A Beginner's Guide to Long-Term Care (LTC) Insurance

If you end up needing skilled nursing care, assisted living, or in-home assistance later in life, the cost can be tremendous. Here's why you may want to look in to LTC insurance to lower your risk.

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[donalddurand]

What about if you are in your 70s? The premiums must very high.

[jvmbmc]

My wife 59 y/o was quoted a policy indexed for inflation would cost $495K over the life of the policy with a 20% spousal discount and she is healthy. Also there is a 26 week elimination period. That seems way too expensive to me but I believe it is not out off line. We are in NY state. At would level of assets would it make sense to self insure? Also would a whole life policy be a good substitute at this point?

[jackthoma]

Premiums are out of control because state insurance commissions keep approving them

[GaryKarr]

Good and important video, Matt. A friend who is a CFP told me he thought at my age (61), LTC insurance was not going to be worth the cost. Is there a good formula I can look at to decide that? And another question: think the Gamecocks are going to bring home another NCAA Championship in women's basketball this year?

[joyrofs]

LTC insurance prrmiums are out of control. A 2021 report by the National Association of Insurance Commissioners described more than 3, 500 approved rate increases nationwide for long-term care insurance policies. The average single requested rate increase was 78%, while the average single approved rate increase was 37%. The average cumulative approved rate increase was 112%.