Lesson 4f: Long-Term Care (LTC)
What is long-term care insurance?
Long-term care insurance covers specified medical and custodial care when you can not perform at least 2 out of 6 basic life functions independently (e.g., eating, bathing, dressing, transferring from bed to chair, going to the toilet, and continence, or control of bodily fluids).What insurance companies tell you:
Based on these statements, purchasing long-term care insurance sounds very appealing. However, insurance companies are using selected statistics to make the cost of long-term care sound worse than it actually is.
What insurance companies do not tell you:
So should I get long-term care insurance? First, you should have your retirement plans in place and be closer to retirement age to know what LTC insurance you can afford in retirement. The worst thing to do is buy a policy and then terminate it because you can not afford it. The reasons to buy LTC insurance will depend on your circumstances. The next page will explain more about LTC insurance.
|Financial Topic : Planning Long-Term Care (continued)|
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