Long term care insurance
My parents dutifully saved and paid for long term care insurance.
But, ironically, when my mother got sick she was really not able to use the benefits it provided for several reasons, but mostly because her care needs were custodial (rather than skilled needs that are provided by a licensed person) and they could be provided at home.
Nonetheless, I’m still glad they tried to be prepared.
Long term care insurance premiums are very costly and there’s a lot to consider in the fine print.
U.S. News has a good list of things to consider before purchasing long term care insurance: premium prices both now and in the future, coverage, the company (will it be around when you need the benefits?), the fine print and state laws.
Always consult a professional about this type of insurance, preferably someone who doesn’t stand to profit from your purchase, but educate yourself, first.
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2 opinions for Long term care insurance
Bluegrass Mama
Jul 6, 2008 at 6:02 pm
My husband and I have had it for years (having purchased it when we worked for an insurance company and could pay the premiums through payroll deductions). One of the main selling points was that it would pay for in-home care as well as a skilled nursing facility. Definitely one of those policies you hope to never need, but will be glad for if you DO need it.
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Jul 7, 2008 at 4:49 pm
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