That's a good formula. Except, with assets over 1.5 million (assuming comparable income), you may still want to have the policy to shelter assets since the premiums may be relatively insignificant based on income and it protects the estate. Given that, the only reason not to have a policy is if it's deemed unaffordable. Basically, one way to look at it is, if you required 24 hr care, would your heirs prefer the premiums over the years or rather spend down when it becomes necessary. It's a gamble either way. You have the assets, it's their gamble. You're covered, either way, spend down and Medicaid steps in. The only benefit to a policy holder is possibly a choice of institution.
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