“The High Cost of Long-Term Care Insurance (and What to Use Instead),” by Maryalene LaPonsie, U.S. News and World Report
“Long-term care insurers have made significant changes in how they issue and price their plans. ‘They’ve fixed their pricing. They’ve fixed their underwriting,’ says Noel Evans, a long-term care insurance specialist in the District of Columbia. Now that companies have decades of claims data to base their underwriting, premiums should become less volatile in the future. Still, if you find yourself priced out of the market or ineligible for health reasons, there are other options to pay for long-term care, ranging from reverse mortgages to Medicaid. Don’t count on Medicare to pay for nursing home, assisted living or ongoing home health care. Medicare benefits for that type of care are typically only available after a hospitalization or injury and for a limited duration. While Medicare isn’t an option, here are 10 alternatives that are:
- Group Long-Term Care Insurance
- Short-Term Care Insurance
- Life/Long-Term Care Insurance
- Health Savings Accounts
- Long-Term Care Annuities
- Life Plan Communities
- Veterans Benefits
- Home Equity
- Pensions or Social Security
- Medicaid”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
Maybe, but LTCI stands head and shoulders over all the others. Watch for our next major report coming out in the next few months that will show how private long-term care insurance can close the middle market gap after all.
