Experts Project Increase in Long-Term Care Insurance
As California baby boomers reach retirement age, experts say the need for long-term care insurance is likely to increase, the MediaNews/Contra Costa Times reports. Long-term care insurance could help cover the cost of nursing homes, in-home caretakers and assisted-living facilities.
Experts recommend buying insurance by age 60 or earlier because premiums could be lower and qualifying could be easier. When someone reaches age 65 or 70 and their health is declining, it is more difficult to qualify, the MediaNews/Times reports.
Experts also say that long-term care insurance is not applicable for those with sufficient assets to pay for their own health care or long-term care costs or for those who are eligible for Medicaid.
People who purchase long-term care insurance also are advised to buy a policy with inflation protection. As health care costs rise about 6% each year, policies that are bought today may not cover half of the cost in a decade, according to the MediaNews/Times (Mara, MediaNews/Contra Costa Times, 11/6).