It's really a crapshoot, as we all know.
If one is single, no children or close relatives, I suppose long term care insurance is more of a necessity.
You buy it on a cafeteria-plan. The more you pay beforehand, the more you'll receive when and if you reuire it.
I understand there are waiting periods and other qualifications before the insurer will pay.
When at 59 spouse and I were offered the opportunity to buy long term care insurance, we couldn't/didn't see the need and declined. Three of our parents had died suddenly, none past 70, and we hadn't had to deal with nursing facilities.
When my mother required nursing care, it was paid for with the receipts from the sale of her house, among other sources, including SS and a small pension, and a few other financial assets.
That took her through about 9 yrs of assisted living in dementia care.
When spouse needed what turned out to be six yrs in nursing care, proceeds from his IRA were able to take care of the expenses. All those expenses were tax deductible from our income taxes, under the medical deduction.
So I will be self-insured as well when/if long term care is necessary, i.e., using the same formula as used for my spouse.
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