How would you like an insurance plan that would cover  long term care costs if you or your partner ever need it but requires no policy, premiums or health qualifications?

Is long term health care insurance the answer or is there a better solution.

In my experience is difficult to visualize going to a nursing home but half of us will be going for extended care and many more of us will receive care without ever leaving our home.

The average cost of a nursing home stay today is $80,000 per year . And this is exactly why long term care insurance is something people think about but it can be very expensive.

How about a different solution: The Long Term Health Care Insurance That is Not a Policy

Say hello to longterm care annuities.”

There are only a few companies offering this product and the structure differs from company to company.

The underlying idea providing for  long term care is an annuity.  Annuities have been around for a hundred years. They are safe, the funds accrue at a competitive interest rate, and the account grows tax-deferred.  What some companies have done is allow annuitants to use their money for long term care costs.

Like regular policies the person doesn’t have to be in a nursing home. They simply need to have demonstrated the inability to perform two of the six activities of daily living to qualify and trigger their benefits.

There are new products coming available to help retirees life comfortable secure lifestyles as they age.  To learn more about long term health care insurance read the ultimate consumer buying guide.