Long-term care insurance (LTCI), which covers services that are not provided under Medicare or private health insurance, is sold by insurance companies to provide for the cost of long-term (custodial/non-skilled) care. Policies can be sold individually or for groups. Very common are policies that insure spouses. Policies can also be owned by a third-party, such as a trust or business.
While the need for LTCI is increasing, the options for consumers are dwindling. During the past several years, numerous insurance companies have either ceased offering LTCI or have raised premiums significantly. Nevertheless, there remain several important considerations for the purchase of LTCI. Perhaps the most significant is whether to purchase a standalone LTCI contract or to buy a low death benefit universal life insurance policy that has a long-term care rider.
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