Beware When Shopping for Long-Term-Care Insurance
- Posted in: Long Term Care Insurance
When it comes to shopping for long-term-care insurance, it’s buyer beware.
The costs of long-term-care can be astronomical and would quickly wipe out one’s savings. Many boomers are looking to buy long-term-care insurance to cover that risk. But many are finding out that they didn’t really understand what they had purchased.
According to an article in the Seattle Times, when it comes to buying long term care insurance, it’s best that you do your homework. If you would like a copy of our “Guide to Purchase Long-Term-Care Insurance,” please let me know.
Estimates are that 9 million Americans now aged 65 or older will need some care over an extended period. And the average cost of a private room in a nursing home is about $84,000 a year and often as much as $120,000 in some areas. Assisted living can cost about half of that much. And in home care can cost about $20 an hour or more.
According to the article, a lot of people who purchased the policies are having a difficult time getting their benefits. And, in many cases, the policyholders are too old or ill to take on the task of fighting the insurance companies’ denial of claims.
Still, the article recommends long-term-care insurance but only from a reputable company. It’s important that you work with a qualified long-term-care professional to help you understand the finer details of various policies and your options. If you have an existing policy, it’s important to understand what it covers and doesn’t, before you need it. Please call our office if you would like a recommendation of a professional advisor to assist you.