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In spite of what the title seems to infer, this post is not about the pros and cons of Long Term Care Insurance (LTCI); it is simply a post about Joe and Jan … and why they don’t have Long Term Care Insurance.
Some background
The year before I turned 60, I started researching Long Term Care Insurance. I read brochures; I asked questions; I solicited quotes and I asked questions about those quotes. Long Term Care Insurance, in case you don’t know, has many nuances and is quite complicated. Because I assumed that Janice would agree that we need this insurance, I wanted to make sure I clearly understood how it worked.
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Long Term Care Insurance (LTCI) is for anyone who has assets they want to protect should extended nursing care occur. Therefore, unless you are very, very wealthy or have few assets, Long Term Care Insurance is something you should consider.
When I say very, very wealthy, I am talking about anyone who can handle $1 million or more out of pocket without blinking. Where do I get the $1 million number? A little math: the projected nursing care cost 10 years from now is $175,000 annually. That cost of care for six years is just over $1 million. As you might expect, Long Term Care Insurance is not inexpensive. Nor is it simple.
The following ten tips are meant to help you understand Long Term Care Insurance better and make a knowledgeable decision that is best for you when purchasing it:
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