Long Term Care Insurance helps cover the costs of care after retirement.

Want to live a long and healthy life? Don’t answer too quickly. According to a new study, the healthier you are, the longer you live. The longer you live, the higher your expected medical care costs. A large part of this equation is the cost of long term care. The majority of baby-boomers believe as they advance into old age, Medicare will cover their long term care needs, including a nursing home stay. It doesn’t, and the annual cost of a nursing home stay is nearly $80,000. (more…)

Read the Fine Print

As I’ve mentioned in another blog, it would be a pretty amazing feat to make it into your golden years without having at least one “pre-existing medical condition.” The human body just can’t stay in peak condition until the end of one’s life, so having some medical baggage is perfectly normal for a senior. Since long term care insurance policies are designed with the elderly in mind, they are a little more lenient than other types of insurance plans when it comes to covering pre-existing medical conditions. This doesn’t mean that they welcome everyone with open arms. You need to be aware of this, and get very clear with insurance carriers about what their pre-existing medical condition clause it, get it in writing, and scrutinize every word.

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