Buying a long-term care insurance policy is no easy feat. Most of the insurance carriers have left the market due to the high cost of nursing homes, particularly for patients with dementia. Furthermore, claiming under the policy requires that you are unable to complete at least five of the minimum daily activities for survival, including feeding and bathing yourself. If you buy a policy, be sure that it does not exempt Alzheimer’s Disease or other forms of dementia.
Also be sure to buy only from an insurance company with a top rating with A.M. Best, the company that does extensive analysis of the claims-paying capabilities of the different insurance companies. There is no government insurance program on insurance as there is on bank deposits. Be sure your company is likely to be there when you need it to pay your claims.
Otherwise you will need to figure out how you will pay for care – or who will look after you – when your physical capabilities no longer match your high intelligence