Long-term Care Insurance: Is it right for you? Are there better alternatives?
R 731
or 4 x payments of R182.75 with
Availability: Currently in Stock
Delivery: 10-20 working days
Condition: USED (All books are in used condition)
Condition - Very Good The item shows wear from consistent use, but it remains in good condition and functions properly. Item may arrive with damaged packaging or be repackaged. It may be marked, have identifying markings on it, or have minor cosmetic damage. It may also be missing some parts/accessories or bundled items.
Long-term Care Insurance: Is it right for you? Are there better alternatives?
Used Book in Good Condition
+Long-term care insurance is expensive +Insurers keep raising rates +Almost a third of owners have to stop paying! +Most of us will never need it +There are better alternatives
Do Not Buy a LTCi policy before you compare alternatives
LTCi policies average about $2,500 a year but they don't cover the full cost of care--averaging $87,235. Most sellers recommend starting before age 65 while we are still healthy and insurable but we will pay more. Like all disability insurance, we are paying for something that we may not need at all. Unlike the cost of a major medical operation covered by our comprehensive health care plan, the cost of long-term care can be estimated fairly accurately. With a 13% and 4% chance of spending 2+ years in a nursing home for women and men respectively, the average cost will be about $200,000. If we can stay at home, a home health aide costs about $20,000 a year.
Depending on the institution we check into, daily costs are $250 a day or more. There are other medical costs--either out of pocket or a Medigap policy--that Medicare does not cover. There are other medical expenses on top of that. Because we are buying coverage for some period in the future--perhaps 30 years away--we must plan for inflation. Our $250 a day coverage may be worth only $120 while the price of care goes up annually. Some folks buy inflation protection with their policy but this just raises the price to perhaps $3,000 a year.
