Long term care insurance is often difficult to afford particularly in recent years with significant premium increases and companies leaving the long term insurance market altogether. With nursing homes costing on average about $100,000 annually, it may seem as though consumers are stuck between a rock and a hard place.
According to the Wall Street Journal, there are still options available for those interested in long term care insurance. Insurance carriers Mutual of Omaha Insurance Co., New York Life Insurance Co. and Northwestern Mutual Life Insurance Co. still sell policies and have high financial ratings. These policies are better priced making rate increases less likely.
Another important option is for potential buyers to consider new hybrid policies. These are life insurance or annuity policies with riders for long term care benefits. These policies are a very good option for seniors who want protection from nursing home or assisted living costs, yet do not want to squander their resources if they do not actually need long term care.