L. Nicholas Hogan traveled to the Health Agents for America meeting in New Orleans last week to tell the attendees that multilife long-term care insurance still exists, and isn’t necessarily all that expensive.
A multilife long-term care insurance program sells groups of ordinary one-life, or one-couple, long-term care policies at the worksite.
Hogan, president of Gahanna, Ohio-based Insurance Advisors, said he knows of at least two active markets for multilife long-term care insurance coverage.
The cost of $100,000 of coverage may be less than $10 per month for a young worker, and less than $20 per month even for workers in their 50s, Hogan said.
The underwriting questions for active workers tend to be aimed mainly at filtering out workers who already suffer severe enough disabilities to qualify for long-term care benefits, Hogan said.
Owning long-term care insurance “protects your 401(k) contribution,” Hogan said.
He cited survey that have shown that about half of workers who need long-term care end up liquidating their 401(k) plans to come up with cash to pay for care.
When people who have long-term care insurance retire, the insurance lets them use a little more of their cash savings to travel and do other fun things, rather than hoarding all of their cash to cope with long-term care expenses, Hogan said.
“You can really enjoy your retirement,” Hogan said.
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