Using the planner to evaluate long term care policies
Posted: Fri Feb 29, 2008 9:56 pm
Jim, I just stumbled upon your website while surfing and googling for information on Monte Carlo simulations for retirement planning. In particular, I am now struggling with the issue of whether long-term care insurance is a good "investment" instead of self-insuring via additional savings. The insurance company hype gives you a worse case scenario, but finding the true probabilities of needing LTC, the duration of such care, etc., is a challenge.
Would be a nice enhancement to the retirement withdrawal calculations to see how adding LTC probabilities (along with mortality rates) would affect the outcomes, as well as how insuring that risk would change the expected outcomes.
Thanks for making your extensive work available to the public!
Would be a nice enhancement to the retirement withdrawal calculations to see how adding LTC probabilities (along with mortality rates) would affect the outcomes, as well as how insuring that risk would change the expected outcomes.
Thanks for making your extensive work available to the public!