Seniors Ponder Whether Long-Term Care Is Too Risky in Covid Era
- Insurers have been cutting long-term care policies for years
- Pandemic leaves many unable to use much-needed in-home care
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Millions of Americans who bought insurance to help them pay for nursing or home-health care are now facing a tough call: Leave benefits they’ve paid for over the years untouched, or face increased risk of contracting Covid-19.
Credit Suisse, in a note to clients in June, predicts more lapsed policies and fewer claims as a result of concerns that moving into a nursing home or bringing in an individual caregiver could increase policyholders’ potential virus exposure. It’s an even scarier choice as poor health or advanced age leave them especially susceptible.