Should I buy long-term care insurance?
As we get older and our health declines, the greater the chances are that we will require home care, nursing home care, or other assisted-living arrangements. This care is quite expensive, and Medicare, HMOs, and Medigap don’t pay for it. You might want to look into purchasing long-term care insurance (LTCI) to protect your assets in case you need long-term care.
Whether or not you should purchase long-term care insurance depends on your age, medical history, assets, and income. We are here to help determine whether LTCI is right for you. If you meet some of the following criteria, you may want to seriously consider it:
- You are between the ages of 40 and 84 (generally, LTCI is not available to those over 84)
- You have a family history of Alzheimer’s disease
- You own substantial assets that you’d like to protect
- You have family members to whom you wish to leave your assets
- You can afford the cost of LTCI premiums now and will be able to afford them in the future
- You are in good health and are insurable.
What is it? Long-term care insurance (LTCI) In return for your payment of premiums, a long-term care insurance (LTCI) policy will pay a selected dollar amount per day (for a selected period of time) for your skilled, intermediate, or custodial care in nursing homes and,
What is long-term care? Learn more about the types of long-term care below. In general, long-term care refers to a broad range of medical and personal services designed to assist individuals who have lost their ability to function independently. The need for this ongoing care
Am I prepared for long-term care expenses? In general, Americans are not sufficiently prepared to pay for long-term care expenses. Many of them go through their lives simply hoping that they won’t ever need it. Unfortunately, in the event that you or a loved one
Determining the Need for Long-Term CareInsurance (LTCI): How Much Is Enough? To determine the need for long-term care insurance (LTCI) depends on your financial ability, age, health status, retirement objectives, and whether you have assets you want to protect. Once you’ve made the decision to