“Lengthy-term care insurance coverage has gone by means of some vital modifications up to now few years, and the modifications usually are not good for customers,” says Owens, who sells insurance coverage in her follow. “If you’ll be able to get accepted for a long-term care coverage, the premiums might be costly.”
There are alternate options to long-term care insurance coverage, together with a deferred fixed annuity. Take into account a deferred mounted annuity bought at age 65, which might not pay out till you flip 85. The proceeds might be used to pay the prices of long-term care, or replenish retirement financial savings if long-term care isn’t wanted.
These insurance policies present better flexibility than LTC insurance coverage. Plus, you should use as much as $100,000 of deferred contribution retirement funds to purchase a deferred mounted annuity, with taxes on the withdrawal deferred till the annuity pays out.
Planning for the Lengthy Time period
No matter whether or not ladies have the means to entry extra insurance coverage to supply for care, the NIRS examine demonstrates that girls of all earnings ranges need to take a extra proactive strategy to planning associated to caregiving.
“Having a dialog about managing healthcare is a unbelievable concept,” says Owens. The first problem, nonetheless, is discovering a beginning place for these conversations together with your family members.