The cost of a 3 year plan with a decent amount of coverage per day and inflation protection is just astronomical! I just don't see the point of putting that amount of money out for insurance that may not be needed. Also, what happens after 3 years (forget longer terms, too expensive), I guess you are on your own after that. Then, the argument for buying LTC insurance at a young age also makes no sense to me for several reasons: you cannot miss a payment without forfeiting the plan, you need two disabling requirements to get coverage, premiums will continue to go up. At a young age, I think it is better to take the money that one would use to pay the premiums and invest it in a Roth IRA. This would not have a problem with forfeiture, would not require two disabling requirements, would not require legal bantering with the insurance company, and if anything is left over, it can go to heirs.
The cost of a 3 year plan with a decent amount of coverage per day and inflation protection is just astronomical! I just don't see the point of putting that amount of money out for insurance that may not be needed. Also, what happens after 3 years (forget longer terms, too expensive), I guess you are on your own after that. Then, the argument for buying LTC insurance at a young age also makes no sense to me for several reasons: you cannot miss a payment without forfeiting the plan, you need two disabling requirements to get coverage, premiums will continue to go up. At a young age, I think it is better to take the money that one would use to pay the premiums and invest it in a Roth IRA. This would not have a problem with forfeiture, would not require two disabling requirements, would not require legal bantering with the insurance company, and if anything is left over, it can go to heirs.