Is Long Term Care Insurance Worth It? [Interview with Dan Tripp]
👉Is Long-Term Care Insurance Worth It? We interview Insurance specialist Dan Tripp in the Metro Detroit area regarding long-term care insurance.👈
What Are the Odds of needing long term care insurance?
According to the American Association for Long-Term Care Insurance:
“The lifetime probability of becoming disabled in at least two activities of daily living or being cognitively impaired is 68% for people age 65 and older.”
Is long-term care insurance worth it?
It is wise to look at the statistics, but your odds are zero or 100%. So basically, if you need it, it is an amazing deal; if you don’t, it is a horrible deal.
You either will need care, or you will not. If you need care for more than four or five months, you will be glad you have long-term care insurance.
It is worth having if you use it because you would essentially be paying a very small amount for, on average, $5,000 to $6,000 per year.
Should you get long-term care insurance?
Long-term care insurance allows you to maintain your independence and afford quality care.
It also helps reduce the financial and psychological stress a long-term care event can impose on your family. The cons are the cost of the premiums.
Whether you buy insurance or not, you want a plan in place so that you and your family know what to do if you need care.
That plan involves talking to family and friends about their ability to help if and when help is needed.
You may also want to consider alternatives to long-term care insurance, such as making arrangements to live with family or friends or moving into a continuing care community.
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This is opinion only:
Do not consider this video as a substitute for professional medical advice, diagnosis, or treatment for the viewer or reader. We strongly urge you to contact your physician with any questions regarding your medical condition. If you have an emergency, call 911 immediately or see your physician. Do not allow this information to let you disregard your professional’s medical advice or delay seeking information from this content. Do not rely on information provided by this general education video.
Healthcare practitioners: The content here is for education purposes only. The authors have done their best to provide the most up-to-date evidence-based information, but this content should definitely not be considered any type of medical standard. It does not reflect individual practices in other geographic areas.
This is strictly for medical education purposes only, and it is not intended for diagnosis or treatment. The information in these videos is the author’s opinion and is not an official opinion of any organizations that the authors may be a part of. The authors or speakers are not associated with any of the above products.