July 12, 2006 To all:
Since we active/retired educators have no paid long-term care, the Akron Beacon Journal, 06/12/06, on the front of the "D" section ran a solution that can bring the price down for us. It is basically this:
1. Share. You share the benefit with your spouse.
2. Reduced benefits. Shorten the period to 5 or 6-years. Most people do not require care beyond 3-years.
3. Extend. By extending the waiting period for the coverage to kick-in, you will pay a smaller yearly premium
This is a condensing of the article. You may wish to read it in full in the Beacon.
RHJones, CORE
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Here is the article:
Beacon Journal, July 12, 2006
Ways to shave cost of long-term-care insurance
Long-term-care insurance policies aren't simple. Unless you have a history of debilitating disease, you have little idea whether you'll ever need such care or for how long. Most people require long-term care after 65. Medicare pays for a short period of care, followed by out-of-pocket payments. When you run out of money, Medicaid picks up the tab.
The very, very poor and the very, very rich don't really need long-term-care coverage. Those in the middle do.
Here are a few ways to bring the price down:
• Shared coverage. You share the benefit period with a spouse. If one of you gets sick and the other does not, you pool the benefits for one person's care.
• Reduced benefits. Most people do not require care beyond three years, so consider shortening the benefit period to five or six.
• Longer wait. By extending the waiting period for coverage to kick in, essentially upping your deductible, you'll pay a smaller premium each year.