Long Term Care Insurance: Why or Why Not?

CassandraFebruary 25, 2007

A recent article in the NY Times talked about buying long term care (ie. nursing home) insurance, but my financial planner seems to caution me against it. I'm a 50 year old woman, single, in excellent health, with a very long (90s) life expectancy. I expect to retire at about 62 or so. I've been a teacher all my life and have been diligent about savings but I certainly will not be rich in retirement. Can someone argue the pros and cons of buying this insurance?

Thank you for reporting this comment. Undo

I wish I knew more about this topic myself so I can't argue either way - but something in my gut says your financial planner is giving you good advice to be cautious. I googled - explain long term care insurance - and the 4th. article from the bottom of the first page "Avoiding Fraud When Buying Long Term Care Insurance" might have just the kind of information you're looking for.

    Bookmark   February 26, 2007 at 2:18AM
Thank you for reporting this comment. Undo

PS: someone started a thread about this over on the Household Finances Forum - some interesting replies.

    Bookmark   February 27, 2007 at 6:30PM
Thank you for reporting this comment. Undo

duluth, thanks for pointing the other thread out. It looks like Household Finances is a pretty active forum. I hope Duluth does bloom again soon!--I'm in the Twin Cities and we are about to get whomped by another massive snowstorm.

    Bookmark   February 28, 2007 at 10:45AM
Thank you for reporting this comment. Undo

Us too - supposed to start later this evening. Usually don't see a lot of "panic" buying in the grocery stores, but there is today. This will set thoughts of spring back a little, I'm afraid.

    Bookmark   February 28, 2007 at 3:46PM
Sign Up to comment
More Discussions
What's Pretirement mean?
Hi guys. I want to hear your thoughts about this. I...
Elderly mother cancelled her long-term care policy
Apparently, the premiums were increasing significantly...
Retiring Abroad: Costs of 12 cities
Does not cover healthcare, which can be complex enough...
Already own or buying a condo in Florida?
Beware! http://america.aljazeera.com/watch/shows/america-tonight/articles/2015/2/6/florida-condo-law.html...
Retirement Property in PA
looking for retirement property in Pennsylvania, preferably...
© 2015 Houzz Inc. Houzz® The new way to design your home™