Q. I’m about to retire from the government. All of the financial advisers I talk to say that my spouse and I should buy long-term care insurance, but the monthly cost is so high I can’t afford it. Is the long-term care insurance offered through the federal government (FLTCIP) worth buying for my wife and I? Note – I don’t expect to have an enormous amount of monthly income at retirement and insurance is eating up my projected monthly budget.
A. If you’re going to buy long-term care insurance, the FLTCIP is the place to do it. But, if you can’t afford it, it’s not for you.