Page 39 - Growing Old Without a Plan for Long Term Care is not for Sissies_Neat

Can I “Do it Myself”? 21 at that time. FYI, the long term care insurance policy the premium on this chart was based on would have a maximum beneft amount of nearly $940,000 at age 85. That would pay for 3.8 years of extended care at the projected cost at that time. You’ll see how this is possible in the next chapter. Here’s something to consider. Even if you can afford to self-fund your care, you may still want to purchase Long Term Care Insur- ance. Knowing your Long Term Care needs are funded or partially funded by Long Term Care Insurance allows you to be a bit more aggressive with your investments. Who knows, maybe with this strategy, the revenue from your investments might increase enough to pay your Long Term Care Insurance premiums. Summary If you have signifcant assets or income, it is certainly possible to plan to self-fund the cost of your extended care if needed. How- ever, caution should be urged. It is very diffcult to know how much you need to adequately fund your care and still leave enough for your spouse or dependents. Make sure you discuss this with your Financial Advisor before planning to self-fund. Also, even if you can self-fund, you may fnd Long Term Care Insurance to still be a pretty good deal.