Do I Need Long Term Care Insurance?
Independence, control over care choices, and protecting retirement assets are some of the benefits of owning long term care insurance.
Do I Need Long Term Care Insurance? |
People consider buying Long Term Care Insurance for a variety of reasons. For some, their main concern is preserving their assets and retirement income. For some, it is to not become dependent on their family to take care of them. For others, it’s about their independence and freedom, knowing they have control over where and from whom they receive care when they need it, and over the quality level of the care.
Long Term Care Insurance may not be appropriate or necessary for everyone. If you have little in the way of assets and limited income, LTCI may not be appropriate or affordable for you. If you can afford to pay for Long Term Care services directly out of pocket without significantly impacting your assets or income, you may choose to assume the risk yourself (although there are money leveraging policy design strategies that can be advantageous vs. spending your own money). However, for the majority of people who fall in the middle, there are definite advantages to having Long Term Care Insurance.
What is my chance of needing LTC? We all face risk every day in our lives. According to the Georgetown University Long Term Care Financing Project,* for people turning age 65:
The probability of using Nursing Home services in the future:* Your Current Age Males Females 45 23% 49% 65 26% 54% 85 44% 72% * Milliman USA, Milliman, Consulting Actuaries, Long Term Care Guide, July 1, 2002 |
Navigation |
Social Media |
Contact UsNash Financial Partners, Inc.
P.O. Box 310878 New Braunfels, TX 78131 (830) 626-8509 Click Here to Email Us |
Location |