7 Reasons Not to Buy Long Term Care Insurance

1. You might not need it. According to the U.S. Department of Health and Human Services, at least 70 percent of people over age 65 will need some sort of long term care services. Maybe you'll be one of the 30% who won't. If you live past 85 years, you might be the 50% who won't have Alzheimers.
2. Your kids will take are of you. Decide which one of your kids can quit their job, walk away from their own lives and take are of you. Give them notice now so that they can plan for it. Maybe one of them can even delay their own plans for retirement by spending their savings on your care. Hey, you changed their diapers, why shouldn't they change yours.
3. It's too expensive. According to the 2009 Cost of Care survey put out by Genworth Financial, the average cost of care is $82,000 a year today. You could save your money and in 30 years you can pay the $328,000 it will cost for one year of care. The average annual premium is about $2,000 a year and most policies have compounded inflation that will keep up with the rising cost of care. Why spend $60,000 over 30 years in premiums?
4. You'll never end up in a nursing home, so you don't need a policy. The majority of care is provided in a home setting and more than 50% of current long term care claims are for home care. You'll only have go to a nursing home if you need a nurse to take care of you or you don't have enough money to afford staying at home.
5. The government will pay for your care. If you've spent all of your assets down to $2,000, you're right. It doesn't matter if your care requires skilled nursing, Medi-Cal will fund your care in a Medi-Cal-funded facility where you can share a room with 4-6 other people. At least you won't feel lonely.
6. You don't need to even consider a policy until age 65. Granted if you're still healthy, you can get a policy and pay five times more than you would have paid if you had gotten the policy at age 60 and 10 times more in annual premiums had you bought your policy at age 55.
7. Your wife or kids can be asked to assist in your suicide or you can do it yourself. If anyone assist in your suicide, they can receive free room, board and health care for the rest of their lives granted by the Federal government. If you're planing on doing it yourself, make sure you do so before you forget where you put your gun.

Why plan for your own long term care experience?