Principal, LifeNet Insurance Solutions, Redmond, WA
Long Term Care is the elephant in the room. Many carriers have exited the market because they were not able to make money in this niche. The question you should be asking is what will happen if my spouse or I require care? You will not find any good answer unless you have coverage or can afford the $70,000 per year plus that it costs. The changes of needing care are high, but not for a long period of time. In addition, there are several other ways of paying for long term care with life insurance and annuity riders that you should investigate.
My parents applied for Long Term Care Insurance many years ago, and my mother was able to qualify for it, but my father was not. My father's declined over these many years, and toward the end, it was a worry whether my mom could continue to care for him or not. Thankfully, she was, but it was a difficult situation, to say the least. Now my mom has long term care insurance and you can tell it brings her peace. Even though she does not have anyone at home to care for her, like she did for Dad, she will have the funds to do what she needs to do if she cannot care for herself.
This personal experience has made it more real to me that, if you are not close to qualifying for Medicaid, you should probably have Long Term Care Insurance.
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This personal experience has made it more real to me that, if you are not close to qualifying for Medicaid, you should probably have Long Term Care Insurance.