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Levin: Long-term care, climate change and your finances

Spend Your Life Wisely / August 25, 2019

By: Ross Levin, CFP®

There would seem to be nothing in common between long-term care and climate change. But there is. Insurance companies cannot properly price it. This is evident to anyone who has seen their long-term care insurance or homeowner’s insurance costs continue to increase. If insurance companies are stumped, how do we plan for ourselves? Let’s take each issue separately.

Rather than go into the types of long-term care policies, let’s simply think about whether you need the insurance. I am generally ambivalent about the coverage because it is unclear whether it provides any real financial advantages. Here are some reasons it may make sense to own it.

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This article originally appeared in the Minneapolis Star Tribune on August 25, 2019.