Although the Aug. 7 story “How to get affordable long-term care at home” is of great value to your readers, I strongly disagree with the proposal of only getting 1 percent inflation protection in most cases.
As a long-term care insurance broker, I believe anyone younger than age 70 needs to at least match the average growth of inflation. Long-term care policies are typically triggered 10 years or longer after purchase. Therefore, having at least a 3 percent inflation protection is key to maintaining buying power.
Pricing a plan properly requires experience and specialized training. Many factors need to be considered, including the buyer’s age, family support, location when care is needed, family and personal health history, and sources for premium payments. I have sold many partnership plans in the past. But nowadays, sadly, regulations around benefits have not adapted to today’s reality, thus making the policies too expensive for many.
The best thing a person interested in long-term care insurance can do is find a broker who has a strong background in planning with, at the very least, a Certification For Long-Term Care designation.
