If you can't afford it, don't get it. Long-Term Care should be purchased when someone is in their late 40's or early 50's.
Long-Term care has, what I call, the Jerry Lewis Telethon syndrome. Those who don't know of someone who has needed it, won't see the merit of getting it, until it's too late.
If your income (earned and passive) is not above $40k, and your assets are less than $100k, then you are better of with Medicaid planning. Otherwise, the monthly premiums would be cost prohibitive. Meet with an eldercare attorney, and start planning now.
Yes, you should purchase a long-term care insurance. I have seen both my parents, who are in their 60's, decline in health by 50%. My mother ended up in a wheel chair because of knee problems and other health issues and my dad has mental problems. Neither one of them can work and they can't get the long term insurance because it is to much money to get now that they need it. Get it before you need it. They depend on my sister to take of them but I'm not sure how long she can do it. I'm only 29 and I will purchase some when it is time.
Hi, I joined AARP because they offer members reasonably priced long-term care insurance underwritten by Met Life.
There is more information and an online quote is available at:
http://www.aarphealthcare.com
Hope this helps,
Westgal
Great question, Jack. I'm in the same place and have been wondering whether this insurance is "worth it" also. I received a quote that it would cost me something like $600/month for this "insurance" which is far more than I can afford at this time.
Hopefully someone else will give us some suggestions.
Michael