80% of the people in nursing facilities are female. Women often take care of their husbands, and then nobody is left to care for them, thus they end up in facilities. With women being the main users of LTC facilities, the LTC insurance companies are going to gender specific rates this year.
Who do you think will pay 40% – 50% more for LTC insurance once these rates go into effect? Not the men! If you are a woman, or if you have female clients who are concerned about LTC costs, perhaps now would be the time to suggest they investigate LTC insurance. Many people do not have the finances to handle an extra bill of $3500 to $8000 a month for very long without seriously impacting their retirement. That is how much LTC typically costs.
LTC insurance does not need to cover the entire bill. Most people have some discretionary income, for fun and travel, etc. Once you cannot enjoy these pursuits, some of those dollars can be redirected towards the cost of care. LTC insurance only needs to make up the difference. Perhaps you are only intersted in enough cash flow to pay for some home care or assisted living. If the retirement assets are large, then you probably want to be able to pay for even a nursing home, which requires a little larger paolicy.
The important thing is to investigate and apply before these new higher rates for women go into effect. Different companies will start them at different times, but when will this happen for the company that is best for you? I use a number of different LTC insurance companies, what is perfect for one person is wrong for another. Once we go throught what is appropriate for you, and I have your age and medical history, then I can help direct you to the best deal available.
Do investigate while you are still healthy enough to get LTC insurance. There are quite a number of health concerns that do not seriously impact you now, but once on your record may prevent you from ever getting LTC insurance due to the possibility of trouble in later years. Invetigate with an expert, contact Romeo Raabe TheLongTermCareGuy.com at 920 884-3030 to investigate for you.