Long term care insurance is very expensive. When I worked for a health insurance company, they offered it to me at a discount with a promise that the cost would neve go up, but at the time it was still too expensive, so I passed on it.
Medicare will cover a skilled nursing facility for 20 days at 100%. Days 21 to 100 covered but you will have to pay $164.50 coinsurance for each day. After that your 100 days are expired and you are responsible for the total cost. A family member of mine used 92 days last year, so she was close to running out of days.
If you are out of the SNF and hospital free for 60 days, you will get all of your used SNF days back and restored.
Many people have a Medicare supplement that will cover that $164.50 for up to 100 days, so there first 100 days are covered at 100%.
Now, if you need to go to a nursing center and your care is not considered skilled care meaning you are not getting wound care, physical or occupational therapy, etc. your Medicare will not cover this admission.
Also, if you require help at home with cooking, dressing and bathing, Medicare will not cover this either.
So, if you have long term care insurance, it probably will cover skilled care beyond the first 100 continued days, custodial care in a facility and at home.
if you do not have long term care, how much money do you have to spend if you need care? ( Ask yourself, don't tell me). If and when you run out of money either because you do not have any savings left or your long term care insurance ran out, you can be covered by Medicaid. You will need to liquidate your assets first.... like I sell your home if you own one and use up your savings. They do allow you to prepay your funeral expenses, but they will take your SS and pension checks to defray the cost for your care.
Only you know if you need it or not. I wish I had it, especially because I am married and I am counting on my DHs income. If he or I need care, what happens then? The other one of us needs the home to live in.
Because you are single, and I am guessing don't own a house, you don't have this worry. Your children could lose the inheritance of your savings and life insurance. But they will never be responsible for your bills personally if you lose your estate by going on Medicaid.
My MIL lived in an old house and didn't have much in the ways of savings. She spent 7 years in a nursing facility because of Altzheimers. She had a little cash while in there $30 a month from SS I think, I could be wrong. Her children paid for her clothing and for her to get her hair done. When she passed, there was no estate. If she would have passed at home, her estate would not have been worth too much anyway.
The family paid for her funeral expenses.
Personally, I think it is a wonderful insurance to have, especially if you need to use it. Most people don't have it because of the cost and they seem to do okay too. The government takes care of them.
You have a big decision to make. Maybe you can discuss this with your children and see how that feel about it.
I can can tell you that the price will continue to rise on this type of insurance.
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