The Pro and Cons of Getting Long-Term-Care Insurance
#1 My first concern for you is not your potential need for long-term care. My first concern is being sure you have the income you need to live the life you want to live for whatever years you have left on this earth.
#2 If you can have the income you need and at the same time take some of the money you don’t need to live a comfortable life and use it to preserve the assets you have spent your life building so that you do not lose them in the last few years to the cost of long-term care, then I want you to have that too.
If the cost of #2 cuts into your ability to live a comfortable life, then we forget about #2. If you can afford to preserve your assets for who you want them to go to, provide for your income needs while you are well and at the same time provide for your own potential long-term care needs, why wouldn’t we want to do that?
It does not make sense to me to live less of a life to pay for something that may not happen. It also does not make sense to me to risk losing everything in the last few years if you can afford not to.