Long Term Care Insurance
If you can't look after yourself, who will? What if they can't?
Get cash to help cover the costs of your long term care (good for spouses and parents too)
Why long term care insurance?
How much does $5,000/month of long term care cost for a female age 58?
Four ways to pay
There are four ways to deal with the costs of long term care:
- Public insurance: rely on the government
- Self-insurance: pay out-of-pocket
- Permanent life insurance
- Long term care insurance
Each option has pros and cons. A combination often works best.
What long term care insurance covers
Long Term Care insurance typically provides money for you to use as you wish if you're unable to
- unable to perform two more Activities of Daily Living (e.g., eating, bathing)
- unable to take care of yourself due to mental incapacity (e.g., dementia, including Alzheimer's)
Some plans index benefits and give your money back if you don't have a claim.
Planning tips from the Mayo Clinic
When long term care staff are overworked, how good can the service they provide be?
US Long Term Care Insurance has run into trouble. Canada is different. This article has a paywall but the video doesn't. | Wall Street Journal (Jan 17, 2018)
A rebuttal of the Wall Street Journal article | Forbes (Jan 22, 2018)
A view of long term care from the perspective a reinsurer (an insurer for insurers) | RGA (Dec 16, 2017)
Would the tax-free benefits from long term care insurance help fund better options?
Would long term care insurance help fund better outcomes?
This post explores some of the more reliable data about the odds and costs of long-term care, as well as some characteristics that make needing long-term care more likely.