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Study: LTC a Good Deal for Women, Middle-Aged Men

Today NPR had a good story entitled "Boomers Reluctant over Long-Term Care Insurance" where a professor at the University of Maine did a study on long-term care insurance. In the study, Prof. Joel Gold wanted to find out which consumers, if any, had a statistical chance of "beating the system" in buying long term care.

In the study, Gold used an hourly rate of $25 for home care, and an annual rate of $100,000 for nursing homes. We think these values are a bit high for most regions, but plan appropriately for your region.

What Gold found was that women of all ages could benefit from having a long-term care policy while men benefited only if middle-aged or below. Keep in mind that each individual case is of course different and it is highly possible that any single person could use a large chunk of long term care costs at any given point in their life. The point is, women should always consider an LTC insurance policy, while men should consider their family background and financial status before committing.

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Make sure the long term care insurance company offering your policy on financially solid ground, when it comes time to pay your claim.

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Standard & Poor's Insurance Ratings Service

Federal Employee comparing long term care insurance at LTCFed?

Research an insurance company in your state , at the Insurance Information Institute.

Review the pros and cons of women purchasing long term care insurance, at the National Center on Women and Aging.

State Health Insurance Assistance Program(SHIP) is a free service that advises seniors and baby-boomers about life and health insurance questions. SHIP advisers can assist you in deciding if long-term care insurance might be a good fit for you. SHIP can also review the actual long term care insurance contract that you considering buying.

United Seniors Health Council helps people research consumer health and health insurance questions. The council publishes a really in-depth newsletter and sells books on the topics of long-term care and long term care insurance.