If you invested the annual premium you will pay for LTC insurance on your own, the accumulated investment would not pay for even one year of care.
The purpose of LTC insurance is not to pay for the care you’ll need when you’re 90. The real purpose of LTC insurance is to protect yourself (and your spouse) if you need care when you’re 50, 60 or 70 even for a short time. Should you need long term care at 90 years old, your need for care will not continue for decades. However, if you have to use up your retirement savings because you or your spouse has an illness or accident—a stroke, Parkinson’s disease or one of many other possibilities—at age 50, 60 or 70, your money could run out long before your need is over.
You’ve worked long and hard for your nest egg. Are you willing to gamble it on your health and your spouse’s health?
2006, LTCi Specialists