Long-term care insurance covers costs Medicare largely doesn't — extended custodial care, whether at home or in a facility — a gap that matters more without family to provide informal, unpaid care.
What to weigh
- Premiums are lowest when purchased in your 50s or early 60s, before health conditions may disqualify you
- Hybrid life insurance/long-term care policies exist and can return value even if care is never needed
- Self-insuring (setting aside dedicated savings) is a reasonable alternative if you have sufficient assets
A fee-only financial planner can model whether insurance or self-funding makes more sense for your specific asset level.
This article is general information, not financial advice. Consult a licensed financial planner or insurance professional.