The Cost of LONG TERM CARE INSURANCE
Considering the current the cost of care is an important part of creating an effective plan for care in our later years. Genworth Financial has published an extended review of the costs of care throughout the United States. Click on the following link and see what the current costs are in your area. This is where we start in our planning process: Genworth Cost of Care Link.
Other Factors That Affect LTCi Premiums:
- Your age and health at the time you apply
- The length of the benefit period you choose
- Other policy features, benefits and options
- Discounts you may be eligible for
- The insurance company you choose
- The local cost of care where you choose to retire to
- Where you receive care: in the home, an assisted living facility or nursing home
- The amount of assets you are looking to protect
Each policy is custom designed to meet the specific needs of the individual or couples purchasing the coverage. There are "best practices" in developing an appropriate plan of protection, but the client is always in control.
It is important to point out that despite long-term care insurance seeming expensive, the alternative (having no long-term care insurance) can be much more costly! A single year of care would have paid for many years of long-term care insurance premiums!