I am 59 but diabetic. I think I run an above average chance of needing long-term care in the future. I do not want to exhaust all my savings and home to pay for nursing home care.
Inexpensive is a relative term. You should look into coverage as soon as possible. Underwriting guidelines have been tightening over the last 2 years and your diabetes might prove challenging. Get multiple quotes from a financial planner that specializes in LTCI and, of course, read “Insiders Secrets“.
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yes it's worth it. long term is very inexpensive insurance. Especially if you think there's a chance you'll need it. Also you may need it till the S.S. Disability starts paying. Don't forget short term too. A lot of long terms don't start till 6 mos after not working.
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experience
no,you would be better off just paying each month because it is cheaper.
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It depends on where you live. If you live in Canada you don't have to worry as much about it, but if you live in the US I would say get the insurance for sure.
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It really depends on the amount of your savings, your general health, the type of diabetes, your personal situation with regard to family and your tolerance for risk.
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Long Term Care insurance makes sense for about 80% of the baby boomers. The exception would be the wealthest 10% that can afford to self-insure and the poorest 10% that do not have any assests to protect. To find a local agent - http://www.findlocalinsurance.com
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Inexpensive is a relative term. You should look into coverage as soon as possible. Underwriting guidelines have been tightening over the last 2 years and your diabetes might prove challenging. Get multiple quotes from a financial planner that specializes in LTCI.
References :