Long term care insurance is a must

Q: I have been considering long term care insurance it for my wife and myself. I am 58 and my wife is 59. We are retired and have a net worth of about $3 million and a pension income of $93,000 a year. Do I really need long term care insurance or should I consider myself self insured? Should everyone have this insurance regardless of net worth or is there a sensible way to make a wise decision?

 

A: You are absolutely the people who DO need long term care insurance. Today, a really good private nursing facility could cost nearly $10,000 a month. Think how fast you'd run through that with a serious illness like a stroke, or a lingering illness like Alzheimers. Then what would your survivor live on? The latest policies pay benefits you can use to get health care at home. By the way, do you still carry homeowners insurance and auto, or are you self insured on that too? Once over 60, your likelihood of needing long term care is 10 times greater than that your house will burn down!

 

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