About 49% of men and 64% of women who reach age 65 will need significant long-term care during their remaining years, according to a 2022 study from the U.S. Department of Health and Human Services. However, as the rates continue to rise, people have difficulty affording this coverage.
Kerry Peabody, senior account executive, employee benefits, Marsh McLennan Agency, Northeast, spoke with Bangor Daily News about the price of these insurance policies and ways to bring your rate down.
“The first thing is: Never make a hasty decision,” said Kerry. “There are lots of ways you can take your price down, and the carriers are being really creative and offering ways to do that. You can change your inflation rider. You can decrease your benefit. You can decrease your benefit period. But it’s really important that the clients work with somebody who can help them understand the impact of those options.”
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