Before applying for long-term care insurance for yourself or for a family member you should thoroughly examine your or your family member’s life and needs. If the individual considering long-term care insurance has certain chronic illnesses or a certain family health history, he/she may not qualify for coverage. The following is an introduction to the factors that you should consider before applying for or purchasing long-term care insurance.
Your lifestyle
- You live alone or you have no family to care for you.
- You’re unwilling to ask your children to pay for long-term care.
- You want freedom of choice regarding where you live and receive care.
- You’re female (women tend to live longer and use more long-term care than men).
- You’ve had family members live into their 80’s and beyond.
- If you do require long-term care, you do not want to receive public assistance and go on welfare.
- It’s important for you to leave your estate to your spouse or children.
- You have a family history of chronic health problems.
Your assets and income*
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
Do not consider buying long-term care insurance if:
- You can’t afford the premiums
- You have limited assets
- Your only source of income is a Social Security benefit or Supplemental Security Income (SSI)
- You often have trouble paying for utilities, food, medicine, or other important needs
*Information taken from “A Shopper’s Guide to Long Term Care Insurance,” 2012 National Association of Insurance Commissioners.