Firstly, most of these policies are capped at close to $1M and all of these people easily have $1M to spare.[/quote]
My mom is currently living in a good assisted living facility They provide cooked food for the residence. Have a nurses on site to insure medications are taken correctly and schedule activities for the residents. All this doesn't come cheep. Based on what I see I can expect to spend about $100,000 a year if I have to go into assisted living in addition to medical expenses. So $1 Million in cash might only last 10 years. Some really good long term car facilities can cost a lot more.
In a good assisted living facility there are others you can talk to and socialize with. So you are not really alone. Although you do have a private space were you can be alone if you want.
I breiefly looked at LTCI and found it makes more sense for me to self insure. Fortunately I got lucky with my investments and have enough to do that.
My mom is currently living in a good assisted living facility They provide cooked food for the residence. Have a nurses on site to insure medications are taken correctly and schedule activities for the residents. All this doesn't come cheep. Based on what I see I can expect to spend about $100,000 a year if I have to go into assisted living in addition to medical expenses. So $1 Million in cash might only last 10 years. Some really good long term car facilities can cost a lot more.
Secondly, and most importantly to me, why would you want to prolong your life when you are mostly sitting at home (best case) by yourself with minimum interaction.
In a good assisted living facility there are others you can talk to and socialize with. So you are not really alone. Although you do have a private space were you can be alone if you want.
I breiefly looked at LTCI and found it makes more sense for me to self insure. Fortunately I got lucky with my investments and have enough to do that.
Statistics: Posted by Steven F — Sun Aug 04, 2024 11:49 am