As a 64-year-old retiree nearing $65, I’m considering long-term-care insurance to cover potential future needs. However, I struggle finding decent options.
I have a sizable retirement fund of over $1.3 million, mostly in my 401(k) account and some in a brokerage account. My wife and I live in Texas with no debt except for our $2,200 monthly mortgage.
Industry experts say long-term-care insurance is crucial as people age, but it’s also claimed that options are dwindling. I’m unsure where to start looking.
To find suitable options, I turned to a few key resources:
– The American Association of Long-Term Care Insurance (AALTCI)
– The Medicare website
– Insurers’ websites directly
These sources point me towards:
– Guaranteed issue policies with no health underwriting
– Level premium rates for life-long coverage
– Riders that add additional benefits, like home care
It’s essential to carefully evaluate these options and consider factors such as policy costs, exclusions, and rider features.
Source: https://www.marketwatch.com/story/i-have-type-1-diabetes-im-64-with-a-1-3-million-401-k-is-it-too-late-for-long-term-care-insurance-15c4555a