7 thoughts on “Should You Buy Long-Term Care Insurance?”

  1. Do you really want (or need?) a nursing home?

    Memory care usually means just a locked ALF…not skilled-level nursing care.

    I just buried a relative who was bed-bound by their terminal cancer once they came out of the hospital, after that surprise diagnosis.

    Tried the SNF near the hospital…only semi-private rooms were available, very institutional…they hated it, even with Hospice.

    Moved them after a couple of weeks to a private room in a ALF around the corner from me.

    Even though they were bed-bound, needing to be dressed/changed/bathed the cost was less than half that of the SNF.

  2. Besides average time in a nursing home ,it is also helpful to look at the probability of a lengthy stay in a nursing home . I came across a chart a few years ago that showed only a 10% chance of a stay 7+ years (the chart also showed probabilities by other time ranges ). In my state , memory care is currently about $180,000 per year,but we intend to self insure .

  3. Thanks for sharing this.
    May the LTCI salespeople not haunt you too much in an effort to “educate” you.

    My posts about LTCI receive 10x as much hate mail as everything else.

    This is a complex and changing area, but most doctors should focus on building wealth. Those with millions shouldn’t be fearful of paying for rent and ADL assistance. Self-insure!


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