Is long-term care (LTC) insurance a good investment?
People have become increasingly aware of how easily long-term care (LTC) for seniors can wipe out a lifetime’s savings — and insurance companies have been quick to capitalize on that fear. Long-term care insurance, also known as nursing home insurance, has been widely advertised as protection against the costs of long-term care, particularly residential nursing facilities. However, this kind of insurance is expensive, and it often provides only limited benefits — with many restrictions and conditions — that may end up covering only a small percentage, or nothing at all, of your total long-term care costs. Insurance companies market long-term care insurance by suggesting that consumers are likely to wind up spending years in a nursing facility — a prospect that would wipe out their savings and perhaps leave them without a roof over their heads. However, the actual odds of a long nursing facility stay are considerably lower than the insurance industry would like you to imagine, and w
