Americans are living longer than ever before and face the need of paying for expensive long term care at home, in assisted living, or a skilled nursing facility. Unfortunately, the cost of insurance is rising to an average of $2400 per year or more for a couple.
Since Medicaid is only available to consumers with low income and minimal assets and the wealthy can afford to pay for their own care, it’s those in the middle who have the most to lose if they don’t buy long term care insurance.
One of the biggest complaints among consumers about long term care insurance is that they may die without using their policy. As a result, new shared-care LTC policies allow spouses to share their long term care benefits. Hybrid linked-benefit long term care plans allow consumers to keep all their money if they don’t need care.