The average person has a 1 in 4 chance of needing some type of long term care in his lifetime, either at a facility or at home. The cost of a Nursing Home on average is $7000/ per month, Assisted living$4000 per month, Home Health Care $20/hr. Someone will have to pay that bill. If you have assets then you will pay until your savings and assets are used up and then you may qualify for Medicaid. You tell me- is it worth it to protect you family from the burden of taking care of you when you can no longer care for yourself? Do you want to lose everything you worked hard for all your life? I have been a caregiver and as much as you love the person you are caring for, it takes a major toll on on the caregiver. Long Term Care insurance protects your family from these heartaches. Is it worth it?
Long-term care policies are based on the idea of a shared risk. If you don’t use it, then it might appear to have been a waste. The people who have to use it will find that it pays out much more than they ever paid. If you don’t buy the policy you accept the entire risk, if you never needed it, you appear to have won. If you need it and don’t have it, then you have a problem that you are probably not ready to face.
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Long-term care policies are based on the idea of a shared risk. If you don’t use it, then it might appear to have been a waste. The people who have to use it will find that it pays out much more than they ever paid. If you don’t buy the policy you accept the entire risk, if you never needed it, you appear to have won. If you need it and don’t have it, then you have a problem that you are probably not ready to face.