Long-Term Care Insurance: That Wasn’t Supposed to Happen!

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Q. When my mom was in her 50's, long-term care insurance seemed like a great idea. She bought a policy while she and my father were still relatively healthy, paid their monthly premiums on time every month, and in return they thought they'd be able to afford a nursing home, assisted-living facility, or personal home health aide if and when the need arose.

The time eventually did come, as it does for most of us, but things didn't happen as planned. The insurance that was supposed to help them afford quality care, while protecting their hard-earned assets, wasn't enough to cover their care. Not to mention the fact that their premiums kept rising along the way.

My parents made a mistake in buying long-term care insurance, and I learned from watching them not to do the same. I'm still not sure why things happened the way they did, but I was wondering what other options my wife and I have. Thanks for your help!

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Critter Corner: When Should I Plan for Long-Term Care?


 

Dear Angel,

I read somewhere that I should start planning for long-term care now. I am only 40. That seems young. Is this correct and why?

Thanks!

Jus Fortee



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