Often associated with nursing home care, long term care insurance covers the costs associated with a prolonged illness or disability. The services associated with long term care may be rendered in a person’s home, an assisted living facility or in a full service nursing home. Long term care insurance takes away the risk of having to pay out-of-pocket by rapidly drawing down retirement savings or relying on family members to foot the bill. Long term care insurance is renewable as long as the premiums are met. There are a number of things to look out for with long term care insurance. One is the elimination period, which is how long the policy holder has to wait before benefits are paid out. The other is to choose between reimbursement-- which reimburses directly for some portion of actual expenses--and indemnity, which pays a specified daily amount regardless of how much is actually spent. No taxes are payable on benefits paid out, and many states offer a tax credit for policyholders.
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News on a recent deferred income annuity product release from New York Life:
MassMutual Financial Group is a large, U.S.-based financial services company offering a broad range of products and services.
