Understanding long-term insurance

Don’t make uninformed decisions Fear is a great motivator. With the daily cost of Ohio nursing home care averaging $179
Sandusky Register Staff
May 24, 2010

Don’t make uninformed decisions

Fear is a great motivator. With the daily cost of Ohio nursing home care averaging $179 ($65,335 per year), and more employers dropping the health care benefits of their retired employees, buying long-term care insurance may look like a smart investment. If you are thinking about purchasing long-term care insurance, buyer beware. Insurance is a complicated business. Become better informed before you buy.

To help mature adults become informed shoppers for long-term care insurance, Serving Our Seniors will host a public forum, “Understanding Long-term Care Insurance,” from 2-4 p.m. April 24, at the Erie County Office Building (third floor), 247 Columbus Ave., Sandusky. We recommend you use the free parking garage attached to the building.

When considering long-term care insurance, ask yourself:

• What are my assets (home, property, stocks, bonds, savings, etc.) worth?

• Am I better off protecting these assets or should I use them to cover the cost of my nursing home, assisted living care or home health care?

• Do I have a spouse who needs these assets to meet the daily living expenses?

• Can I afford the monthly premium payments of a long-term care insurance policy? Will the premium payments go up?

• Do I really know what longterm care insurance is going to do for me? And even more important, do I know what it isn’t going to do for me?

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