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Do I need long-term care insurance?

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Do I need long-term care insurance?

Long-term care insurance should be considered by any person who sensibly recognizes that his or her health could possibly deteriorate over time, and that they might need somebody to take care of them if they become really unable. For example, if they develop Alzheimer's or have a severe stroke and need someone in their home 24/7 to take care of them. They know that they're going to have to have some way of paying for this expense. Now, people that are fabulously wealthy can write a check for this kind of cost, but in today's world it's anything from 6 to 7 thousand dollars a year, and it's obviously going to go up in the future. I have clients that are spending over $1, dollars in long-term care. If you think about somebody coming into your home, and you need 24-hour service, you might have 3 people working for you in a day's shift. Well, if you think about it, nobody works for less than 3 or 4 thousand dollars these days, so the cost is astronomical. The insurance companies have these lonng-term care insurance policies specifically designed to take care of the burden of this financial risk off your shoulders, and they pay for it themselves. The insurance company handles the rest.

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Elliot Matloff

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Long-Term Care Insurance Basics

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Do I need long-term care insurance?

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