Do I Need Long Term Care Insurance?

Everyone’s story is different. While there’s no one-size-fits-all long term care plan, plenty of resources are available to help you plan for your future and care needs.

Do you need long term care insurance? Well, that may depend on a few factors.

You’re a Planner

If you’re not a big fan of surprises – especially financial ones – you should consider long term care insurance. 70% of people will need some form of long term care during their lifetime and nobody likes being left with a hefty bill without proper planning. As you plan for your future and retirement, make sure creating a long term care plan is on your list.

Income and Assets

Long term care insurance (LTCI) is for those with assets to protect (we use the rule of thumb of at least $200,000 of liquid assets, excluding principle on your home, but it can vary) and income to pay for it. LTCI protects you financially from the risk of mounting bills due to a long term care event. Guard your hard-earned assets and income by transferring your risk to an insurance carrier.

Family History

Did your family members live long lives? Are you at risk for debilitating health conditions? Have family members suffered from dementia or Alzheimer’s?

Consider those who came before you as you create a long term care plan. While you may have a different experience, some health conditions are genetic and may be a good indicator of needing care in the future.

You May Not Be Eligible for Medicaid

Medicaid is reserved for low-income individuals. Depending on the rules in your state, you may be required to spend down to $2,000 in assets before Medicaid helps pay for care. Learn more about the eligibility requirements in your state to know if long term care insurance may be a better choice to protect your future.

You’re an Adventure Seeker

Long term care may be far from your mind because you’re too busy living life. Just don’t forget to pause a moment and plan for life’s “what ifs.”

Adventure seekers could be at a higher risk for injury and long term care events. Even though you’re active and healthy, consider the financial risk of an injury where you may need extended care.

While not everyone needs long term care insurance, everyone should have a long term care plan. What’s your long term care plan?

If you’re interested in learning more about long term care insurance, browse our free educational guides or get an instant quote and speak with a Long Term Care Insurance Specialist. They’ll help you navigate your options and offer education so you can decide what’s best for you.