As we've mentioned over the years, Bob and I frequently contribute to an online forum answering various insurance questions. Along the way, we met Herman Bruns, a Long Term Care insurance specialist with vast knowledge and a big heart. A while back, Herman graciously provided us with a guest post on when it's appropriate to consider purchasing LTCi.
Now, he's added a tremendous, intuitive way to quantify that decision. It's really just a simple test:
How long can you afford to pay $150-200+/day for your care?
How long can you afford to pay $5/day for your care?
As he explains, "if the answer to the first question is "not very long", but the answer to the second is "forever"....then you have just answered your own question. $5/day will buy many people lots of LTC insurance that pays the $150+/day if you need care. (age/health/benefit dependent of course)."
Thanks again, Herman!
Now, he's added a tremendous, intuitive way to quantify that decision. It's really just a simple test:
How long can you afford to pay $150-200+/day for your care?
How long can you afford to pay $5/day for your care?
As he explains, "if the answer to the first question is "not very long", but the answer to the second is "forever"....then you have just answered your own question. $5/day will buy many people lots of LTC insurance that pays the $150+/day if you need care. (age/health/benefit dependent of course)."
Thanks again, Herman!
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