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Long-Term Care Insurance: What You Don't Know Can Cost You Big

Wednesday, August 14, 2013 - 7:51 AM
Insurance consumers are paying way too much for long-term care insurance.

Data from the American Association for Long-Term Care Insurance says that huge price differentials by big insurance companies can nearly double what Americans are charged for long-term care insurance, which can cost hundreds of dollars a year.

Long-Term Care Insurance: What You Don't Know Can Cost You Big | Home | Get the best rates on mortgage, home equity loans, CD, money markets and checking accounts | BankingMyWay
ShorebreakShorebreak2,686 posts since
Apr 6, 2010
Rep Points: 14,549
1. Thursday, October 3, 2013 - 7:20 AM
The cost of long term care insurance is skyrocketing these days but there are still quite a few ways to make this a bit affordable. People should learn to do their homework first before purchasing coverage. They should explore their long term care options that can help them bring down their premiums. Most people put off the idea of purchasing insurance until it's already too expensive for them to buy one. Buying early can help people save money and as well as by designing a policy that is small. The latter is a bit risky because no one really knows what can happen in the future. You'll never know the amount of care you'll need and the lenght of time you'll need custodial or skilled care. You can try any of these two if you want to save on your premiums.
petermartinezpetermartinez1 posts since
Oct 3, 2013
Rep Points: 2
2. Thursday, October 3, 2013 - 8:11 AM
I  know that worrying about long term care can be very stressful. My husband and I did not purchase any long term insurance. I was able to care for my husband for the 18 years he was on disability and 24 hours a day for his last 5 years and I believe if I have to go to a nursing home I have my IRA's, SS, savings and the house can be sold. For a year or two a person could live with me if it is needed or person can  be hired for a few hours a day.  That would be about 1/2 price of a nursing home. Not sure if I am making a mistake but am very comfortable with my plan. Most people in the nursing home are  there for less than 3 years. 
Ally6770Ally6770937 posts since
Jan 16, 2010
Rep Points: 2,727
3. Thursday, October 3, 2013 - 10:00 AM
I think people should put aside the money they would pay for those expensive long term care polices into a special account.  This way they would have money to pay for an in-home helper or nurse for their last months or even years.  My sister was blessed to die without going into a nursing home because her DP literally became her nurse and learned how to give her all her meds and shots and meals and carry her places she couldn't walk to.  I hope my DP and I will be blessed in the same way.  No matter if I had the extra money for long term care, I do NOT want to die in a nursing home with strangers!
paoli2paoli21,401 posts since
Aug 10, 2011
Rep Points: 6,135
4. Thursday, October 3, 2013 - 2:47 PM
Very cheerful subject!
loulou552 posts since
Aug 3, 2010
Rep Points: 3,431