As a senior American citizen, you have a number of options when it comes to long term care. By choosing to receive long-term care at home by a trained care giver or nurse, you can avoid moving to a nursing home. The benefits of this are obvious as seniors are more comfortable with their familiar home atmosphere settings. Using a reverse mortgage loan is one of the options you can use to pay for the costs involved in long-term care.
Long-term care insurance makes it a necessary condition that you are already in good health, so this option may not be available for everyone, especially for older applicants, for whom the premium involved may be prohibitive for taking up.
If you are a senior who has crossed the age of 62, and you possess/own your American home, you can take a reverse mortgage to help pay for home care, or for taking a long-term care policy that will otherwise be very unaffordabOver the past few years, many of the nation’s top long term care insurance companies including MetLife and Prudential have exited the market. Most others like John Hancock are raising insurance premiums as much as 40%. The two primary reasons for these changes are today’s historically low interest rates and the high utilization of long term care policies. If insurance companies with hundreds of millions of assets can’t afford to profitably manage long term care risk, how can you?
See why buying this expensive insurance still makes sense for many American seniors and learn about three different long term care insurance strategies that might make sense for you.