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NY Times - Long Term Care Cost Rising

9/3/2014

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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.





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