United Insurance Services, Ltd.

Long Term Care - Who Should Buy Long Term Care Insurance?

A long-term care insurance policy is not for everyone, but does make sense as an affordable and worthwhile form of insurance for some. It depends on your age, health status, overall retirement objectives, income and wealth, and should not cause financial hardship or force you to forego other financial needs. Whether long-term care insurance is appropriate really requires a full financial analysis. These policies are only for people with significant assets they want to preserve for family members, to assure independence and not burden families members with nursing home bills. Never buy a policy if:

• Paying the premiums will be a burden.
• If the only source of income is a minimum Social Security benefit or Supplemental Security Income (SSI).
• If paying utilities, food or medicine stretches a budget.
• If you have Alzheimer's or Parkinson's disease.

No company will want to sell you a policy since they will face losses.

Although the need for long-term care can arise gradually as a person ages and needs more and more assistance with activities of daily living, for most a stroke or a heart attack will be the precipitating need. Those with acute illnesses may need nursing-home care for a matter of months, while others may need care for years.