Planning Ahead for Peace of Mind
New York Times (11/25/01) p.B7A; Schembari, James

ACLI senior director Lynn Boyd says that people are purchasing long-term care insurance as part of their investment plans and retirement planning tools as well as purchasing it at younger ages, and the council notes that the average annual premium for a three-year policy is $693 for a 50-year-old, $2,756 for a 70-year-old, and $5,133 for someone 75 or older. More people are buying the insurance, which can help them keep their homes by paying for in-home care and possibly home alterations as well as nursing home care, assisted living, and homemaker services. Author Les Abromovitz recommends waiting until nearly age 60 to buy long-term care insurance, selecting a company that has been in the business for at least five years, and choosing a policy with a 90 day elimination period, as well as watching for policy triggers.


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