Lots of pros and cons to an issue that great numbers of us will have to face sooner or later–either for ourselves or family members–so we’ve done quite a bit of research on this topic.

When you learn that the average couple, from age 65+ will spend at least $260K on healthcare for the balance of their lives, you realize you have to take this issue seriously.

Google, “LTC” as well as “options to LTC,” and you’ll find a lot of information. The bottom line today seems to be “proceed with extreme caution,” if you are considering purchasing a policy.

When you try to buy a policy when you are older, it is prohibitively expensive for most. Conversely, many people who have purchased policies at younger ages, find they can no longer afford the huge premium increases over time, so they drop the policy, and everything they’ve paid in is lost. In other cases, the insurance company you’ve chosen might go out of business, and again, you’ve lost your investment.

Personally, we’ve decided to “self-insure,” with regard to LTC, and have long been allocating funds for this purpose alone. That way, if we don’t use the funds for healthcare, they are still ours to keep, or pass on to our heirs.

This approach is not for everyone, and, please don’t consider my opinions advice, but, hopefully, these ideas will give you a place to start.