Facts about Long-Term Care Insurance

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As more Americans are living longer, many boomers are facing the challenge of caring for their parents as they think about their own plans for the future. As part of planning for the future, many financial planners recommend that individuals consider what role, if any, long-term care insurance should play in their financial plan. Although sales of this insurance product have grown tremendously in the last decade, individuals need to carefully study the options available and the suitability for their own situations. These resources provide a place to start learning the basics about long-term care insurance and the questions to ask.

Long Term Care Insurance Fact Sheet (pdf file) is a one-page overview from the National Association of Insurance Commissioners. Use it for a very quick definition.

A Guide to Long-Term Care Insurance (pdf file) prepared by the Health Insurance Association of America. This 26-page booklet provides an overview of long-term care insurance, defines the types of insurance available and types of coverage, and provides a checklist to help you compare policies.

Do You Need Long Term Care Insurance? from Consumer Reports reviews the pros and cons of long-term care insurance and provides pointers for analyzing and comparing your needs and long-term care policies.

Long-term Care Insurance from AARP provides a brief overview and links to other resources such as the State Health Insurance Assistance Program (SHIP), a “free program that counsels older adults about health insurance-related topics.”

Most state governments, usually the health/human services or insurance departments, provide information on long-term care insurance (and state regulations if any). The New York State Office for the Aging Health Insurance Information, Counseling & Assistance Program (HIICAP) provides Long Term Care Insurance information that includes links to Plan Ahead NY, Long Term Care Insurance Resource Centers and Insurance for Long Term Care Services in New York State. For other states, we suggest entering the name of your state and “long-term care insurance guide” into your favorite search engine; then look among the listings for your state office.

 

Prepared for Corning Credit Union by Remar Sutton & Associates, May 2005. Reviewed and updated November 2008. All rights reserved.