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Investing Specialists

Tip-Swapping on Long-Term Care Insurance

Morningstar.com readers offer their input on whether to buy it, when to buy it, and what features to seek in this complicated insurance product.

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Market movements and investment portfolios make for sexier headlines. But when it comes to the most important issues confronting family financial managers today, I'd put long-term care insurance right up near the top. Long-term care coverage can be exorbitant and the premium increases experienced by many policyholders in recent years have been staggering. At the same time, many people have direct personal experience with loved ones for whom long-term care costs gobbled up most of their financial assets.

Morningstar contributor Mark Miller recently shared some tips for long-term care insurance shoppers, and that prompted me to turn to our user base to hear from long-term care shoppers in the trenches. Ultimately, purchasing these policies includes an analysis of trade-offs--a lower inflation increase in exchange for lower premiums, for example--and readers had many thought-provoking tips to share on those types of decisions. To read the complete thread or share your own guidance on the long-term care purchase decision, click here.

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Christine Benz does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.