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Is long-term care insurance worth the cost?

Long term care is a reality of growing old. There is no way to predict what will happen in the future, but there is a way to plan for it. Long term care insurance ensures a secure and  bright financial future, and it all comes at the cost of a small monthly payment.

We came across this article that helps us understand the value of the price you pay towards securing your financial future.

Is long-term care insurance worth the high premiums? There is no objective answer. The answer lies within us; it lies in answering these three questions: Do we want to control how we spend our money in our old age or whom we leave it to? Do we want as much control as possible over how and where we are cared for in our old age?

A word on what long-term care insurance is: It is coverage against the risk of long-term (usually more than three months’) chronic (not medical) care frequently required for stroke victims, diabetics and the mentally disabled, among other disabilities. These chronic conditions commonly strike people in their old age.

Chronic care may be offered in our homes. This is the preferred setting. Chronic care is also offered in assisted-living facilities and nursing homes. The cost of this care is borne exclusively by the patient, the patient’s family or long-term care insurance, except in the case of patients who are destitute or have already spent all of their money. Then Medicaid (not Medicare) will provide nursing-home care only.

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