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You May Really Need This Expensive Insurance

Is insurance for long term care too expensive? It’s a common question, one that typically comes after, “Is long term health care insurance necessary?” LTC may not be cheap, but before we start questioning the cost of LTC, let us understand what LTC saves for us.

Not everyone needs long term health care insurance, but regardless, understanding the costs and structure of long term care are crucial to better understanding this complicated form of insurance. It can be difficult to find out how much LTC is going to cost. Adding to the difficulty, is the fact that there are lots of factors that can impact a LTC quote and what your premiums will actually end up being.

We came across this article which gives us a clear understanding on why we need Long term care insurance and proves that the cost is worth it.

Sales of long-term care (LTC) insurance policies have been falling, spurring MetLife (NYSE: MET) to abandon the business beginning in 2011. But while fewer people may be buying the policies, that doesn’t mean fewer people need them.

One factor keeping many folks away is the cost. Long-term care insurance isn’t cheap, but there’s a good reason for its high price tag. You’re likely to need it, which means insurers face a high probability that they’ll have to shell out for it.

The bad news
Even minimal in-home help can cost $1,000 or more a month, according to the national association AHIP. Assisted-living facilities can eat up $2,000 or more per month. And even in relatively affordable areas, a nursing home can cost $50,000 or more per year. If the thought of such expenses makes you break out in a sweat, and you can afford LTC insurance, you’re a candidate for it.

Better start saving your money: The already high cost of long-term care insurance is set to rise considerably. John Hancock, a division of Manulife Financial (NYSE: MFC), recently sought to raise its LTC premium rates by 40%, on average, atop double-digit increases for many customers in 2008. Genworth Financial (NYSE: GNW), meanwhile, wants to hike rates by 18% for many policyholders.

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57 Responses to “You May Really Need This Expensive Insurance”

  1. Can I buy a vowel…

    I do not have any idea about this story. None of it made sense to me….

  2. Frederick says:

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    thanks for information!!…

  3. max says:” rel=”nofollow”>.…

    thanks for information….

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