Quotes from:The Spectre of Long Term Care By TMF Pixy"One person in three who turned 65 in 1990 will stay a year in a nursing home. One person in 10 will stay five years or more." (National Association of Insurance Commissioners)"In 1994, 7.3 million Americans needed long term care (LTC) services at an average cost of nearly $43,800 per year. By 2000, this number will rise to 9 million Americans at nearly $55,750 per year, and due to inflation, by 2060 it will skyrocket to 24 million Americans paying over $250,000 per year to receive long term care." (Long Term Care Insurance National Advisory Council)"Recent studies report that two of every five people age 65 and over will enter a nursing home and stay an average of 2.5 years." (Life Insurance Selling, December 1995)If I understand the above statements correctly, I have at least 2 in 3 chance of saving at least $55,750 for no LTC after I reach 65 and a 9 in 10 chance of not staying 5 years or more and saving $278,750 plus. If I don't enter into LTC after 65 my average saving of no LTC is $139,275. I believe that the real question should be, “Can my portfolio afford this expense and probably my last expense?” Mine can. I believe I'll keep my money fully invested and self insured.Vagabond
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