| It's no surprise that the price of healthcare in | | | | begin using their spouse's benefits. |
| America is rising, and quickly. Since 1995, the cost of | | | | Confusion and Availability |
| medical care in the U.S. has risen 40% and is showing | | | | Some people are simply confused about what the |
| no sign of slowing down.1 That kind of sticker-shock | | | | insurance is and how you can purchase it. So in an |
| can be difficult to comprehend, even for those with | | | | attempt to clear up some of the confusion, |
| solid retirement plans. It's a trend that some insurers | | | | companies are beginning to simplify their policies and |
| are trying to abate. | | | | the process to buy the insurance. |
| One of the largest medical costs today is long-term | | | | Companies are also teaming with more employers to |
| care. Caring for someone who cannot take care of | | | | add long-term care coverage to the list of employee |
| themselves, whether they need an in-home | | | | benefits. This is similar to the way that group life |
| companion, or round-the-clock care, can be | | | | insurance has become a staple of many companies' |
| devastatingly expensive. In fact, the average cost of | | | | benefits plan. |
| a one year stay at a nursing home, is almost | | | | Return on Investment |
| $70,000.2 And that's why long-term care insurance is | | | | One final criticism comes from people who purchase |
| available. Its goal is to reduce that financial burden. | | | | long-term care policies and end up never needing |
| As with every product, long-term care insurance has | | | | them. While this is an obvious risk you take when |
| its pros and cons but a large number of Americans | | | | purchasing any insurance, companies are now working |
| haven't even considered this product as part of their | | | | to increase the benefit of having the insurance. |
| overall retirement planning. That's why recently more | | | | Long term care policies are also becoming more |
| insurance and financial companies have begun offering | | | | flexible and more able to tailor policies to an individuals |
| long-term care insurance with a variety of other | | | | needs and are working to become more of an |
| benefits and options. | | | | investment option, in some cases they may even |
| Cost | | | | combine an annuity feature. |
| One of the biggest complaints against some | | | | With all of the improvements and added features of |
| long-term care policies has been their price tag. While | | | | long-term care policies, more Americans may begin to |
| most policies can potentially save their holders a | | | | take another look at this product. And while |
| great deal in medical costs, they can still be | | | | long-term care insurance isn't for everyone, it may be |
| expensive. | | | | a great addition to your retirement plan. You should |
| In an effort to increase the use of the insurance, | | | | always work with a financial professional before |
| some insurance companies are beginning to reduce | | | | purchasing the insurance. Long-term care insurance |
| their rates on policies by as much as 15%. Some | | | | may be worth considering, as the cost of medical |
| companies may also start adding a "shared care" | | | | care doesn't seem to be slowing down any time |
| element to their policies. In theory, that would allow | | | | soon. |
| someone who ran out of long-term care benefits to | | | | |