The actual risk of needing long term care services (either home care or nursing
home care) is greater than 50%. 13
Today people are living longer than ever and have a greater probability of
surviving into old age. With longer life spans, the probability of needing long
term care becomes self-evident.
Do you have significant assets worth protecting? The purpose of
insurance in general is to preserve assets by leveraging premiums to buy a
benefit at a far lower rate than the cost of paying a claim. Individuals
without assets outside of a home or car are usually not considered good
candidates because they will quickly qualify for government assistance. You may
wish to purchase a policy for a family member to provide a higher level of care
than that offered by the government or to ensure an option for home health care
or other choices.
Are you able to pay long term care insurance premiums without having to
change your lifestyle, during both working years and retirement? Individuals
without assets outside of a home or car are usually not considered good
candidates because they will quickly qualify for government assistance.
Can you risk waiting to secure long term care insurance and because of a
deterioration of your health or the health of a loved one being uninsurable?
Long term care policies started before the onset of health problems offer more
options and lower premiums.
