3) Group LTC insurance
Group policies are available through employers, unions, etc.
Group policies have higher deductibles and lower benefits.
Group policies often have a history of multiple rate increases.
Group policies may not be cheaper than individual policies.
More about group long-term care insurance
Other options for Californians:
1) Self-insure: you pay for care yourself out of savings, retirement income & investments (average nursing home $72,000/yr
2) Medi-Cal state aid: Medicaid/welfare health care
3) Family care: family provides care at home
Summary
Your decision today on how you plan for long-term care may be the last decision you make about it. Our health changes without warning. If you are insurable today doesn't mean you will be insurable tomorrow.
Because LTC insurance is health underwritten (they look at your health history) it takes 1-3 months to become insurable. Better to get insured 1-3 months before your health changes.
Contact us if you have any questions, need additional information, or have feedback for us.
