Pinances ie Most Americans Don’t Plan For Long-Term Care (NAPSA)—Theneed for long- term care and how to pay for it are often overlooked when plan- ning for retirement. While not for everyone, most middle-income consumers can benefit from owning a long-term care insurance policy, as it offers protec- tion from having to spend downall assets to pay for these expenses. With nursing homecosts averaging more than $70,000 a year, according to the National Institute on Aging, many can’t afford not to include long-term care insurance in the planning process. All too often, though, that’s what happens. “Though most people over 65 will need long-term care at some point in their life, they lack a real- | x It’s wise to look at plans offered by several well-established insurers. According to the AALTCI, adding a deductible can reduce the istic plan to pay for it,” explains yearly cost by 20 percent. Discounts for good health can lessen the cost by 10 to 20 percent, while focused on the needsof the retirement market. The mistaken belief that Medi- partners can reduce the cost by as much as 40 percent. Scott Perry, president of Bankers Life and Casualty Company, a national life and health insurer discounts for married couples and care will cover all the expenses is among the many reasons why people avoid thinking about long-term Perry also encourages consumers to consider a policy that includes home health care. “We’ve found that older adults almost stood, too. According to the Ameri- homes when faced with an illness or health condition.” Care Insurance (AALTCI), consumers perceive the cost to be it’s wise to look at the plans care insurance. Research shows that the cost is often misundercan Association for Long-Term more than double what it actually is. Others are unaware that there are options that could allow them to choose a plan with lower premium rates. “Cost can be a major barrier to buying long-term care insurance,” explains Perry. “However, by modifying benefit levels and elimination periods, you can find a longterm care policy that works within your budget.” always prefer to remain in their Long-term care rates can vary widely from insurer to insurer, so offered by at least two well- established insurers. And early planning can be worthwhile because, in addition to the benefit levels you choose, your longterm care insurance premium will be based on your age and your health. Nursing home help, frequently used long-term care terms and helpful senior resources can be found at www.Bankers.com.
