Long Term Care Insurance question
My FIL just turned 81. Only one long term care insurance provider has agreed to insure him for home care / assisted living / nursing home coverage up to $ 150 per day, but cost would be $10,000 per year.
Many people are saying "Don't take insurance because you will end up on Medicaid anyway and they will take all your money."
His financial picture is 75K cash and condo worth approximately $150K.
He may be coming to live with us, so this is a very important decision for us, as some of the care may fall to us.
Does anyone have any experience with long term care insurance, and if so, is it a good idea or will he be throwing his money out the window?
Any suggestions would be greatly appreciated.