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- What if the policy is no longer valid in the future (such as the insurance company no longer exists, or no LTC facility will accept the insurance?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