RetireSecure Blog

March 17, 2014

When to Start Thinking about Long Term Care Insurance

Filed under: Planning for Retirement,Uncategorized — The Pension Research Council @ 3:47 pm

Olivia S. Mitchell, Professor of Insurance/Risk Management and Applied Economics/Policy, and Executive Director of the Wharton’s Pension Research Council at the University of Pennsylvania, shares why she dropped her supplemental term life insurance in favor of long term care insurance.

  • “…While it is difficult to find and expensive, going without felt much scarier. One year of nursing-home care in Pennsylvania, where I live, averages $100,000+; home health care can run $50,000 annually.” 
  • “…Don’t forget, a majority of people over age 65 will need nursing coverage at some time in their lives.” 
  • “…While you might not need LTC insurance at age 30, don’t wait too long, either.”

 Read the full Wall Street Journal article here

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