Should I Have Bought This Care?

Even though he's getting older, Ken still questions his decision to buy long term care insurance. Hear why he shouldn't.

QUESTION: Ken and his wife have been married 60 years and have long term care insurance. He sometimes wonders if he’s done the right thing in getting that insurance. Dave sets him right, by saying he’s right.

ANSWER: You absolutely did the right thing. A nursing home costs $30,000 to $50,000 a year, and that will crack and scramble a nest egg in a heartbeat. When you are 60 or older, you should buy it.