Who Should Consider Long Term Care Insurance and Why


Who Why
Those who want to preserve assets for spouse, children,  or charity Provides an outside source of funds to pay for care thereby preserving the assets
Those who have a strong desire to remain in their home if care is needed Provides funds for the NEW and ADDITIONAL expense of care.
Those who have a life experience with a family member’s need for care Provides peace of mind that funds will be available to pay for care
Those concerned about potential conflict in their family regarding spending money for care if needed Provides funds that can be accessed for care—therefore avoids debate about use of anticipated inheritance for care
Those who simply do not want to use their own funds for care Shifts the risk of all or part of the cost of care to an insurance company
Married couples seeking to keep their finances separate (with or without a prenuptial agreement) Protects spouse’s funds from having to spent down for care (even with a pre-nuptial agreement funds of both spouses are considered available before qualifying for Medicaid)
Those concerned about financial health of loved ones if assets were spent down for care Allows funds to remain invested, allows income stream to continue, supports continuing lifestyle
Those who had children later in life Provides funds if care is needed while children still require financial support
Single individuals who are concerned about who will provide, supervise and coordinate care Provides case manager who facilitates and coordinates care and claims management
Those who plan to self-insure for long term care needs New life insurance and annuity products available with riders that pay for long term care if needed. Allows for leveraging of dollars—either get cash back, a death benefit, or a long term care benefit


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With professional colleagues at a conference in Pittsburgh

betty, scotland, hiking, mountains

Betty hiking in Scotland