“Long Term Care Insurance — Act Now!”

Long Term Care Insurance — Act Now!,” by Terry Savage, TerrySavage.com


“One of the most tragic aspects of the coronavirus pandemic is that as of June 3, 42% of all COVID-19 deaths in the U.S. have come from nursing homes or assisted-living facilities. The statistics reinforce every senior’s desire to remain at home in his or her final years, which is only possible if you have the resources to afford this very expensive home health care — or if you have long-term care (LTC) insurance. Otherwise, state Medicaid programs provide care for the impoverished, though mostly in institutions. Perhaps because of this growing awareness (or ongoing low interest rates earned by insurers), prices of the newest hybrid/combo LTC policies are starting to rise. David Phillips, an estate planning specialist and consumer resource for LTC insurance at ROP LTC (www.ropltc.com), has issued a warning of a 10% to 15% price increase on July 15 for new applicants for one of the best hybrid LTC policies for people under age 71. Other insurers are likely to follow.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):

Nationally syndicated financial columnist Terry Savage doubles down on this Savage Truth …“Long Term Care Insurance — Act Now!”