Who needs Long Term Care Insurance (LTCI)?
If you are very wealthy and can easily self-insure, you can get along without long term care insurance. Of course, many wealthy people who could easily afford long term health care costs of $55,000-$70,000 a year choose to purchase a long term care insurance plan to protect their assets.
On the other hand, if you have a low income and the monthly premiums for LTCI would seriously compromise your lifestyle, it may not be appropriate. If you have no assets to protect, it probably doesn't make sense either.
For everyone else--the vast majority of Americans--long term care insurance is vital. If you want to protect what you've worked so hard for, maintain your comfortable lifestyle, and have peace of mind, long term care insurance is the solution. In 2007, $3.5 billion in long term care insurance benefits were paid (source: American Association for Long-Term Care Insurance, 2008 LTCi Sourcebook.)
Continue reading to find out more about the long term health care problem, the solution, and answers to common questions seniors have about this type of coverage.
The Long Term Health Care Problem