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The cost of long-term care (LTC) is tremendous: nearly $84,000 annually for a nursing home and typically more than $30,000 a year for home care. Among people turning 65, more than two-thirds will eventually need LTC – services that are not covered by Medicare or private health insurance. Given this risk, you might expect sales of private long-term care insurance (LTCI) to be strong. But they’re not. Private LTCI was launched in the early 1980s, but only about 11 percent …
If you’re a woman shopping for long-term care insurance, prepare for some unwelcome news. Genworth Financial, one of the country’s biggest long-term care insurers, has announced that early next year it will start charging more for women than men – from 10 to nearly 40 percent more, the Wall Street Journal reports. Other insurers are expected to follow suit, said a spokesman for the American Association for Long-Term Care Insurance, a trade group. The increase is a reflection of the …
Republican presidential candidate Herman Cain is touting an alternative to Social Security based on a private pensions model instituted in Chile a generation ago; HHS ditches plan for long-term care insurance.