What to Know About Buying Long-Term Care Insurance

June 13, 2023

A guide to who should consider buying a long-term care insurance policy, what these policies do and don't cover, what age to consider buying it and the newer versions known as hybrid policies and 10-Pay policies. Our guest: Brian Gordon, a long-term care insurance policy expert with Gordon Associates in Bannockburn, Ill. For further research:

What to Know About Long-Term Care Insurance | Next Avenue
Most Americans age 65 and older will need some type of long-term care during their lifetime
On average, an American turning 65 today will incur $138,000 in future long-term care costs
Brian’s long-term care combo policy example:
- 63-year-old woman, Illinois resident, non-tobacco user
  - Initial benefit: $5,000 per month
  - Guaranteed six years of care
  - Compounded inflation rider
  - 90-day elimination period
  - $120,000 death benefit
  - Outright cost: $99,298
  - Cost paid over 10 years: $12,605

What to Know About Buying Long-Term Care Insurance

Related Podcasts