Quick summary
Long-term care insurance is intended to reduce out-of-pocket costs if someone winds up needing long-term care from a paid provider. Long-term care insurance can pay for a nursing facility or home care, and many policies also cover assisted living, though no policy will pay the full cost of any of these. People usually pay premiums for 20 or 30 years before reaching an age when long-term care is likely.
If, like most people, you never need or qualify for the policy's benefits, or you collect benefits for only a short time, those years of premiums will turn out to have been a wasted investment. For that reason, it's best to consider long-term care insurance as a "peace of mind" investment rather than as a sound financial one.
Ms. Miles....please call me. You need to read more, learn more about LTC insurance. If you are going to report to visitors to your website how to plan for the possible eventuality of needing care...you MUST become better informed. Shame on you for your flip comments about LTC insurance. Shame! I can tell you this...if you ever need care yourself.....your family will thank you for having a plan in place. Having money available to pay for quality care, choices, allowing your family to be care supervisors instead of care providers will endear you to them forever. Plan early, save, invest, insure....you just might live a long life.
Stephanie Miles is wrong!!!.....she wrote....needing long-term care from a paid provider. Long-term care insurance can pay for a nursing facility or home care, and many policies also cover assisted living, though no policy will pay the full cost of any of these. Say what?!? Of course it will it will pay for ALL LTC services if the daily/monthly benefits purchased are equal to or greater than the actual expense. C'mon, get the facts straight, will you? People usually pay premiums for 20 or 30 years before reaching an age when long-term care is likely. If, like most people, your parents never need or qualify for the policy's benefits, or they collect benefits for only a short time, those years of premiums will turn out to have been a wasted investment. For that reason, it's best to consider long-term care insurance as a "peace of mind" investment rather than as a sound financial one. Your whole website is devoted to caring for the elderly...people get old, they get sick, they need care, but suddenly it seems that, you may not need care. Don't worry about it...your family will take care of you. At what expense to the emotional, physical, and financial well-being of family members? Peace of mind! People don’t buy long-term care insurance because they don’t think that they will live a long life. People don’t buy long-term care insurance because they don’t think that they will ever need care for a period of time. People don’t buy long-term care insurance because they don’t think about the consequences that providing care would have on their children and spouse. People don’t buy long-term care insurance because they don’t think about what would pay for care assuming they ever needed it, which, of course, they don’t think they ever will. Until they do.