Solving the long-term care puzzle is one of the most challenging problems our clients face. Most people are aware of the very high cost of long-term care, and understand the potentially devastating impact on their finances. However, they also know that long-term care insurance can be expensive, policy premiums can go up over time, and not everyone can even qualify for coverage.
If long-term care is on your mind, don’t miss an excellent article on the subject titled “Long-Term Care: What Now?” by reporter Kelly Greene that appeared in the March 9, 2012 Wall Street Journal. Kelly describes how coverage has been impacted by the exit from the marketplace of many long-time insurers, who feel the uncertainty is too high, and rewards too few, to stay in the game. She also reviews some new twists you may want to consider, like reducing policy benefits and considering a hybrid policy (one of my favorite options) so your coverage pays off whether you end up actually needing long-term care or not.