21 Feb Should I care about long-term care insurance? Yup.
About two years ago, my husband and I became caregivers for an elderly family member with dementia who doesn’t have any nest egg at all (yes, this is why I have not posted much lately!). We had just become empty nesters, were looking forward to the years ahead, and were not ready for the stress of caregiving. It is, frankly, really hard and extremely time-consuming. Thankfully, we have been married over 30 years and have a solid marriage, but this is a stress we never anticipated in our marriage.
Based on our experience over the past two years, I have already told my husband and children that if I ever get to the point where I cannot take care of myself or am not cognitively “with it,” they have my full permission to place me in an assisted living facility or nursing home. But how in the world are they going to pay for that?
They aren’t. I am.
When we turn 60, my husband and I will both be purchasing long-term care insurance. It covers nursing home costs, in-home care costs, adult day care, and more. There are many options available, some of which come with life insurance (which you likely don’t need). The price varies depending on where you live, the term of insurance you pick, the benefit amount you choose, your age at the time of purchase, gender, and overall health. It is pretty pricey, but well worth it.
If you have a lot of money, you may be able to pay for this care yourself (care that easily runs into the hundreds of thousands of dollars). But for most people, long-term care insurance is the way to go.
If you are age 60 or older, you should seriously look into this as soon as possible. If you have parents who do not yet have it, have them look into it, or, if you are able, purchase it for them.
For more details on long-term care insurance, read on:
https://www.ramseysolutions.com/insurance/long-term-care-insurance-explained