I'm 68 and Paying $600 a Month for Long-Term Care Insurance. Is That Reasonable?

Group 1 - Long-term care insurance is essential for covering costs associated with extended or residential treatment, such as in-home care or nursing homes [3][5] - The average cost of long-term care insurance premiums is significantly higher than the average monthly cost of coverage, which raises concerns for potential buyers [2][5] - The cost of staying in a nursing home can exceed $100,000 per year, with the median cost of a private room projected to reach $13,267 per month by 2034 [5] Group 2 - Long-term care insurance typically does not cover medical bills outside of the extended treatment itself, making it crucial for retirement planning [4][5] - Many individuals may need to liquidate assets or sell their homes to afford assisted living, highlighting the importance of long-term care insurance [6] - Policies often provide lifetime coverage, meaning that if permanent care is needed, the insurer will cover costs indefinitely up to the policy limit [9]