Hi all, Been considering long term care insurance lately, but I’m not sure if it’s worth the investment. What are your thoughts on this? Is it something I should seriously consider?
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My grandma needed lots of help at home, costing her dearly. It made me think about the future. You might not need it, but if you do, it’s a lifesaver. My aunt and uncle focused on her care, not finances, thanks to the insurance. It can be pricey, so I’m considering getting it now for lower premiums. Anyone else have experience with it?
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The majority of elderly people need to make financial arrangements in advance for long-term care services because of their high cost. Long-term care insurance helps cover additional costs as you age, including assisted living facilities, home health aides, nursing homes, and more.
I’m not a fan of long term care insurance. If you have plenty of money, setting up an irrevocable Medicaid asset protection trust or self-funding your care are often better choices. If you have little money, you might qualify for Medicaid. Insurance companies are in business to make a profit and tend to focus on people in the middle. The premiums for long term care insurance can be very expensive, and the coverage you actually get is often limited when you look closely at the details and exclusions. There’s also uncertainty about whether insurance companies will still be around in 20 years or more, given that many have gone out of business and the industry’s track record isn’t great.
Purchasing long-term care insurance can safeguard your finances if you are well-off and able to pay it. It costs a lot of money.