Do You Need It?
According to Consumer Reports, if you have more than $2.5 million in liquid assets, you can probably afford to pay long-term care insurance premiums out-of-pocket, and if you less than $500,000 in liquid assets, you won’t be able to afford the premiums. That article was written in 2012, but inflation has been low in the last several years for adjusting the dollar amounts. We fall in the under the $500,000 in liquid assets category. We only plan to have around $250,000. Clark Howard recommends not buying long-term care insurance if you have over $3 million in liquid assets or if you are on Medicaid. Continue reading Should You Get Long-Term Care Insurance?