Is Long-Term Care Insurance Right for You?

Long term care insurance can be expensive. It's differing levels of coverage and varying premiums can be confusing and may not be right for everyone. Deciding whether to purchase long term care insurance requires careful review of the plans. And the long term care insurance company you select should offer a plan that is adequate to your needs.

Things to consider before buying long term care insurance

• Can you afford the premiums now and into the future?
  Take into account that Long Term Care Insurance premiums may likely increase over time.
  
  
• Are your assets worth protecting?
  Will the Long Term Care Insurance premiums cause you to use your savings or make lifestyle changes?
  -If premiums are 5% or less of your anticipated annual reitrement income, then insurance will be affordable.
  -However, if insurance premiums will be more than 5%, insurance may not be the best choice.
  -If you have less than$25,000/yr in retirement income and less than $150,000 in assets, Medicaid will cover the costs once you have depleted your assets.
  - If you have over $1.5 million in assets, you may have enough to self-fund your long term care needs.
  
  
• Are you in your mid 50's or early 60's?
  As you get older, there is an increased risk that health issues will surface and you could become uneligible for long term care insurance. Most long term care insurance companies will ask for a detailed.
  
  
• Does any diseases or medical conditions run in your family medical history?
  Knowing your family medical history can be helpful in predicating your personal health, longevity or potential chronic diseases.
  
  
• Your marital status.
  -If you're single, will you be able to cover for long term care yourself? If not, long term care insurance may be right for you.
  -If you're married, will you be able to cover for long term care without being a financial burden to your spouse? If not, long term care insurance may be right for you.
  
  
• Your retirement planning
  What are your retirement goals? Do you desire to stay independent, and not burden your children?