Long Term Care Insurance

What is long term care insurance?

long-term-care-insurance-283A long term care insur­ance pol­i­cy can help you pay for care if you have a chron­ic ill­ness or dis­abil­i­ty. Poli­cies vary, with some cov­er­ing only nurs­ing care, oth­ers cov­er­ing a whole range of ser­vices such as adult day care, assist­ed liv­ing and med­ical equip­ment. Pre­mi­ums also vary depend­ing on your age, health sta­tus, when you buy the pol­i­cy and how much cov­er­age you want.

Why is long term care insurance important?

With the ever-increas­ing cost of nurs­ing home and in-home care, the expense for such care could be out of reach for many Amer­i­cans. Long-term care insur­ance can be a solu­tion to help man­age these expens­es.

Should I consider long term care insurance?

The Nation­al Asso­ci­a­tion of Insur­ance Com­mis­sion­ers offers the fol­low­ing basic con­sid­er­a­tions regard­ing long-term care insur­ance.

You should 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

You should not consider buying long term care insurance if:

  • You can’t afford the pre­mi­ums
  • You have lim­it­ed assets
  • Your only source of income is Social Secu­ri­ty or Sup­ple­men­tal Secu­ri­ty Income
  • You often have trou­ble pay­ing for basic needs such as food, med­i­cine, hous­ing or util­i­ties