Are Expensive Long-Term Care Insurance Premiums Worth It?

The Principle:

If you’ve been in the market at all for long-term care insurance, you’ve seen how significant the premium increases have been in recent years. You might have even asked yourself is it worth the cost. Let’s try to answer that question and discuss the different options that are available in retirement.

(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)

Honest Takes:

Retirement planning covers many different aspects of your life but one that doesn’t always get the most attention is long-term care. There’s a reasonable chance that you’ll need it for you or a loved one, and that can become a major expense.

The problem now, however, is that these LTC insurance premiums continue to go up and up in price. It’s forcing people to make a difficult decision on whether to purchase the insurance and that can leave your retirement future in doubt.

Thankfully, there are a few different options you have when it comes to covering long-term care expenses should you need them. That’s our focus today on the Retire with Integrity podcast. Brian Bowen just got through having a similar conversation with a client so this topic is fresh on his mind.

If long-term care is something that you’re concerned about, first know that you are correct in feeling that way. It can become a burden if not planned for correctly. But second, understand that there are ways to protect yourself. Join us as we try to help you make sense of this important issue.

[0:16] – The last few years have brought big increases to long-term insurance premiums.

[1:10] – Do we bite the bullet and pay the premiums or roll the dice and skip it?

[1:41] – Client recently came in and asked this exact question. Here’s our conversation.

[2:40] – Here’s are Brian’s thoughts based on the math.

[4:12] – Is a short-term policy an option?

[4:39] – Self-insurance is a strategy many use.

[6:01] – But it’s different for everyone so find the solution that fits you.

[6:47] – Have a comprehensive retirement plan. 

Today’s Truth:


The Host:

Brian Bowen – Contact

Considering long-term care insurance? Contact Brian Bowen of Integrity Financial Planning, based in Roanoke, Virginia, to learn if it would be a good addition to your retirement plan