Ten Questions to determine if you should buy Long Term Care Insurance

Long Term Care Insurance has been a continuous financial debate for many years and will continue to be until all the babyboomers retire.  Many people out there wonder if the product is at least worth a consideration. Here are 10 questions that one should ask themself to determine if they should even consider purchasing Long Term Care Insurance. Although this list is in no way comprehensive, it is a good starting place for some non-financial points to consider.

Ten Long Term Care Questions to Determine your need:

  1. Did you know that Medicaid does not allow you to choose where and how your care will be provided?
  2. Does the idea of being unable to hire help frighten you?
  3. Which of your children is best able to pay for all or part of your care?
  4. How would you feel if you needed care and the resulting expenses left your spouse with little funds remaining?
  5. Would your children be able to take care of you? If so, would they be sufficiently trained to give you adequate care? Would they have the time off from work to do so?
  6. If your son must bathe you, how will that affect your relationship?
  7. Do you think there could be a conflict among your children when they must decide who will be your primary care giver?
  8. What would happen to your health if your spouse developed Alzheimer’s and made it impossible for you to sleep?
  9. Do you really want to risk your hard earned retirement savings all on healthcare? Would you want to spend your retirement savings all on long term care and leave nothing for future generations?
  10. Do you really want to place the emotional and physical burden of long term care on your family and loved ones?  Ever taken care of a parent?  It is emotionally taxing!

What the Experts say

To be honest, experts are mixed, but they all use different statistics. Here is an example of that from the Wall Street Journal.

Yet, experts do agree there is a need for the product and that everyone should at least consider it. Here is another article from a well-known author regarding the risk of purchasing Long Term Care Insurance.  It’s worth the read:


Should I buy Long Term Care Insurance?

In the end, if you have answered yes to some of the questions, want to protect your wealth, avoid a burden on your family, and have some peace of mind at least contact your independent agent for a quote to evaluate it.

Here at Livingston Insurance we can quote Long Term Care Insurance through Auto Owners Insurance Company, who is one of the few remaining stable carriers to offer the product.