Should you purchase Long-Term care insurance or invest to “self-insure?” Statistics show that at some point you are more than likely going to need some type of long term care. Eventually you will need coverage that regular health insurance does not cover.
Being “Self-insured” requires a person to fund the expenses of long term care by using financial resources or personal assests. Basically you are saving for costs of medication and caregiver service fees that you can pay later on when needed. Paying out of pocket requires quite a large sum of money. One of the risks in self insuring is that you can’t predict the future and be sure that you will always have the money needed to fund the expenses of LTC.
A traditional long term care insurance policy gives you protection for your future. If you are saving because you are self insured it requires a lot of time and you can’t predict whether or not a sudden illness or injury might happen. This could also prevent you from working and earning your income that is going towards savings. With long term care insurance you get coverage for the duration of your benefit period.
Reviews of each company’s financial stability ratings, claims experience, and size.
A side-by-side comparison of each company’s policy features. We cover the similarities and the differences.
Price comparisons customized to suit your specific needs from top carriers such as Nationwide, Thrivent, New York Life, National Guardian Life, Mutual of Omaha, and more.