More Looking at Long-Term Care Insurance
WTRF-7, December 13th, 2007
Insurance that covers long-term care is not yet widely held in West
Virginia. But with health care costs continually rising, more and more
people in the state and nation are taking a look.
"It's probably growing" as more people plan and save for longer lives,
according to Dena Wildman, insurance complaint specialist supervisor at
the West Virginia Offices of the Insurance Commissioner.
Long-term care includes the wide range of medical, personal and social
services that might be needed during an extended illness or disability
-- everything from help with daily activities to home health care,
nursing home care or care in a group living facility.
Those services can be expensive: The average annual cost of nursing
home care, for example, is about $75,000, according to the WVOIC.
And failure to plan ahead can bring unpleasant surprises.
"A lot of people have this misconception that Medicare covers long-term care," Wildman said. "It does not."
Like other types of insurance, long-term care insurance can help reduce the uncertainty of those expenses later in life.
Read more of this article.
Long Term Care Insurance:
Learn more about whether long term care insurance is a good asset
protection strategy for your retirement on NewRetirement.com.