Yes, but if you have any assets it can be quickly eaten up by NH costs. I would need more information to advise in any way. Such as your age, assets etc. I think you should talk to someone with the company you have your policy through.

I just purchased a long term care policy from Mutual of Omaha (through my insurance broker) yesterday - it's going to cost me $123.67/month - my financial advisor felt this one was best for me. If you want more information on the plan we chose, feel free to email me.

You need to talk with a tax advisor -- While the amount has changed, I believe that this type of insurance is tax deductable. The average stay in a nursing home is 3 years. However, I have a great-aunt who is now on Medicaid as she's been in one for 7 years. Ran through 2 different policies [bought in the mid 70's I believe] but she was 93 when she fell & broke a hip. One policy paid $ per day for 3 years & the other was for $10K. I've since sold her home [1 bedroom/1 bath, no AC but a 1 car garage] her car, and gone thru savings/cds/etc of about 300K. The family consensus is that with the regular meals, meds given appropriately, etc. has greatly contributed to her lifespan. [but she sure has screwed up the curve for the teacher's retirement fund]. You might want to think about family medical history [better living thru chemistry/drugs for blood pressure, etc]
My mom is in assisted living & has 24/7 caregivers -- has a long term health care policy that pays on nursing home, assisted living & caregivers. Her plan has a finite amount of assistance in the low 6 figure range.
There are tons of options out there, but the costs go up as you get older.
It also should go without saying that you should have legal powers of health care/attorneys for someone to do this kind of thing for you in case you become less able to make these kinds of decisions...

You need to talk to a reputable financial advisor that specializes in the elderly. Without knowing your financial background, it's impossible to advise you.

I can not stress enough how much an advisor could help you. You're probably talking about hundreds a month with your insurance dilema, but they can advise you in so many financial ways to help you save thousands... not only for yourself, but for you to pass onto your children.

Look on the Household Finances forum. Use the search feature for long term care insurance. Been discussed fairly often.

One of our BFFs is a retired stock broker and quite knowledgeable, and he says no, don't buy it. He also says not to used debit cards.

Since no member of my family has ever ended up in a nursing home, I doubt I will ever need it. You need to evaluate your personal situation.

DH and I considered it, but given that both of us receive annuities that would cover most of the cost, and the fact that we don't have children who need an inheritance (his children are financially comfortable and mine predeceased me), we were not willing to pay the high premiums. Our mortgage-free home would cover the cost of care for a long time.

I personally wouldn't buy it. Others feel differently.

One queston to ask yourself - am I saving all my assets/estate to pass along to heirs or to insure my own comfort in later years?

My heirs can have anything that's left after my comfort is secured. Inheritances are not entitlements.

not quite the same...when mother went hospice they were going to send her home, because medicare wouldn't pay...thanks be her suplemental ins did and she was able to stay. ironically, she passed away in 2 days time...

i hope you're blessed with a healthy retirement, and hope you never have to face a nursing home...but just make sure what your rights are...

Do your OWN research & reading before talking to a financial advisor (ESPECIALLY if you speak to one who SELLS products).

Google *LTC insurance pro/con*... see where you fit in with your own fiancial situation. If you don't have much assets, then you probably should NOT be buying LTC insurance. The $-point where you should buy LTC insurance is more debatable. If you are rich, then you can be "self-insured" for LTC.

Also Google *LTC insurance ratings*... see how your -or an insurance you are considering- are rated by Best, Moody's and S&P.

Get informed/educated yourself..... then you will make the best decision for YOU.

It may help to think about this as you do about life insurance. For instance, as a Senior couple, our 'nest egg' is adequate for our needs for the remainder of our lives. Neither we nor our DS and his family would face hardships without insurance benefits. We are 'self-insured'.

If you have paid into a long term care policy for a certain amount of time I believe you have *some* reduced benefits you could draw upon even if you stop paying the full coverage premiums. Ask the company.

It's really a very individual decision. I asked about long term care ins. in the Household Finance forum and got a lot of good info. Both my mother in law and mother were in a nursing home - MIL for about 10 years after breaking a hip and suffering from memory problems after some mini strokes.

If you rely on Medicaid in lieu of LTC insurance you do NOT get the same thing. LTC provides for care in your home - Medicaid does not. Also not all nursing homes are certified for Medicaid payment. Some of the nicer ones do not take Medicaid. There are nice ones that do but your choices are more limited with Medicaid.

I opted to purchase for these reasons - particularly the option of possibly avoiding a nursing home altogether.

Medicaid does pay for in home care. They also pay for certified homes, if one doesn't need skilled nursing. Buying a LTC policy is like most insurance, one size does not fit all. Insurance is a maze to get through. Best of luck and happy retirement.

In my state Medicaid does not cover long term care in the home. Coverage may vary in other states or there may be other public assistance programs that do provide it for those who qualify. I like the idea of having more control over what services I can receive and from who - rather than being at the mercy of the government. My grandmother was also in a nursing home for quite a few years - paid for by Medicaid. One thing I thought was a big advantage for my MIL, whose care was covered by LTC insurance and other personal funds, was that she had a private room. She had some of her own furnishings and room for visitors. We spent a lot of time there over the years and it was nice not to have a roommate. Who knows what will matter to you though if the time comes. Some people rarely if ever have visitors.