This blog post is designed to provide general information on the subjects covered. It is not, however, intended to provide specific estate planning, insurance, tax or legal advice. Please note that LTC Consumer and its representatives do not give financial planning, tax or legal advice. You are encouraged to consult with your tax advisor or attorney concerning your own situation.

Should I Buy Long Term Care Insurance?

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How do you know if long term care insurance is right for you? Does everyone need to buy long term care insurance (LTCI)?

You wouldn’t drive a car without car insurance, and you wouldn’t invest in a home without protecting it with homeowner’s insurance. But what about the risk of long term care expenses?

If you’re considering long term care insurance, but you’re not sure if it’s right for you, consider these important questions.

Do You Have Assets to Protect?

If you’ve worked hard to enjoy a nice retirement, you likely have savings and investments set aside to live and play well into your retirement years. The unfortunate reality is long term care events can strike at any time and quickly deplete hard-earned savings and investments. LTCI helps protect your assets by paying for all or a portion of your care.

Do You Have Income to Pay for It?

Long term care insurance is for those with assets to protect and income to pay for it. If you’re living on a limited income, long term care insurance may not be the best choice.

What’s Your Family History?

Do you have a family history of Alzheimer’s or dementia? Did your ancestors live long lives? These factors and others can be good indicators that you may need care later in life too.

Do You have Immediate Caregivers Available?

If you have children, you may assume they will help care for you. But what if you don’t have children or close family nearby? Who will help care for you when you need it?

When you choose LTCI, you receive the help and support you need to find caring home nurses or facilities in your area.

Have You Told Potential Caregivers of Your Plans?

Let’s say you have children who can provide care. Did you tell them of your plans?

Today, many families are dual income earners or aren’t physically able to offer the care a parent or loved one needs. Long term care insurance is a benefit which helps the whole family by offering help and financial support during a difficult time for families.

Have You Considered the Cost of Care in Your Area?

If you’re planning on paying for your own care, have you considered the cost of care in your area? Shockingly, care is more expensive than many people think. It requires significant savings and assets to pay for a full year of care. Count the costs before you decide LTCI isn’t right for you.

Do You Know the Eligibility Requirements for Medicaid in Your State?

Medicaid is a state welfare program designed to help low-income individuals. If you don’t fall into this category, you may not be eligible for covered services.

Medicaid often requires participants to spend down to $2,000 in assets before paying for care. Strict asset recovery programs in your state may seize assets following the death of an individual.

Relying on the federal government to pay for care isn’t always the best option. Check out your state eligibility requirements to know if this option is best for your situation.

Need more help deciding if LTCI is right for you? Our Long Term Care Specialists can offer education and information to help you navigate your options.

LTC Consumer is an independent, free online service to help consumers understand what long term care insurance is, how it works, and how to evaluate coverage options. Our mission is to provide an educational, no-pressure resource for learning about long term care planning, with the opportunity to speak with specialists who can help them.

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