Should I buy long term care insurance?

Question

At the moment, I have watched older relatives need help with bathing, dressing, transportation, and eventually facility care. At the moment, the costs were much higher than our family expected, and I do not want my own plan to assume Medicare or my children will cover everything. At the moment, the decision could affect roughly $72,000 in my situation, so I want to compare the tradeoffs instead of using a rule of thumb.

Soradin · Accepted Answer

Consider age, health, premiums, benefits, inflation protection, family history, assets, and ability to keep paying. Within the broader financial plan, a planner can compare insurance, self funding, home equity, and public benefit rules using realistic local care costs. When the options are compared, long term care planning considers who would provide care, where it would occur, how it would be paid for, and how caregiving would affect family members.

Should I buy long term care insurance?

Soradin

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