ATLANTA: Policies are rising in price, while benefits are getting skimpier.
For aging baby boomers, planning for long-term care costs becomes more pressing every day. But the insurance that helps to cover these costs is surging in price, while the benefits are significantly decreasing.
As prices rise, health care experts are engaging in a fierce debate about whether the coverage is worth the years of premiums. Even when people do go into a skilled nursing home, those bills may not be as enormous as many people believe. Half of men and nearly 40 per cent of women who enter skilled nursing homes never have a stay exceeding three months, according to a recent study.
Here’s how to get the best deal for you.
1. The overall cost of new long-term care coverage has jumped roughly 9 per cent over the past year. A married couple both age 60 can expect to pay $2,170 per year for $328,000 worth of coverage, up from $1,980 last year. Adding inflation protection, which helps the coverage keep up with the rising cost of care, would boost the premium even more…