Is Long Term Care Insurance Worth Buying?

Search the internet for the answer to the question, "is long term care insurance worth buying?" and you’ll get conflicting opinions.

Most recently, a major news magazine declared it a waste of money for Americans to purchase a policy. Bottom line, they concluded that most Americans could just spend down their assets and qualify for Medicaid.

Unfortunately, with the cost of long term care (LTC) what it is, most Americans attempting to cover their care out of pocket would likely end up qualifying for Medicaid (meaning their assets would be reduced to around $2,000).

The question is whether spending down to qualify for Medicaid would meet the needs and desires of most in terms of:

  • Controlling the care they receive (where, by whom, etc.).

  • Allowing them to leave a financial legacy (for children or charity).

  • Ensuring their spouse or partner remains financially secure.

While we do not, nor have we ever, suggested long term care insurance (LTCI) is for everyone, we strongly believe it is crucial to a portion of our population.

Credit :

#ltci #longtermcareinsurance #broker #agent

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Long Term Care San Antonio, Austin, Dallas, Texas