Long Term Care Insurance - Yes or No?

Having a conversation with your parents and spouse about long term care in advance of a need will help to follow their wishes without second-guessing yourself. It is a difficult time, but when trying to determine what is best and what are their preferences may conflict. Only 11% of people have had a conversation with their parent or in-laws about the potential need for long term care and only 23% with their partner. Have the discussion to know preferences, their previous experiences, plans already in place and what financial resources are available.

Long term care planning can incorporate insurance with your other financial resources, it need not be fully insurance. There are insurance policies that cover all venues of long term care, some only cover home care, certain life insurance policies permit use of death benefit for long term care and then more and annuities may have a long term care component. Gather information to learn what is best for you, it may be more than one solution available. Your age, health, preferences and finances will be considered in developing a long term care plan. Learning from a insurance broker that specializes in long term care planning is recommended, a broker is independent and works for you.

Listen to interview of Melissa Barnickel by Colin Meeks, CFP of Complete Money Management