With Prudential and MetLife exiting the line of long term care insurance providers, the question arises of whether long term care insurance as we know it is to become extinct. The answer, seemingly enough, is “yes” and “no.” If you are in the market for long term care insurance that will provide life-long coverage, you probably won’t be able to find such a policy.
However, there are still policies out there which can help by supplementing your costs. These types of policies may only provide three to five years of coverage, offer a shared-care rider for spouses, have a lower daily benefit amount, or a longer elimination period that must be satisfied prior to coverage. However, for anyone considering the costs of long term care, any of these coverage options may prove welcome.
Click here learn more about the changing face of long term care insurance.