Long-term care insurance?

[agate]

How important is it to have long-term care insurance, do you think?

I've heard that it's great to have but I've also heard that people might be better off saving their money and not having it. The premiums seem to be very high but on the other hand when it's needed it pays huge expenses that many people couldn't pay out of pocket.

[Virginia]

IMO it is important if a person can afford to pay the premiums. I know of people that have had such good LTC insurance that it paid even at home - around the clock. I have a small amount that was fair when I took it out between 25 and 26 years ago. Now it is not nearly enough, but I cannot afford more. I am glad I have what I have, but if I did not that would have to be something that I could not do.

I do think it is becoming more and more important because they are trying so hard to do away with Medicare/Medicaid. Medicare pays only for a very short period of time anyway.

[Sunshine]

Wish I had it, by time I became aware of its existence 20 years ago, already had dx of MS, so doubt could’ve gotten it?

[Lazarus]

This is an important topic. I know nothing but worry all the time. It will be interesting to get some information.

My husband used to tell me that I could stay at home and afford to spend down savings to have nursing care but, maybe that was true 20 years ago. Today’s costs are way out of sight. The old plan will never work for us now.

[agate]

There's an article about long-term care possibilities in MS Focus (Fall 2017), pages 40-44. The title is "Planning for your family's long-term care." It's a PDF file but I think it will be readable if you're able to enlarge it and flip the pages:

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[Virginia]

Agate, it looks like Medicaid is the best route. However, it could be done away with at any time. One scenario they did not address is my situation. I have income from the U.S. Military, Civil Service and Social Security. While not a lot, it is still way more than Medicaid would allow me to have. I therefore cannot qualify for Medicaid. Even if I sell my house and take the money from that it will not last long. So, it seems to me that it is a catch 22 situation, where I have enough income to live on but not enough to pay for any type of in-home or nursing home care.