Decisions to get long-term care insurance (LTCI) depend on finances, health, family support, and risk tolerance. Key considerations to help you decide:

Assets and Income: If you have large assets and income, you may be able to self-insure for long-term care.

Insurance: LTCI premiums are costly. Determine if the price matches your budget without affecting your lifestyle or financial goals.

Health: Good health increases your chances of getting an insurance at a cheaper premium.

Family Health History: If your family has long-term conditions, you may need it.

Familial Support: Consider whether you have family members who can provide care or if you require professional services.

Effect on Family: Caregiving would put a physical, emotional, and financial strain on your family.

Long-term care costs: Costs vary considerably by location. Research long-term care costs in your area or retirement destination. Costs vary by type of care (in-home, assisted living, nursing facility).

Policy Features: Know what the coverage covers, including care kinds and benefit duration. Consider a coverage with inflation protection to keep your benefits up with rising healthcare costs.

Benefits begin after the elimination period. Premiums are lower for longer elimination periods.

Did You Know?

Long-term care insurance (LTCI) is designed to cover the costs associated with long-term care services, which are not typically covered by regular health insurance or Medicare?

Next Steps:

Assess Your Needs: Assess your finances, health, and support network.

Explore LTCI insurance, compare features, and obtain prices.

Consult an Advisor: A specialist can offer tailored advice depending on your financial plan.