BALTIMORE: 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 rest home, those bills may not be as enormous as many people believe. Half of men and nearly 40 per cent of women who enter rest homes never have a stay exceeding three months, according to a recent study.
Here’s how to get the best deal for you.
7. Most people fall somewhere in the middle: They’re willing to spend a certain amount of their personal savings on long-term care but also could benefit from a more limited policy and other strategies to fill in the gaps. To find the right policy, first determine the type of risk you’re trying to cover. Consider your health, hereditary conditions and longevity in your family, availability of family caregivers, and personal preferences.