How clients can use annuities to pay for long-term care
May 16, 2018 by Donald Jay Korn
With millions of baby boomers in or nearing retirement, the need for long-term care insurance might seem obvious. Retirees face extended life expectancy as well as rising costs for nursing home stays, assisted living facilities and home care. Nevertheless, standalone policy sales declined nearly 70% from $550 million in premiums in 2012 to just $176 million in 2017, according to LIMRA’s U.S. Individual LTCI Sales Survey.
One reason is increasing costs: according to the National Long-term Care Insurance Price Index, published by the American Association for Long-Term Care Insurance, a married couple, both age 55, had an average annual premium of $2,466 in the 2012 survey, a number that increased to $3,000 by 2018.
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