Is long-term care insurance a good deal?

Whether long-term care insurance is a good deal hinges largely on how much you end up using it, and this can be difficult to predict decades ahead of time when you first look into buying a policy. According to the American Association for Long-Term Care Insurance, the cost of long-term care is expected to increase to more than $300,000 per year by 2050. If you require multiple years’ worth of care, this can make long-term care insurance very worthwhile. However, some people will require little to no care, and any money they had put into an LTC insurance policy will then go to waste.

Overall, there is no clear-cut answer. If you anticipate needing long-term care because of family history or other factors, LTC insurance is definitely worth looking into. For those who are uncertain, it is best to talk things over with a financial advisor who can better help you understand your position and the options that are available to you.

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Is long-term care insurance a good investment?

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