Friend Asking About LTC

[schealthagent]

I have a friend who is asking about ltc b/c her mom is without and doing very poorly so the kids are discussing their plans now. I haven't really looked into it because there are so many differing opinions so I thought I'd throw it out there for discussion.

She's 43 (closest to 44) very healthy, no spouse, no kids and comfortable financially although I don't know the details. What should I ask her to ascertain what the best route might be - she'll be asking her financial adviser about it as well but I just wanted to be able to help. Thank you very much.

 

[Indiana LTC guy]

First of all, at 44 she could get LTC insurance at a very affordable rate. I'm not sure what you mean when you say "what should I ask her to ascertain what the best route might be"

I think she should look into the major carriers such as John Hancock, Met Life, Prudential, etc. She should look at the average cost of care in her area and base her coverage accordingly. She will want to consider at least a 3 year benefit period because that's typically the average length someone will need long term care, whether that be in home heatlh care, assisted living, nursing home, adult day care etc.. Also, there are many different riders that go along with these policies that should be considered.