You can’t buy homeowners insurance once the fire has started … same thing with LTCI, ” McCann added.The US Congress and former President Bill Clinton started to urge people to purchase LTCI back in 1996. The federal government now provides federal employees with a group plan. President Bush is suggesting an above-the-line tax deduction for LTCI premiums.Shelton attacks the article for suggesting people to consider a plan if you have no willing or available family member to take care of you as being unrealistic.”How many family members (or anyone else) can provide 24-hour care???
Half of the people on claim with home care benefits say they would be in a facility if it weren’t for their LTCI home care benefits (Cohen, Marc, PhD, et al Dept of HHS and RWJ Foundation Home Care Research Initiative, 4/99). Also, employees whose family members have LTCI are twice as likely to stay in the workforce, because they have the money to hire caregivers while they are at work (MetLife Mature Market Institute, 3/01).
Almost 55% of severely disabled people have a spouse and children and still require formal care so the family just can’t do it all,” she says. Making the right choice can be hard. Both experts agree that a consumer should talk to a specialist in long-term care insurance … one who represents all the top companies. Make sure the agent knows his stuff. If you are healthy look at only A rated companies. If you are married and are in good health a group LTCI plan may be more expensive. Individual plans are underwritten per individual. In most cases they will cost less.
Responses to 'Consumer Reports article on long-term care insurance “out of touch” with reality.'