My father is 68, relatively healthy and living alone. He has very little savings and works full-time. He can't afford to buy long-term-care insurance. If something happens to him, it's likely that my family and I will have to help pay for his care. Should I buy long-term-care insurance for him?
Buying the insurance is a smart move: The average cost of a private room in a nursing home tops $90,000 a year, and care in your home can be even more — making it highly unlikely your father could handle the expenses on his own. If he has very little income or savings (see Medicaid.gov for details), he may qualify for Medicaid, but his care options would be limited. Most states cover custodial care (the care needed by Alzheimer's patients and others with long-term-care needs) only in certain Medicaid-eligible nursing homes, although a few have special programs that cover care at home. For more information about Medicaid coverage for custodial care, see Does Insurance Cover Alzheimer's Care?
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