Do I Need Long Term Care Insurance?

Before applying for long-term care insurance for yourself or for a family member you should thoroughly examine your or your family member’s life and needs. If the individual considering long-term care insurance has certain chronic illnesses or a certain family health history, he/she may not qualify for coverage. The following is an introduction to the factors that you should consider before applying for or purchasing long-term care insurance.

LTC Stats

Your lifestyle

  • You live alone or you have no family to care for you.
  • You’re unwilling to ask your children to pay for long-term care.
  • You want freedom of choice regarding where you live and receive care.
  • You’re female (women tend to live longer and use more long-term care than men).
  • You’ve had family members live into their 80’s and beyond.
  • If you do require long-term care, you do not want to receive public assistance and go on welfare.
  • It’s important for you to leave your estate to your spouse or children.
  • You have a family history of chronic health problems.

Your assets and income*

Consider buying long-term care insurance if:

  • You have significant assets and income
  • You want to protect some of your assets and income
  • You want to pay for your own care
  • You want to stay independent of the support of others

Do not consider buying long-term care insurance if:

  • You can’t afford the premiums
  • You have limited assets
  • Your only source of income is a Social Security benefit or Supplemental Security Income (SSI)
  • You often have trouble paying for utilities, food, medicine, or other important needs

*Information taken from “A Shopper’s Guide to Long Term Care Insurance,” 2012 National Association of Insurance Commissioners.

To take the first step in learning more about long term care insurance or for quotes, please schedule an appointment to speak with an LTC Specialist or fill out the Request A Quote form.