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Reply to "Long-term care insurance"
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[quote=Anonymous][quote=Anonymous]We retired with $3 million in the bank (brokerage and retirement funds), a small pension ($3k/month), and a paid off $1.2 million home (conservatively, of we had to have a fire sale tomorrow). Early 60s, have health insurance covered through a previous employer. We were told not to bother with long term care insurance because the policies today arent worth the paper they are printed on (won't make a dent in the cost of care) or are so expensive that we are better off paying out of pocket[/quote] Very true. Most policies are not wroth much because the companies might not even be solvent when you need them. They don't count on people living to 85+ and spending more than 5-6 months in LTC. If they have to pay out for the full 2-4 years (or forever like some) they go under [/quote]
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