Is Long Term Care Insurance A Good Deal?

  1. 12689 POINTS
    Ted Ratliff
    Owner, SFS Associates,
    If you have assets you want to protect then you should consider Long Term Care Insurance. You have a one in four chance of  needing some type of long term care in your lifetime.  The average Nursing Home cost is between $6000 and $8000 per month, Assisted Living is around $4000 to $5000 per month. Home Health Care is around $15 to $20 per hour.  It will not take long to go through any assets at these rates.  Then the option will be Medicaid.  If you want to protect your assets then Long Term Care is an excellent way to do so and will be far less expensive in the long run.
    Answered on June 7, 2013
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  2. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question! Any time I am asked this type of question, I'll always ask the same thing: "Can you afford to pay between $60,000 and $80,000 a year if you or your spouse need to go into a nursing home?" If the answer is yes, then I tell them to save their money, and invest it elsewhere. Since the answer more often then not is no, I advise them to purchase a policy. Statistics show that nearly 70% of Seniors need some form of long term care at some point, and these policies are still relatively cheap, with great coverage. It is definitely a good piece in a retirement package. Far too many Seniors have seen their nest egg disappear too quickly as a result of medical needs. Please don't be one of them. Thanks for asking!
    Answered on June 27, 2014
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