from Bignews.biz:
Irvine, CA--Thanks to increased longevity and advances in health care, Americans are facing a new crisis: a growing need for long-term care. Americans spent over $200 billion on long-term care last year, about a tenth of the nation's health care spending and that number will explode as baby boomers age, explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance.
Most insurers offer preferred health discounts that can reduce the yearly cost by 10 percent. Once you qualify for this discount, you never lose it even if your health changes, explains Petchul.
Adding a deductible to your policy -- something most people have for their car, health and home insurance -- can reduce the cost by roughly 20 percent annually. Over 80 percent of long-term care insurance policies purchased today have a 90-day deductible period, states Petchul. Most people have some savings that will cover the cost during this time period or
Irvine, CA--Thanks to increased longevity and advances in health care, Americans are facing a new crisis: a growing need for long-term care. Americans spent over $200 billion on long-term care last year, about a tenth of the nation's health care spending and that number will explode as baby boomers age, explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance.
Most insurers offer preferred health discounts that can reduce the yearly cost by 10 percent. Once you qualify for this discount, you never lose it even if your health changes, explains Petchul.
Adding a deductible to your policy -- something most people have for their car, health and home insurance -- can reduce the cost by roughly 20 percent annually. Over 80 percent of long-term care insurance policies purchased today have a 90-day deductible period, states Petchul. Most people have some savings that will cover the cost during this time period or
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