There are two major driving forces behind all the rate increases: more claims and low interest rates.
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LTC Insurance Blog
Simplifying the process of understanding Long Term Care, and helping you decide if Long Term Care insurance is right for you.
It’s a prudent and logical question for upper-middle and high income individuals to consider as they ponder purchasing Long Term Care insurance as part of their retirement plan. Having helped many such individuals plan for their future long term care needs, I’ve come to the conclusion that many, who think they have adequate capacity to pay for extended care giving services out-of-pocket, haven’t done the math as thoroughly as they should.
When counseling clients, some will say, “I think we have enough in our retirement savings to handle any long term care needs that might arise.” They may be right. With a few follow-up questions, I learn that they might have anywhere between $500,000 and several million dollars in retirement savings and investments. By providing additional information, I’m usually able to encourage a more realistic look at how far their retirement nest egg will last should they need extended long term care. Here are the key cost considerations that are often overlooked.