What Do You Want From Your Long Term Care Insurance Policy?

How much does long term care insurance cost?

Before determining the cost of long term care coverage, you need to know what you want your insurance to do for you. Last week we looked at a family that needed life insurance as well as long term care coverage. Not everyone's goals are the same. Maybe your situation is more like Karen's.

Aging In Place

Karen is looking forward to retiring in about 7 years when she turns 65. She lives alone in the neighborhood where she raised her family. Three quarters of older American men live in a family setting, while only half of older American women do. Her son and his wife, who live 600 miles away with their two young children, want her to move in with them when she retires. But Karen loves having coffee with her long time neighbors and chatting with her friends in the local quilting club. In the back yard next to her vegetable garden is a shady corner where she enjoys reading. When she called me, she said that social security, her 401(k) and a little extra from savings were enough for her to live in comfort. But she was worried that if she need help at home, the cost of hiring care, about $60,000 a year, would to eat up her savings in two or three years.

What Karen needed was the most long-term care insurance for the premium cost. Due to her good health and her age, she was able to qualify for a policy which would pay for long term care at home, in assisted living or, if it came to it, even a nursing home. Now she feels she can relax and stop worrying so much about becoming a burden on her son’s family.

Next Steps

Learn more about your long term care options in our next post.

What’s your story? You can save time and compare different plans quickly by taking advantage of my experience with a broad range of plans that cover long-term care. Give me a call to get started.