This is a very common question. If you purchase traditional long term care coverage, you pay a premium (usually monthly). You could be paying this premium for a number of years. If you don’t use the coverage, your money is in effect, “lost”. However, there are several innovative ways to have long term coverage and not “lose” your money should you not use the coverage. Many involve the use of life insurance coupled with long term care coverage. Each family’s situation is different. Give us a call and let us show you what might work for your family.
Written by: Jeffrey O. Brown, CPA, CFP, LPL Registered Principal