We think everyone needs a plan to make sure their long-term care needs will be covered. But, long-term care insurance is only worth it, if you are interested in protecting your retirement savings, won’t have enough personal savings to cover the cost of long-term care, or won’t have free long-term care services.
So, in that respect, most people are going to fall into one of, if not all of those categories. In which case, yes, long-term care insurance is worth it.
While it’s not technically health care coverage, long-term care insurance will cover the services to help with your activities of daily living needs to help you maintain daily activities; whether it’s help with personal care including bathing and dressing, or whether it’s help with nursing care at either a skilled nursing facility or other residential care facilities like assisted living.
Financially speaking, most people will not be able to afford the high costs of long-term care needs if they have to pay out of pocket. The bottom line is, long-term care insurance is worth it because it can pay for the care most of us will need, and make sure we get the care we need, when we need it, and where we want to have those services.