would a health care crisis wipe out my estate? If I’m sent to a nursing home, how many days are covered? […]
Long-term care insurance can be a good option for older adults in good health who are planning for the future. However, if you wait too long to purchase LTC insurance, you may find that the cons begin to quickly outnumber the pros.
With 70 percent of people over the age of 65 needing some form of long-term care in their lifetime, investing in long-term care insurance can be a helpful way to minimize future financial strain.
Planning for your own long-term care can be an unsettling topic, but being prepared to handle life’s challenges as you age is an important step for ensuring a comfortable future.