Is long-term care insurance a good investment?

May 17, 2018

Is long-term care insurance a good investment? The answer depends upon many factors:

    1. Are you insurable (do you have health problems that would cause an insurance company to turn you down for coverage)?
    2. Is it affordable? Remember, insurance companies have the right to raise your premiums, so long as they raise them on all persons within your age category.

It is also important to remember that long-term care policies pay a specific amount per day for skilled care, and that amount is almost always less than the total amount charged by the nursing home. For example, if the policy pays $150 per day, that amounts to $4,500 per month, while the average cost of skilled nursing home care in Northeast Ohio is $9,000 per month.

You should discuss options for addressing this issue with your estate planning attorney.

-Attorney Jack N. Alpern

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