Of course, that could mean paying for 10, 20 or 30 years before needing to file a claim. By saving $2,000 a year instead of buying insurance, you might accumulate a fund that could cover a good chunk of your long-term care expenses. And if you never faced those expenses, this money could be passed to your heirs.
Determining whether long-term care insurance is a sensible investment depends on factors such as your health, whether family members could provide care and whether you might become eligible for Medicaid, which is reserved for people of relatively meager assets.
People who are financially comfortable are in an odd position: The premiums are less of a burden, but they may have enough money to handle any long-term care needs without insurance.
As with any financial product, it's important to shop with care and read the fine print. Some who have paid LTC premiums for years have been shocked to find some of their expenses aren't covered. Some policies, for example, don't kick in until the policyholder has already spent tens of thousands on months of nursing home care.
— By Jeff Brown for MainStreet