“If you’re working full-time, it’s virtually impossible to personally provide the level of care that a very sick family member or life partner needs. To fill that gap in care, many American workers rely on home health care aides, which can cost between $25 to $35 dollars per hour. If 24-hour, live-in care is needed, that can add up very fast – more than $100,000 over a six-month period – and that doesn’t include medications and additional health care costs. If you or a spouse is at high risk of a hereditary illness, long-term care insurance may be a viable option to help defray those potential costs. While most people traditionally sign up for this type of insurance in their 60s or 70s, if it’s available to them, people are beginning to buy it during their 40s and 50s to secure better rates.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
People with a “high risk of a hereditary illness” should seek coverage if they can find a carrier to underwrite them, but so should everyone else. A pool of beneficiaries each with a relatively low probability of a catastrophic LTC loss is what makes the risk insurable.
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