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July 10, 2012
Your Best Safety Net
Our focus on long-term care is at an all-time high, thanks to longer life spans and women becoming more financially savvy.
Over two-thirds of long-term care insurance claims are paid to women. Insurers are also dishing out 53 percent more for claims than in 2007.
So, what do we need to know?
“It pays for long-term care and ranges from basic services in your home to medical care in an assisted living or nursing home,” says Connie Golleher, founder and CEO of The Golleher Group and a long-term care insurance expert.
It pays off to plan – women spend $1 billion more than men annually on health insurance.
Organizations such as the American Association of Long-Term Care Insurance let you design your own plan based on factors like age and marital status.
The AARP provides fact sheets, webinars and online quizzes to help pinpoint the type of care insurance that best fits you.
No one wants to stress out about finances toward the end of her career. As Golleher says, “the coverage helps ensure that the financial demands of needing care and support are in place.”
Bonus PINK Link: Golleher dives deeper into long-term care insurance in our online exclusive.
Do you have LTC insurance?
By Caroline Cox
“It is good to have an end to journey toward, but it is the
journey that maters in the end.”
Ursula K. Le Guin
*Supporting images from FreeDigitalPhotos.net, jscreationzs,vichie81, and Ambro.
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Comments
Good article but LTC is not always a good deal
Good article - but you missed a very important point, which is to note that LTC should be considered as part of an overall retirement plan. There are a lot of insurance agents out there who do not understand the complexities of senior financial planning (one of them got to my parents, who ended up paying thousands of dollars for a plan they did not need before we intervened). Find a good financial planner who can advise about your need for this kind of insurance - and only then should it be considered.
ltc
Yes, I'm a big believer