“Too costly is the number one reason many people give for not buying long-term care insurance protection. How much you pay for coverage depends to a large degree on how much protection you get. An individual can reduce the yearly cost of protection by 35-to-40 percent by purchasing a three-year benefit versus an unlimited benefit (also referred to as lifetime). But, is that enough protection?”
“This is the most comprehensive look at recent long-term care insurance claims data. The goal was to better understand what percentage of long-term care insurance claimants with shorter duration policies actually use-up or exhaust their policy benefits.”
“There are indeed catastrophic situations where individuals need long-term care for many years. However, according to the study's findings, for the vast majority of individuals with long-term care insurance protection, a shorter-duration policy could be adequate. This is an especially important message for those individuals who find unlimited protection is too expensive. Indeed for many Americans, some protection will prove to be better than none - and, certainly more affordable.”
