“Many Now Use Life-LTC Hybrids to Pay for Care: Genworth”

“Many Now Use Life-LTC Hybrids to Pay for Care: Genworth,” by Allison Bell, ThinkAdvisor

 

Quote:

“About 23% of U.S. residents getting long-term care may be using some form of private insurance to pay for long-term care services. Many are using stand-alone long-term care insurance (LTCI) coverage, almost as many are using products that combine long-term care with life insurance, and some are using both stand-alone LTCI coverage and life-LTC or annuity-LTC hybrids. Genworth Financial reported those findings Monday, in a summary of results from a recent survey that looks at how long-term care needs affect families. The survey sample included 299 people who were using long-term care, 963 family caregivers and 63 relatives who were not caregivers.”

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

Nearly a quarter of people receiving long-term care are getting help from private insurance. That is truly extraordinary considering the obstacles government put in the way of private LTCI. To wit, easy access since 1965 to Medicaid after care is needed and artificially low interest rates.