Question: Sorting out long-term care is a top concern as I approach retirement. However, I’m not sure how to best manage the expense. Is long-term care insurance worth it?
Answer: The affordability of long-term care insurance worries many retirees and pre-retirees. A financial plan should account for this late-in-life spending, but many Americans cannot self-insure for the costs of a care facility or even in-home care.
Introduced in the 1970s, long-term care insurance is designed to cover expenses for people unable to perform essential daily activities such as bathing, dressing and eating. The care can be provided at home or in facilities such as nursing homes.
Initially, LTCI was primarily associated with nursing home care, but its scope has expanded to include a broader range of services.
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