Long term care insurance

Terry Says

Yes, LTC insurance is expensive, and can become more expensive in future years.  But that's nothing compared to the actual cost of care -- which is rising dramatically! Here's a link to my most recent article on LTC Combo policies (combining life and ltc coverage).  It was posted last summer, and probably its time for an update!  Basically, the traditional policies provide a pool of money that can be used for home health care as well as nursing home care if necessary.  There is a 90 day "deductible" after which the policy starts paying, assuming you can no longer do many of the basic activities of daily living. It seems expensive when you're paying the premiums.  But my father passed away over the winter, and that was after using a significant amount of benefits from his policy.  I was so glad I had purchased it,  and that it gave me access to caregivers without worrying about costs. However, if you die without using the policy, the money is essentially "wasted."  That's the attraction of the newest policies which combine life insurance and LTC insurance.  If you die without using the care portion, there is a death benefit for your heirs.  Or you can borrow money out of the policy for any purpose, depleting the amount available for care or the death benefit. In the Chicago area, I always recommend you contact MAGA LTC at 800-533-6242 for good advice on these policies.  (I get absolutely nothing from this recommendation