Wednesday, 14 February 2007
34% of Long-Term Care Benefits For In-Home Services
There’s no lack of financial experts recommending a long-term care policy as part of a well-rounded retirement package. But LTC insurance remains a tough sell for most people. LTC has gotten a reputation as “nursing home insurance” — something people would rather avoid thinking about.
A new survey by the American Association for Long-Term Care Insurance is challenging that reputation. The survey found that a full third of claims filed on long-term care policies were for in-home care. 34% of the claims were for in-home care. An additional 30% were for assisted living care. The remaining 36% were for nursing home care.
AALTCI executive director Jesse Slome said the survey’s key finding was that people were more likely to use their LTC policies to pay for in-home or assisted living care.
“One of the most significant benefits of owning long-term care coverage is the fact that it can pay for care received in your own home, which is what people clearly prefer,” said Slome. “The bottom line is, long-term care insurance is not nursing home protection.”
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