As an LTC specialist over the last 14 years, I have had enough claims to know why people buy long term care insurance. They love their families and they love their independence and dignity. I am attaching letters from claimants. For these people, having this coverage helped them stay home while NOT seeing themselves as a burden to their family. People invest and save for a good retirement and to leave money to their heirs. What other than a health problem like LTC can take that away from them? Statistics are that 70% of couples over 65 will see at least one of them needing care—years ago, usually received in a nursing home. Care-giving spouses face a 63% higher risk of dying than non-care-giving spouses (AMA study 1999). This is not about the money. This coverage protects options and relationships—and those are priceless. It seems we only hear good LTCi advice when the writer has personally experienced a health impaired parent or spouse at home or in an institution. Please look to the people who have experienced this crisis before writing articles based on ideas rather than stark reality. One article bashing LTCi can keep thousands of people from making a decision that could literally save their life and the quality of life for their family.
I have paid years for house fires and car accidents and health problems without collecting. How much did that cost? $6500-12,000/year over 40 years? $480,000? I will have to burn down my house (1 in a thousand odds) and get a serious operation (1in 25) to recoup that kind of payout. With LTCi, I face a 1 in 2 risk as a woman of collecting on my policy. In 3 months, all those dollars spent have been reimbursed and I will have $800/day in 30 years to pay for help in my home or a bed and breakfast type home, God willing. If I am ill with Alzheimer's for 3-20 years, my children will still get my estate and have help with my care with less stress of making a bad decision.
I worked my whole life not to save money on premiums, but to have a good life and sleep without worries.
Please go to a nursing home, then a good assisted living facility. Which do you prefer? Both cost about $6000 to $8000 a month.