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Long Term Care Insurance: Why or Why Not?

Posted by marita40 (My Page) on
Sun, Feb 25, 07 at 16:00

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?

Follow-Up Postings:

RE: Long Term Care Insurance: Why or Why Not?

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.

RE: Long Term Care Insurance: Why or Why Not?

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

RE: Long Term Care Insurance

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.

RE: Long Term Care Insurance: Why or Why Not?

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.

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