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Best of the Web: Should You Pay for Long-Term Care Insurance?

March 2010

Picking Stocks

Most people currently turning age 65 will need some kind of long-term care at some point in their lives for three years on average. Much of that care will be in-home and individuals and their families will personally bear much of the cost. But one recent study (Kemper, Komisar & Alecxih, Inquiry 42:335) suggests that only about five percent of seniors will need to spend $100,000 or more of their own money on long-term care. For many seniors, low-cost options such as hiring someone to help with laundry and errand-running can go a long way towards making life easier. Others will be able to rely on family members or a caring religious community. Technology, such as in-home emergency response systems and medication reminders, can be a great boon. How likely are you to need high-cost care? Does it really make sense to shell out thousands of dollars for insurance? Your decision to pay for long-term care insurance needs to be based on a careful and objective assessment of your financial and physical risks.

Medicare has an excellent long-term-care planning tool that will help you review your personal and family medical history to help determine likely costs and possible resources.

This article from AARP provides a useful introduction to long-term care insurance,as well as some good links to further information.

The Massachusetts Elder Affairs Office has an extensive listing of state and private programs for seniors. 


The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.

All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Past results are not indicative of future performance. Outside sources used in this article are believed but not guaranteed to be accurate. Examples provided are for illustrative purposes only and are not representative of intended results that a client should expect to achieve.