Posted by Recently happened around "Long-term care insurance"In the case of a sudden increase in premiums, manyPolicyholderAlso very concerned,Long-term care insurance applied for, Will the price increase suddenly after many years?By answering this topic, I shared in the article that in the practice of family finance risk management, aboutLong-term careThe 4 frequently asked questions.
1. What are the risks of long-term care?
Long-term care, called LTC in English, is a medical non-medical service that is needed when we are unable to complete one or more of the basic daily activities.
Whether it’s the United States or other countries and regions,The cost of long-term care is a heavy financial burden.
A client of mine once shared that the mother-in-law has been in bed nursing for 20 years due to a stroke, and the old man has also been admitted to a nursing home due to Alzheimer’s disease. Each month, the cost of the bed alone is nearly XNUMX. .
If there is no risk prevention and control plan,Long-term careThe cost of expenditure may have a fundamental impact on family finances.
(>>>Recommended reading: Popular science stickers｜The cost of long-term care in the United States ）
2. Who needs long-term care?
According to the research,At least 65% of people over the age of 70 will use different forms of long-term care in their subsequent lives.
Since the 20th century,Long-term care, Has become a new social problem.
Speaking of the reason, this is what we shared before,The truth about "cancer" The views of the bloggers in this video are a bit similar-the reason why I thought I rarely encountered these problems before,The main reason lies in the progress of society, the average life expectancy of everyone has become longer, Encountered many new problems that were not encountered before.
AndLong-term care issues, Is the social situation that each of our families will face with longevity.
In order to prevent and solve these social problems, some states in the United States have begunBy way of payroll tax.Mandatory collection of "long-term care insurance" premiums, Please visit the American Life Insurance GuideFollow-up report.
3. The biggest misunderstanding about long-term care insurance
Many people think that only when we need to go to a nursing home (Nursing Home),Long-term care insuranceOnly claims will be settled.The reality is that more than half ofLong-term care services, Are provided in our home.
The new type of long-term care insurance claims can be used to pay for long-term care services at home.It can even be paid to relatives or friends who do not have relevant licenses, but are indeed helping and taking care of themselves, as a reward.
4. Will the price of long-term care insurance suddenly increase?
traditionalLong-term care insuranceThe pricing isLife insurance companyIt is budgeted based on comprehensive factors such as American life expectancy and inflation rate. With the rapid growth of economic society and life expectancy, this type of long-term care insurance has a price increase.
For example, a financial planning teacher of mine bought a traditionalLong-term care insuranceThe policy pays a fixed premium every year.This year,Premiums have risen by 85% in one go.
American Life Insurance GuideAlso reported and participated in 2019 "Premiums rise by 200%, Maryland holds long-term care insurance hearing"The live broadcast.
And the new typeLong-term care insurance, More like a life insurance that guarantees no increase in premiums. Claims are settled in accordance with the claims conditions of long-term care, dedicated to long-term care purposes, and can also enjoy certain tax deductions1.For specific instructions on these two types of products, you can click "US Long Term Care Long Term Care Insurance Types Introduction Price and Comparison of Advantages and Disadvantages"Column for specific understanding.
Article summary
According to the Genworth 2018 Nursing Cost Survey,The average annual cost of a private nursing home in the United States is $100,375, while the average annual cost of a semi-private nursing home is $89,297, and the average annual cost of a part-time assisted living is $48,000.
If we stay at home completely and hire a caregiver every week to spend 22 hours to help take care of ourselves, then a year’sThe average cost is $25,168.
If we plan ahead and plan ahead, with the help of professional insurance planners, combined with the average cost of long-term care and the average annual length of care in the United States, we will lock in the required coverage in advance in the middle age, and finally use the power of time. Double insurance for your future and family wealth.
Finally, I remembered a very interesting American proverb:Treat your children better, they will decide which nursing home you go to(Be nice to your kids. They will choose your nursing home). (End of full text)
appendix
1. Whether the new type of long-term care insurance has premium tax deduction or not depends on the different products of different companies. For details, please refer to the product description documents of the insurance company.
