Q. Should I get a long term care insurance?
A. Most people need to consider the needs of long term care. However, long term care insurance is costly, and there is a high chance you might never need it.
Below is a NY Time article discussing the rising long term care costs, long term care insurance policy's premium increase accordingly.
What will be a better alternative?
Purchasing a life insurance or annuity with long term care rider. In this way, if you need long term care, the money will be there for you to spend; if you don't need long term care, you don't see all your money go to the drain.
April 9, 2014, NY Times -
The cost of long-term care in nursing homes and assisted-living sites is increasing at a dramatic pace compared with the cost of in-home care, an annual industry survey finds.
The 10th annual “cost of care” report from Genworth Financial, a seller of long-term care policies and other insurance and financial products, collected information from 15,000 long-term care providers nationally in January and February. The cost of nursing home care has increased more than 4 percent a year over the last decade to a median annual cost of $83,950 from $65,200 annually, the company found.
The report includes an online map showing the cost of various services by state, and a summary of the median costs for the various types of care.
Roughly 70 percent of Genworth’s first-time long-term-care claimants choose in-home care, where costs have remained more manageable, the company said.
A. Most people need to consider the needs of long term care. However, long term care insurance is costly, and there is a high chance you might never need it.
Below is a NY Time article discussing the rising long term care costs, long term care insurance policy's premium increase accordingly.
What will be a better alternative?
Purchasing a life insurance or annuity with long term care rider. In this way, if you need long term care, the money will be there for you to spend; if you don't need long term care, you don't see all your money go to the drain.
April 9, 2014, NY Times -
The cost of long-term care in nursing homes and assisted-living sites is increasing at a dramatic pace compared with the cost of in-home care, an annual industry survey finds.
The 10th annual “cost of care” report from Genworth Financial, a seller of long-term care policies and other insurance and financial products, collected information from 15,000 long-term care providers nationally in January and February. The cost of nursing home care has increased more than 4 percent a year over the last decade to a median annual cost of $83,950 from $65,200 annually, the company found.
The report includes an online map showing the cost of various services by state, and a summary of the median costs for the various types of care.
Roughly 70 percent of Genworth’s first-time long-term-care claimants choose in-home care, where costs have remained more manageable, the company said.
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