Whether Long Term Care Insurance is worth the investment depends on how many assets you have to protect. For those who do not have very large estates and who are struggling to make ends meet from month to month, buying Long Term Care Insurance may not make much sense.
On the other hand, those who have assets of hundreds of thousands of dollars may find paying a couple hundred of dollars a month for a Long Term Care insurance policy as a good investment. If extended care was needed, their policy would pay for it so that their assets would be safe. The policy would also given them more choices for their care, which some would consider worth the money.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
That's a bit of a tricky question. If one never has a long term care event then other than the peace of mind one may get from having the insurance it has no other practical value. If one does have a long term care event and needs to claim the benefits of the insurance, then certainly it is worth it! The cost of long term care can be financially devastating.
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On the other hand, those who have assets of hundreds of thousands of dollars may find paying a couple hundred of dollars a month for a Long Term Care insurance policy as a good investment. If extended care was needed, their policy would pay for it so that their assets would be safe. The policy would also given them more choices for their care, which some would consider worth the money.