It's hard for retirees to pinpoint when or whether they'll need long-term care, which includes help with daily living activities like bathing and dressing. A new online tool helps identify costs where you plan to retire and how much you might pay in different situations.
The fine print on the agency's website includes a piece of advice: "We urge you to consult with your financial and tax advisors before making any purchase decisions."
The most straightforward solution — LTC insurance — has become too expensive a proposition for many consumers, contributing to a 60% drop in sales from 2012 to 2018, according to the LIMRA LOMA Secure Retirement Institute. With claims exceeding expectations, many insurers also have fled the space. While the particulars of each policy vary, the idea is that you can tap the death benefit during your lifetime if you need it to pay for LTC. Doing so reduces the amount that your heirs would inherit. Some hybrid options provide LTC coverage beyond the death benefit.
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