Costs for new long-term care insurance policies have increased by 42.5 percent compared to five years ago according to the American Association for Long-Term Care Insurance (AALTCI). The are reasons why the increase is so dramatic and there are also smart ways for consumers to save significantly on this important coverage, explains Jesse Slome, director of the long-term care insurance organization.
According to the Association s 2015 Long-Term Care Insurance Price Index, a 60-year old couple could expect to pay around $3,930 annually for a typical policy. We reported costs for a policy that provides each spouse with an initial benefit of $165,000 growing to $335,000 when they reach age 85, Slome notes. The typical individual with long-term care insurance generally begins to need care in their 80s or later.
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Women have a lot going against them much more than men when it comes to creating enough income to last through their retirement years. Set out below is a list of some of the impediments women must overcome, along with solutions that will provide a satisfying retirement.
Longevity: Women live longer than men. This simply means that women need more savings at retirement to provide the same amount of income as men throughout their lifetime. On average, a 70-year-old woman can expect to live more than two years longer than a man. That may not sound like a lot, but for an annual budget of $50,000 plus inflation, that could require another $100,000 or more in savings.
A significant percentage of older individuals who applied for long-term care insurance were declined coverage by the insurance company according to the latest data. Individuals mistakenly believe they can purchase long-term care insurance at any age and without regard to existing health issues, explains Jesse Slome, director of the American Association for Long-Term Care Insurance. That is simply not the case. Your health, your height and weight and medications prescribed all are taken into account by the insurance company.
According to an analysis of applicants for traditional long-term care insurance in 2019, decline rates ranged from 19.4 percent for individuals applying between ages 40 to 49 to 53.6 percent after age 75.