Older Americans looking to secure their financial stability into retirement may want to consider a long-term care policy in addition to their standard life insurance coverage.
Dr. Don Taylor, a finance expert with Bankrate.com, notes middle-class citizens might be able to make the most out of a long-term care insurance policy, which covers the costs of care that traditional health insurance or Medicare falls short on. There has been a share of uncertainty over the policies because some companies have discontinued the service, leaving policyholders without a benefit to claim when they need it. However, Taylor says programs offered through private-public partnerships can offer a bit more security in that regard.
Additionally, policyholders can use a permanent life insurance policy with long-term care benefits to cover the costs of moving to a nursing home or receiving in-home care. It can ultimately ensure they aren't held back by financial troubles in old age.
Recently, the state of New York announced it would allow seniors to put a portion of their accelerated death benefits toward long-term care costs, giving them another alternative to pay for those services.