Long Term Care Insurance
Fortunately for many retirees, Long Term Care Insurance (LTC insurance) has become a much more flexible insurance product. In the past long term care insurance had very few options. With the inherit costs of nursing home care rising at twice the rate of inflation long term care insurance was far from cheap with few riders.
Recent changes to the long term care insurance industry have proven very successful. Options such as Return of Premium (ROP) introduced by Term Insurance companies have been gaining popularity. This well designed benefit works just like its cousins, term insurance ROP, in that it returns the premium if the insurance is not utilized. This has had a large impact; wasted premiums have been one of the biggest objections to both long term care insurance and term life insurance. They’ve even come so far as to offer products that accumulate value, similar to an annuity.
One criticism comes from people who purchase long-term care policies and end up never needing them. While this is an obvious risk you take when purchasing any insurance, companies are now working to increase the benefit of having the insurance.
These changes are rapidly invoking insurance purchases by those concerned with nursing home needs. For those that won’t have any trouble affording a long term stay in one of these facilities long term care insurance may not be for them. For middle class individuals it’s really a must. It is not at all unusual for the excessive nursing home costs to wipe out entire estates, leaving the heirs with nothing. So, just like auto insurance and even travel insurance make long term care insurance planning part of your overall insurance plan.
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Tags: Long Term Care Insurance, Term Insurance, Auto Insurance, Travel Insurance