Is long-term care insurance a good thing to have?
A long-term care insurance policy can protect your assets and those of your spouse when you would otherwise be unable to afford care. According to bankrate.com, the average cost of long-term care insurance can range from $400 a year (for individuals in their 30s) to more than $1,000 for those in their 50s and 60s. More specifically, an individual who is 65 years old and in good health will likely pay between $2,000 and $3,000 annually, according the AARP, for long-term care insurance which will cover the costs of nursing home care as well as home care. If you are young and healthy, long-term care insurance may not be the right solution for your eventual care costs. Instead, a young person would do much better investing the amount of the annual premium in the stock market and self-funding their care. While there is no single rule of thumb to follow regarding coverage, take into account your family medical history, your net worth, age and marital status to determine if a long-term care p
