There’s a lot of fear surrounding long-term care. Quoted statistics fuel the angst about this unknown. When articulated, the horror involves living out one’s last days abandoned and suffering in a poorly-run nursing home. Alternative dreads include spending down family assets to pay for quality care or leaching the joie de vivre from family members by asking them to provide care.
A frequently promoted solution to relieving this anxiety is long-term care insurance. There are many variables to living and dying, along with changeable elements in the cost and nature of insurance and care. I won’t predict what might happen or cover all aspects of long-term care and insurance today. But I’ll offer insights into the basics of planning for long-term care.