There are approximately 78 million baby boomers currently in the U.S. Experts are saying that these boomers need to be addressing issues concerning their old age, such as how they will be paying for nursing homes or health aides at their homes.
Ongoing non-medical services are not covered by Medicare, so a good option is long-term insurance. Long-term care insurance provides coverage on services for people who cannot do two or more activities of daily living. Before getting long-term care insurance, people should figure out how much money they can afford to spend and if they will likely need this care.
Experts also recommend that policies are bought when people are in their 40′s and 50′s, because premiums increase with age.Â
Long-term care insurance is offered by some employer-based plans that have features and benefits not usually found in individual plans. Also, even though insurers can increase long-term care premiums, it is rare, and the rates have to be increased for a whole class of policyholders, not for individuals.
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