Bobbi Hilton, 62, is considering the purchase of a 77-year long-term care policy. If nursing home costs average $7 comma 3907,390 per month in her area, how much could she have to pay out-of-pocket for 77 years without long-term care insurance? What can Bobbi do to reduce the cost of this coverage? Question content area bottom Part 1 The amount Bobbi would have to pay out-of-pocket for 77 years of nursing home costs without long-term care insurance is $620760620760. (Round to the nearest dollar.) Part 2 To lower the cost of long-term care insurance, Bobbi can: (Select all the choices that apply.) Select a longer waiting period (time between nursing home admission and payment of benefits by the insurance company.) Buy a long-term care policy as soon as possible before costs increase due to advancing age. Cover the costs of nursing home care through a combination of self-insurance (if she can afford it) and long-term care insurance.
Bobbi Hilton, 62, is considering the purchase of a 77-year long-term care policy. If nursing home costs average $7 comma 3907,390 per month in her area, how much could she have to pay out-of-pocket for 77 years without long-term care insurance? What can Bobbi do to reduce the cost of this coverage? Question content area bottom Part 1 The amount Bobbi would have to pay out-of-pocket for 77 years of nursing home costs without long-term care insurance is $620760620760. (Round to the nearest dollar.) Part 2 To lower the cost of long-term care insurance, Bobbi can: (Select all the choices that apply.) Select a longer waiting period (time between nursing home admission and payment of benefits by the insurance company.) Buy a long-term care policy as soon as possible before costs increase due to advancing age. Cover the costs of nursing home care through a combination of self-insurance (if she can afford it) and long-term care insurance.
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter8: Insuring Your Life
Section: Chapter Questions
Problem 5FPE
Related questions
Question
Bobbi Hilton, 62, is considering the purchase of a
77-year
long-term care policy. If nursing home costs average
$7 comma 3907,390
per month in her area, how much could she have to pay out-of-pocket for
77
years without long-term care insurance? What can Bobbi do to reduce the cost of this coverage?Question content area bottom
Part 1
The amount Bobbi would have to pay out-of-pocket for
77
years of nursing home costs without long-term care insurance is
$620760620760.
(Round to the nearest dollar.)Part 2
To lower the cost of long-term care insurance, Bobbi can: (Select all the choices that apply.)
Select a longer waiting period (time between nursing home admission and payment of benefits by the insurance company.)
Buy a long-term care policy as soon as possible before costs increase due to advancing age.
Cover the costs of nursing home care through a combination of self-insurance (if she can afford it) and long-term care insurance.
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