The LTCI “Over-Quoting” Mistake

Bill Comfort

Owner, Comfort Assurance Group, LLC

A huge mistake that many people make when considering LTC insurance is “over-quoting”. Most people do not need to buy coverage for 100% of the cost of the highest-possible cost of care (skilled nursing home), and even shorter benefit periods (3-4 years) will cover the vast majority of care needs. It’s kind of like thinking, “If I can’t afford a Mercedes, then I’ll just wait for the bus.”  It shouldn’t be a zero-sum, all-or-nothing decision – that’s a HUGE mistake.  A Malibu with cloth seats and a 4-cylinder is great transportation …

$3000 a month of LTC insurance benefits will pay for five hours of home care seven days a week, or 10 hours every-other day.  It will cover more than 1/2 of a good Assisted Living Facility in most of the country, and provides a 33% “discount” to a $9000/month bill in a nursing home.

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