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HEALTHY NOW
QUESTION:
Do you think long term care insurance is worth the money for 2 healthy people in their mid-60's?
Thanks, Healthy Now.
ASK YOUR MONEY'S ROSEMARIE BOYD ANSWERS:
Dear Healthy Now:
You should always buy life, health or disability insurance when you are healthy! Will you always be healthy? Because we cannot predict what will happen to us, Long Term Care Insurance, along with a good estate plan, is the only way to protect assets. For example, in Massachusetts, if you carry the minimum statutory amount of coverage, the Commonwealth will not put a Medicaid lien on your home. Check your state for any incentives to buy private coverage.
Of course this makes the assumption that protecting assets is important to you. That is not true for everyone. For example, if you have no one to whom you wish to leave assets, then not buying LTC may be the correct decision.
For me, the biggest issue is control of my life and not saddling my husband or my children with excessive care giver responsibilities. Our coverage will allow us to stay in our home as long as possible, and then still have control over where to receive care, should one of us need outside Assisted Living or a Nursing Home. Being a private pay patient, has a lot of advantages allowing you to choose where you will receive your care.
Thanks for your question,
Rosemarie A. Boyd, CFP
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