 Long Term Care QuoteLong-term care coverage by Robert W. Davis Americans are living longer than ever and are now facing the important decision of
whether to purchase long-term care insurance. Most people buy this coverage to protect assets, preserve
independence and provide quality care. A growing number of younger people are buying it to help their aging
parents. In general, long-term care protection makes
sense for people with a net worth of $100,000 to $2 million. Those with less will exhaust their assets and
qualify for Medicaid; those with more can fund their own care.
Long-Term Care Is a Women’s Issue
“Women have a particular stake in protecting
themselves from the high cost of long-term care, not to mention the physical and emotional effects of having
to provide care for a disabled or ill loved one,” according to Deborah Frett, BPW/USA CEO.
“Elder care is a women’s issue because they
are the majority of care recipients and the majority of caregivers,” said Ms. Frett. “In other words, they face the double threat of long-term care.”
Consider these statistics: One-in-two women age 65 and older will need long-term care during their lives. Three-in-four nursing-care recipients today are women. Two-thirds of Americans providing care on a non-paid basis are women.1
“And to compound the problem,” according to Robert Davis, president of Long-Term Care Quote, the
agency of record for BPW, “the average cost of long-term care today is over $70,000 per year2 and it’s rising
steadily.”
Compare and Save
With over 100 policies on
the market—each with different benefits, premiums and application requirements—it pays to comparison shop.
According to respected Money Magazine financial editor, Jean Chatzky, "Your best bet is to get quotes from
at least three companies." In addition, you should consider a policy with at least a three-year term—the
average time people need care.
Look for a daily benefit that would cover the
average daily nursing-facility cost in your area. The national average is $198 per day, or over $72,000 per
year. 2 However, in some areas it can run twice as much. Look for an elimination period (the
time before your benefits begin) of 90 days. Remember, this is catastrophic coverage. Most people who need
the insurance can afford the cost of care for three months. Plus, this approach lowers your cost—in some
cases, by as much as 30% per year. Equally important, insist on insurers rated "A" or better by A.M. Best
and "strong" by Standard & Poor's and Moody's.
If you'd like to receive three quotes with
just one call, Long-Term Care Quote will provide them—free of charge.
The company—which has been recommended in Consumers Digest,
Kiplinger's, The Wall Street Journal and on NBC—will ask for basic information on your age, health and
location, then shop up to 15 top-rated carriers on your behalf.
You'll get details and quotes on three low-cost, high-quality policies for you—and a copy of The Consumer’s Guide to Long-Term Care Insurance. Plus no agent will
visit.
More importantly, some companies may offer a
discounted premium to BPW members and their families—including spouses, domestic partners, parents, in-laws
and grandparents.
To request your free policy comparisons and
personalized quotes, either write to Long-Term Care QuoteSM, 25 S. Arizona Pl.
Suite 560, 1AARP Policy & Research for Professionals in Planning,
2005 2Genworth Financial Cost of Care Survey, |