Long-term care can be ridiculously expensive. Nursing home facilities cost thousands of dollars a month, potentially more depending on the needs of the resident. Even the most wealthy individuals may struggle to cover that degree of expense at a time in their life when they no longer have a steady stream of income.
When recommending the purchase of long-term care insurance ("LTCI") to my clients, the most often heard response has historically been, "I don't want to have to pay the premiums for the rest of my life." For many 55 to 70 year olds, a potentially lengthy premium payment period is a psychological obstacle they are unable to overcome in making the decision to purchase LTCI.