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.