Long-Term Care Insurance – To Buy or Not to Buy?
The decision on whether to buy long-term care insurance vs. self-insuring is a question many clients ask. If you can afford to self-insure based on your planning, then the choice boils down to whether you would like to retain the risk or share the risk with an insurance company. The goal would be to take the worst-case scenario off the table, if possible.
Insurance companies offer many different long-term care products with various bells and whistles (such as LTC with life insurance or annuities), so it is important to determine what you would like to cover and what you can afford to pay on premiums. Since you have no idea of what the future holds for
