Long-Term Care Insurance-What to Consider...

The news has been filled with lots of news regarding the long-term care insurance industry. Some carriers are announcing sizable premium hikes while other carriers are leaving the long-term care business entirely.
There are a couple of reasons that carriers find the need to raise premiums.

1. The carriers are seeing claims that are higher-than expected.
2. They have been hampered by low interest rates making it difficult to grow a cash cushion.

Does this mean that you should never consider this type of insurance? Absolutely not! It does mean that you should do your homework.

Policies offer dozens of permutations such as different daily benefit amounts, coverage lengths and ways to protect against inflation. Consult with an independent Long-Term Care Specialist who can help you design a plan that is specific to you and your situation.

Ask yourself if long-term care coverage is worth it?

You may be paying annual premiums for 20-30 years before making a claim or never using it. But skipping coverage can prove costly, too. The most expensive form of long-term care, a private nursing home can run more than $200 a day or more than $70,000 a year.

What will the cost be 30 years from now?