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[quote=Anonymous][quote=Anonymous][quote]800-2.5m range[/quote]

Let's say this is the range when LTC insurance would be helpful. To me it seems like such a narrow range -being able to estimate -that this will be a future amount -this is where you'll end up, adjusted for inflation -with all the other decisions in life you'll make along the way .... I'm guessing the process and cost over time won't be worth the aggravation.[/quote]

The advice I've heard is that if you're roughly in that range retiring right now, it may make sense to look at more closely.  If you have a lot more, you can likely self-insure unless you have a family history of longevity+ dementia, if you have much less, you're likely to deplete your assets/move your assets if you need LTC and be on medicaid anyway.  But in between you're probably too rich to want a Medicaid institution and it would suck more for you to deplete your assets, but it would also suck to have to set aside the amount of assets needed to self-insure.

It's especially important for spouses to discuss and consider this together. The awful situation is when the caregiving burden becomes too much for one spouse and the other has to go into LTC.  The couple then depletes their assets and the caregiving spouse ends up with little to live on and no spouse to provide the care and no money for LTC.  So their old age is caring for a declining spouse, living meagerly while their spouse is in LTC/dies, and then ending up in a sub-par Medicaid LTC facility as soon as they aren't able to live independently.  So it rubs me really wrong when the older spouse--usually male--with a shorter life expectancy--again usually male--makes a solo decision to not plan for this reasonably without really working through the details of the various situations with their spouse.  So, if you have a spouse, make sure they also really think that it 'won't be worth the aggravation' too.  LTC insurance may or may not be the answer, but "winging it" isn't either.[/quote]

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