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.