Wanted to share this interesting article from Money – it provides a good overview of the perspective of the broker community on why stand-alone LTCi remains a viable product, including their view that now is a great time to buy! It also provides worthwhile nuggets on combination products and partnership programs.
Long-term care insurance isn’t an easy sell in the best of times. Who wants to be reminded that they might spend their final days in a nursing home? Now, with many care facilities ravaged by COVID-19, the reputation of institutional living has taken a hit, and buying insurance to help pay for it might be a low priority.
But long-term care considerations should be part of any retirement plan. If you’re skeptical, consider the potential costs of long-term care, which 70% of Americans end up requiring. Even an assisted-living facility costs a national median of $48,612 a year for a single room, according to the 2019 cost of care survey from long-term care (LTC) insurance broker Genworth. You’ll pay more than twice as much ($102,200) for a private room in a nursing home, and only a little less ($90,155) for a semi-private one. Medicare doesn’t cover this (the program will pay only for limited-duration, rehabilitative visits to care facilities, typically following surgery).
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