Life Insurance Quotes

Keys to finding affordable long-term care insurance

06/10/11

As people begin to look towards the future, simply counting on Social Security or annuity investments may not be enough to remain financially solvent into retirement. The growing cost of healthcare, and the constant chatter about diminishing Medicare payments, has many people wondering how they will supplement their medically-based financial needs.

Financial advisers have found that individuals tend to stay away from long-term care insurance because they feel that it is too expensive, according to Investing Daily. However, experts believe LTCI can be affordable if people shop around. A study done by the American Association for Long-Term Care Insurance found that policy costs can vary by more than 40 percent.

An increasingly popular option for couples is a shared coverage plan. This allows both parties to be covered under one plan for a set financial limit, which is cheaper than having two separate policies, the media outlet reports.

While shopping around for the best bargain, experts warn consumers to not blindly accept the terms that are proposed to them. There may be riders and add-ons that the individual does not need and may not realize they are paying for. Also, ensuring that inflation protection is built into the policy is key to receiving a valuable return.  

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