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I agreed generally with your discussion about the costs associated with Long Term Care. I have also found it difficult to justify on a cost basis for most people. They either fall in the too wealthy catagory or not wealthy enough and can't afford it.

My reason for the post however, is that I think many commentators fail to mention the emotional cost of caring for a loved one. I have seen on several occasions that people faced with the prospect of needing Long Term Care, especially home care, skimp because of the tremendous costs. While it can afford it, the prospect of constantly shelling out dollars is an emotionally draining experience. I know we can explain how silly it is to skimp especially when the financial resources are available but I think the fear of spending money without the prospects of replacing it scares many elderly people. Even the ones we would call wealthy.Maybe they think they are going to pull through the illness and what will I have to live on?

Until you are the one lying in the bed or confined to ther wheelchair because of an illness, and you realize replacing the money spent would be difficult, the tendancy is to skimp on what you might think to be non essential. Meaning not strictly medical.

This leaves the burden to the caretaker usually a spouse. After witnessing this first hand in my family I have come to the conclusion that LTC is not for the sick, it is for the caretaker.

Unfortunately, home care is perceived as a luxury, and with many people refusing nursing homes LTC insurance is more of a piece of mind. What is the economic benefit to that?

Hard to say. Most of the people I speak with don't buy this argument. I think it is valid and should be discussed when dealing with long term care.

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