Answers in Long-Term Care Insurance

For people who are not sick in the traditional sense, but instead require assistance in basic activities of daily living, there is long-term care insurance. This section will help you make sense of long-term care insurance, and find the best policy for you or a loved one.
1 vote
All good answers here. You might find this resource helpful. http://longtermcare.gov/costs-how-to-pay/costs-of-care-in-your-state/
1 vote
Find an Assisted Living or Long Term Care facility where you would potentially like to live at some point. Determine the gap between what income will have coming and the inflation adjusted cost of the faciltiy. Fill the cost gap with a LTC Policy with ...(more)
1 vote
While all the above answers are excellent, many companies, after seeing the true cost of long term care, have changed the way their contracts are written. More often than not , of late, I'm seeing policies that are tied to a "bucket of money" benefit. ...(more)
1 vote
Hi Harrison! Long-term care presents such a challenge - there is no one best answer. Each advisor here has a good perspective on the questions to ask factors to consider. My initial advice is to take care of your health now. Change to a low-sodium diet ...(more)
1 vote
Adi Benyishay Level 13
I recommend: 1) Three years of coverage. 2) Researching the average per day cost in your area. The annual average is about $200 per day. 3) Inflation protection 3-5% every year. The higher the better. 4) A comprehensive plan that covers home care, ...(more)
2 votes
The correct age is when you start your retirement planning. You will realize that health care costs are enormous. The figure used in calculating the amount of assets required to fund long term care is $230,000. Once you review your assets and projected ...(more)
3 votes
Don Unger, MSFS Level 18
When I first started selling LTC insurance in the mid 1980's the average age of a buyer was something like 72. Today it has fallen dramatically and is below age 60. My recommendation is, the sooner you can afford to buy it the better. Rates will be ...(more)
4 votes
Auburn, Normally look at Long term Care at age 45-65. When ready take a look at not only traditional Long term care insurance but also the Hybrid products available. There are companies that offer guaranteed Universal Life products with an annual premium ...(more)
7 votes
I would say the sweet spot to purchase Long Term Care Insurance is in your early to mid 50's. However, with that being said, the premiums on a Long Term Care Insurance policy are lower by age. Also, the need for Long Term Care Insurance could potentially ...(more)
6 votes
In order to calculate how much long term care insurance you will need, I recommend you find out what the average cost of care in your neighborhood is. You also may want to account for inflation - we believe these costs are going to increase. You may ...(more)
5 votes
I'm sorry for your loss. I don't sell Long-Term Care Insurance, or any products for that matter. As a financial planner, I know the cost of medical and long-term care is one of the greatest wild cards in our financial future. You've lived through it already ...(more)
2 votes
Harrison, Each situation is diffrent and Long Term Care is a very complex product that can be structured endless ways- in terms of benefit amount, waiting period, benefit period and numerous optional riders ( add -on's). You need to work with a specialist ...(more)
4 votes
Well Harrison, great question, but to be accurate, we’d have to know what the future inflation rate for those services was. Many older policies issued offer an inflation rider that increased the benefit from the date of purchase by 5% each year. When ...(more)
6 votes
Dear Auburn, Conventional wisdom is to consider this insurance in your 50s - assuming there are no health issues that prevent you from being underwritten at that time (and no one can predict the future!). Remember that paying for this insurance sooner ...(more)
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