re: Long term care insurnace policies

quote:

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More women go in to LTC facilities than men. Often times men receive care in the home with that care given by their spouse. Women go in a facility because once the husband dies there may not be any relatives locally to care for her.

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This. My mom is currently in memory care. After dad died she hung on alone for awhile but it made sense for her to go to assisted living. Once the dementia crept in memory care was needed. Dad bought an LTC policy for them decades ago. No clue what he paid for it. It now pays her 3k/mo. until death. She's 82 and started drawing on it a few years ago.

Memory care costs $7300 a month after a 10% increase for 2024.

ETA: I do not have an LTC policy. I've chosen to self insure so to speak. My assets should handle the most catastrophic cases. Maybe my boys don't get to inherit it all, but should be plenty to make a great start.