Is long-term care insurance a good investment? Similar to homeowners and car insurance, it can be a great investment if you need assistance with activities of daily living as the years go by. Most, not all, such insurance only pays if the need arises, so if you never need either assistance at home, in an assisted living or skilled nursing care facility, there is no benefit to your family after you pass away. The cost of such insurance continues to rise, and your ability to get it depends upon (a) availability (can you get it at your age and with any health problems you may already have?) and (b) affordability (the more you pay, the greater the benefit if you need assistance). Other options should be thoroughly discussed with an Elderlaw attorney.
-Attorney Jack N. Alpern