What Are Life-care Contracts?
Per the Chicago Tribune, here’s a definition:
Under these arrangements, residents pay the building a monthly fee and an upfront entry fee (usually at least partially refundable) for an apartment and a capped fee if he needs assisted or nursing care.
As with all insurance, the details get complicated. But life-care contracts basically lock in the price of future care. It is not available at all continuing-care projects, and it varies where it is offered, with some providing a limited number of days of health care at a certain price, for example.
So, essentially you commit to live at the facility for the rest of your life. We don’t think this is viable for most of our traditional long-term care insurance clients for one simple reason: freedom. Most of our clients are not sure exactly where they’ll be when they want to use their long-term care policy. In fact, they may want to travel abroad, in which case, Genworth even offers international coverage with Privileged Choice.
Stay tuned for updates.
We’ll update this page with more information on life-care contracts as it comes available. We encourage you to look into long-term care insurance below as well.
