Read about the best long-term care insurance for seniors, how to choose a long-term care insurance policy, and the pros and cons of different insurance providers.
Warning signs of these scams include a lack of information or hesitation to disclose information from the policy salespeople, a policy with benefits that are significantly better and less expensive than the market standard, and a salesperson asking you to write a check to them (instead of the insurance company) to fund the policy.
Extensive long-term care needs may soon be a fact of life for many seniors who are nearing retirement or may already be a fact of life for those with disabilities, but not everyone knows how to plan for the cost of that care. According to the National A-sociation of Insurance Commissioners, 70% of those who reach age 65 are projected to need at least one form of long-term care at some point. The type of care can vary in form, with nursing home stays, adult daycare, respite care, and a-sistance from home health aids all being common types of long-term care. With such a high percentage of seniors and those with disabilities likely to need care, long-term care insurance can be an important financial protection to consider.
Long-term care (LTC) insurance often provides two to six years of coverage through cash payments or reimbursements, and it can cover a wide range of long-term care needs. However, in recent years, shopping for this insurance has become harder. Premiums have risen and numerous companies have stopped offering LTC insurance altogether. About 80 companies dropped out of the LTC insurance market in the early 2000s as a response to rising healthcare costs in the United States. With fewer options to choose from, today’s younger seniors and disabled face some difficult decisions when trying to plan for potential future care costs.
While simply trying to self-fund your long-term care might sound like the simplest option, the reality is that LTC insurance is still a better choice for many. The right policy can amplify your funds and protect against healthcare inflation. In 2020, the average annual US cost of nursing home care in a private room was $105,850, and that number is only set to rise in the next few decades. That’s why it’s so important to consider all of your options, including long-term care insurance.
We created this guide to help you better understand your options for long-term care insurance. Below you can learn about prominent insurance companies offering long-term care policies that can offset increasingly high care costs. You’ll also find information to help you understand the basic terminology of the industry and the do’s and don’t of choosing a policy.
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