Long-Term Health Care's 'Black Hole'

Most Americans are in denial about their risk for long term care. The US Dept of Health and Human Services says that at least 70% of Americans over 65 will need some long term care. ([url]http://www.longtermcare.gov[/url]) The four options a relatively healthy person has today to pay for long term care are: 1) traditional long term care insurance, 2) linked-benefit products (asset based) such as universal life insurance and fixed annuities with a long term care rider, 3) pay out-of-pocket, also called self-insured, 4) and Medicaid, once they have spent-down to a poverty level to qualify. ([url]http://www.nationalltc.com[/url]) Once a person's health has changed they may not qualify for anything but Medicaid or in some states an annuity with a long term care rider that doesn't require underwriting If you're going to plan for long term care it's better to do it now, waiting can be very costly.

LTC black hole