Who needs to purchase Long Term Care Insurance?Purchasing Long Term Care Insurance is a wise option to protect against the financial, emotional, and physical consequences of likely long term care needs.
Long Term Care Insurance is right for individuals who:
- Are reasonably healthy.
- Have health conditions that have been stabilized or resolved, such as cancer, heart disease, joint displacement, osteopenia, etc.
- Want access to a private pool of money that is available to pay for private-pay care in any setting maintaining independence and dignity.
- Do not want to burden their children with the costs/demands of long term care.
- Have a spouse who is older or deceased.
- Have an uninsurable spouse.
- Have financial assets beyond a Social Security benefit.
- Itemize medical expenses qualifying for federal deductions.
- Are a business owner and benefit from federal deductions.
- Single, widowed, or divorced women.
- Are in a second marriage or blended family.
- Have a family history of Alzheimer’s or Parkinson’s.
If you meet any of the above criteria, Long Term Care Insurance may be an appropriate consideration.