Many people let the coverage go when it is no longer a part of their employment benefits. Though many people consider long-term care insurance to be important coverage while they are still employed, it is commonplace to drop the policy at retirement age, when people tend to want to reduce their daily living costs and coast off the funds they’ve saved throughout their working lives. That said, many financial experts are cautioning that this trend might not be the best to follow. There are a number of reasons that many…
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Long term care insurance is expensive, but more affordable than the costs it covers
Recent predictions show that over half of older Americans will need these costly services. According to the American Association for Long Term Care Insurance executive director Jesse Slome, around one in every six Americans is now older than 65 years, and the more the population ages, the shakier their financial position will be. While living longer lives is typically desirable, the cost of those years could lead to hardships. “Living a long life is something that many of us want and could get,” said Slome. “But when we live a…
Read MoreLong term care insurance is becoming more popular
Americans are beginning to discover the importance of this coverage and are starting to buy again. The latest trend in long term care insurance in the United States appears to be the increasing recognition of the importance of this kind of coverage, and therefore a rise in the number of policies that are actually being purchased. This type of policy has been available to Americans for approximately 40 years. However, as it is an expensive form of insurance policy, many people have avoided it as they have prioritized other expenses…
Read MoreLong term care insurance commission offers advice to Americans
At the same time that they provided these recommendations, they didn’t offer advice for paying the premiums. The recommendations of a commission that was created by Congress in order to help to address the rapidly growing need for long term care insurance coverage have now been released with an important detail lacking from the advice. No consensus could be found regarding the way that these pricey services will be paid for. The proposals were an element of a bipartisan supported long term care insurance report from nine out of the…
Read MoreLong term care insurance pricing to factor in gender
Women are about to see their LTCI premiums head skyward compared to those paid by men. The average lifespan of a woman is considerably longer than that of a man and, for the first time in the United States, some long term care insurance companies are seeking to make them pay higher premiums to help to compensate for the higher costs that this longer lifespan entails. Pricing that is gender specific is something that has been tossed around for some time now. As long term care insurance providers seek to…
Read MoreLong term care insurance opportunities help to offer greater savings
The option for guaranteed purchase helps to keep costs down, but it is important to watch for varying provisions. The latest new options in long term care insurance are now providing people in their fifties and sixties with the opportunity to lower the expense associated with their coverage by hundreds of dollars every year. This may help people to be able to buy the coverage they need at a price that can fit within their budgets. Jesse Slome, the American Association for Long Term Care Insurance (AALTCI) director “The Guaranteed…
Read MoreLong term care insurance not a high priority for many in the US
New research has shown that the coverage and other preparations for LTC is not a top concern. According to the results of a new poll, which looked into the way that people aged 40 and higher are making preparations for their future aging needs, the trend is that few are making a high priority of taking out long term care insurance and making other preparations to pay for the costly assistance that they may one day need. Two thirds of the participants in the study said that they had planned…
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