Buy Long-Term Care Insurance or Self-Insure?
In the Your Money, Your Wealth® podcast episode #213, Joe Anderson, CFP® and “Big Al” Clopine, CPA answer this voice message from Tom in Colorado, sent via YourMoneyYourWealth.com: “Hi my name is Tom. My wife and I are both in early 60s. I’ve been reviewing long term health care policies and they don’t really seem to offer a lot of coverage, and I wondered what the analysis is – what kind of financial analysis, in terms of whether I should purchase long term care insurance or just self-insure that and invest the money to have it there for if and when it’s needed. We have enough assets to self-insure, but I’m not sure that’s the wisest thing to do and I’m trying to evaluate this risk. Thank you so much, I appreciate you taking my call.”
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