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Why is Long Term Care insurance so complicated?

July 28, 2017

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Is Long Term Care Insurance Right For Me?

April 20, 2017

One of the big questions around Long Term Care insurance is whether it is right for everyone?  You can do a lot of research.  Sites such as the American Association for Long Term Care Insurance have a ton of information about LTCi.  The question is whether is it right for you.  Do you need it? 

 

As of now, no one has to have LTCi.  Medicaid will take care of you in a Medicaid facility if you cannot perform two of the six common Activities of Daily Living--toileting, continence, eating, bathing, transferring, and dressing.  The question is whether or not you want to be in a Medicaid facility. 

 

In order to use Medicaid, you have to spend your assets down to $2,000.  There are some exceptions.  Most people who have spent their lives accumulating a significant amount of assets don't want to do that. What are your options?

 

In another blog, I've set out all of the options, but here I simply want to say that if you  have over about $300,000 in net worth, you should at least consider some sort of LTCi contract.  If you have over $3 million, you may not have to worry about it, if your retirement spending plan is reasonable so that you won't run out of money and you include in your planning the possibility that LTC needs may arise.

 

So, I suggest that anyone who is over the age of 55 and has over $300,000 in net assets at least get quotes on policies.  It doesn't mean that you need LTCi.

 

Obtaining quotes will give you the information you need to consider the risks and potential rewards of taking on Long Term Care needs yourself or purchasing a policy of some sort.  

 

I recommend that couples or those with children to whom you want to leave a legacy should strongly consider a policy that would pay for at least some of the costs of Long Term Care.  A joint policy or policies that cover spouses or partners help maintain assets for use by the partner who is not in care.  A policy can also preserve precious assets for children or other beneficiaries of your estate. 

 

 

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