URBANA—Assisting people in gathering the information they need to make an informed decision on buying long-term health care insurance is the goal of a Nov. 6 free teleconference sponsored by University of Illinois Extension. The teleconference will be from 7 to 8:30 p.m. and participants can access it from their home telephones.
“Many people today are concerned about having enough financial resources when they retire,” explained Paul McNamara, U of I Extension consumer economist. “They are especially concerned about how they will afford the potential costs of long-term care such as nursing home services and in-home assistance.
“The cost of long-term care can be enormous and insurance is one way to pay for it. But buying long-term health care insurance is complicated.”
U of I Extension specialists and certified financial planners will discuss the issue during the Nov. 6 teleconference.
McNamara said that consumers often find it difficult to evaluate long-term insurance policies, as well as to decide if purchasing long-term care insurance is right for them. In research conducted by McNamara and a graduate student, it was found that people who might benefit from long-term care insurance are not necessarily purchasing it.
“Many people who do purchase long-term care insurance are letting their policies lapse after having paid premiums for a few years,” McNamara said. “When considering this type of insurance, consumers need to make an informed decision to fit their personal situation. They need to determine the critical questions they need to ask before making a purchase.”
Early registration for the Nov. 6 teleconference is urged as the available lines are limited. Those wishing more information should contact their local Extension office or visit the following website: http://www.ace.uiuc.edu/cfe/health/ltci.html .