Do you Need Long Term Care Insurance?


Unfortunately, it is a tough call to decide whether you need to purchase Long Term Care insurance or not. Here are a few general suggestions to help you decide if you need LTC insurance:

If you have assets to protect, the United Seniors Health Council suggests that you purchase Long Term Care insurance only if your assets are at least $75,000 (not including your home and car). They also suggest that you expect to have a retirement income of at least $25,000 annually, so that you can pay premiums without affecting your lifestyle and that you would be able to handle possible premium increases without affecting you financially(1.).

If you would like to leave the money you spend on Long Term Care to your heirs (which nursing home costs could be as much as $75,190 annually according to the MetLife Mature Market Institute, 2006).

If you have a family history of a chronic disease or longevity.

If your health and age allow you to purchase LTC insurance. Typically, as you get older, health problems occur and you may be uninsurable; therefore it is a good idea to buy LTC insurance before it is too late.

Your gender. Women are more likely to need LTC than men; 75% of nursing home residents are women.

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LTC additional info

Additional Information