Long-Term Care Insurance Important for Retirement Planning

10/24/2010

Long term care insurance is an increasingly important part of an individual's retirement planning, especially in light of the ever-rising cost of nursing home care and other services not covered under Medicare.

To help consumers make the right decisions on their long term care insurance needs, the National Association of Insurance Commissioners offers some tips on its website.

The organization also points out that long term care needs may range from home health aides and adult day care to assisted living and hospice services. Those who require long term care services may face annual expenses of tens of thousands of dollars each year.

Consumers who want to protect their assets against the possible costs of post-retirement care may especially want to consider investing in long term care insurance, adds the organization. Another thing to keep in mind may be that some policyholders with pre-existing conditions will find the rates or terms of their policies affected.

The industry group also reminded consumers to check whether a company is reputable before purchasing a long term insurance policy. It can also be helpful to check with several different companies.

ShareThis