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Who Is a Good Candidate for Long-Term Care Insurance?

Who Is a Good Candidate for Long-Term Care Insurance?

Long-term care insurance is an issue that almost everyone has to grapple with eventually. For some people, it is an absolutely essential purchase, and for others, it may not be the right fit. When facing this difficult decision, it is a good idea to work with a senior insurance specialist who can help you make the right choice for your specific needs. Who should consider long-term care insurance? Here are some of the signs that you are a good candidate.

You have people who are financially dependent on you.

Facing the cost of long-term medical care is always a challenge. However, if you only have to worry about yourself, managing to these costs and the implications of them is easier than if you have a spouse or other financial dependents. Debts accrued by your healthcare costs could cause them an extended period of financial hardship that could be avoided with long-term care insurance. Many people who purchase long-term care insurance do so not to mitigate their own financial risk, but to balance the risk of long-term healthcare costs for their family.

You can afford adequate coverage.

As with all forms of insurance, the cost of long-term care insurance can be significant—and for some people, it can be prohibitive. Generally, if premiums would equal more than 10% of your retirement income, then long-term care insurance may not be a fit for you. If you are going to invest in a policy, make sure you are choosing a plan that has the kind of coverage you need. A common mistake is to skimp on coverage to save money on premiums, only to end up paying for coverage that doesn’t adequately protect them.

You have a family history of needing long-term care.

No one can predict the future, but your family’s health history is likely to provide a number of clues for your own health risks. If you have a family history of disabilities and illnesses that require long-term care, then long-term care insurance may be a good investment.

American Senior Benefits is an independent insurance agency dedicated to helping seniors navigate the maze of insurance options. Talk to a senior insurance expert in Hudson by calling (612) 865-3318.

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