Opinions on Long term care?
Just discussed long term care insurance with an agent yesterday and am a bit shell shocked at the cost!
We've been retired two years and son suggested that we should look into the insurance. We both would hope to stay in our home as long as possible and take care of each other. Have a comfortable income from RR retirement and savings from both work 401's. At age 65, we will go on Medicare plus supplement. The long term care would be for help in the home if one of us were ill, or in a care facility if necessary.
My concern is that we would just use up all our savings in insurance payments!
Anyone have any suggestions on advice on this issue? How do you plan ahead for in case you become unable to take care of yourself?