We just put my wife's mother into an assisted living facility in Texas. She was fortunate enough to have a Long Term Care policy. It is paying $100/day from day one with a 5 year limit. She was paying $90 for the policy she obtained through her employer. Her husband paid for years and died before he ever needed to use it. Still, they couldn't have raised $180,000 (what the policy will pay) with the premiums they paid. Now she has a NICE apartment with all meals, utilities and transportation included - plus - she's able to save her retirement income for the next 5 years in case she lives long enough for the policy to cap out. My wife and I are in our early 50s and looking into policies for ourselves this week. Don't know what we would have done without her policy.
- J. Merrett
After seeing the expense associated with my dad's stay in a long-term care facility, which luckily he could afford, my husband and I decided to take advantage of the long-term care policy his employer makes available. We have an only child, adopted when we were in our 40's, and we want to be sure he isn't saddled with the cost of our care, especially as we may need it while he is still quite young.
Would we be doing this in a perfect world? No. But we live in a society where we insure against risks. I have health insurance, car insurance, and homeowner's insurance, all of which I have had to use.
- E. Whitton