Magazine article Journal of Property Management

Is Long-Term Care Insurance Right for You?

Magazine article Journal of Property Management

Is Long-Term Care Insurance Right for You?

Article excerpt

Like many other property managers, you probably have worked hard and saved carefully to provide for a secure retirement. But your financial plan may not be complete if you have not included long-term health insurance as a part of it. According to the Journal of Taxation of Estate and Trusts, almost 50 percent of the population will require long-term care at some point in their lives.

Currently, long-term care is not covered under most major medical plans or by Medicare, so expenses will have to be paid out of your own assets. When you consider that the Health Insurance Association of America estimates the current cost of nursing-home care at $50,000 and the average length of stay as three years, you begin to see the need for some protection.

Taking Out Some Insurance

Long-term care insurance provides benefits if you are unable to care for yourself. Most policies apply to both nursing-home and in-home care. Assisted-living facilities and adult day care are also provided for in most policies. They can even provide benefits to pay for emergency medical response systems, home modifications required by a medical condition, or temporary professional care at home.

Generally, the best candidates for long-term care insurance are individuals between the ages of 55 and 65 who are planning for retirement, have at least $150,000 in assets to protect, and like to plan ahead. Because long-term care insurance is medically underwritten, all candidates should be in reasonably good health.

Those under 55 may be interested in purchasing long-term care protection for their parents. However, prices for older individuals can be quite high. …

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