Long-term care

DailyWorth recently had an article about long-term care. Have any of you ever thought about long-term care? I haven’t put too much thought into long-term care, mainly due to my age.

I never realized how expensive long-term care is. The average is $70,000 a YEAR! The author says she pays $5,000 a year for her long-term care in the future. I think this is a pretty big amount, and I don’t know if it’s justifiable. My family has never used long-term care, at least I don’t think. Usually our family members just take them in and take care of them, so I guess that’s another reason that I’ve never really thought about long-term care.

So the author would be paying $5,000 a year, probably for 30 years since she’s only in her 40’s. I feel like just putting the money in some sort of investment would be better.

There are a lot of questions that need to be answered though before people should consider this. Sorry if this was said in the article, but I don’t believe it was.

  1. What if you don’t use the policy? Such as with you having a better support network than you thought, or by some chance you pass away earlier?

  2. What if the policy is no longer valid in the future (such as the insurance company no longer exists, or no LTC facility will accept the insurance?

  3. How long would this LTC policy be for? If you became sick, would you only be able to use LTC for say 5 years, or longer?

In the end, I’m not sure how I feel about LTC insurance. If it was cheaper, I think I’d give it more thought when I’m older, but for $5,000 a year, I think that’s way too much.

What’s your input on LTC?


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