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CHAPTER 12

Who needs long-term care insurance?

Not everyone needs long-term care insurance. However, for the majority of people, it’s advisable. There are certain things to consider when deciding if long-term care insurance is for you.

  • Is there a history of debilitating illness in your family?

If you have many family members who have had some form of cancer, heart disease, or any other type of prolonged ill- ness, the chances that you will also suffer from that are higher than if most of your family members were healthy. This will also increase your chances of needing long-term care.

  • Are you male or female?

Unfortunately, it’s a fact of life that more women need long- term care than men because women have longer life expectan- cies than men do, which increases their need for care.

  • Can you afford the premiums?

This is a very important factor because long-term care insur- ance isn’t cheap. Plus, with all the different types of add-ons you can choose from, your premium may be more than you can feasibly afford.

  • Are you healthy?

If you wait until you have a disease such as Alzheimer’s, you become uninsurable and you will have to pay for any long- term care out of your pocket. Purchasing long-term care while you are healthy ensures that the coverage is there when you need it.

What Kind of Coverage DoYou Need? When choosing the type of coverage for your policy, do some research beforehand, so that you know how much local nursing homes are charging, either on a daily or annual basis. Or, if you don’t want to stay in the area where you are currently living, check out the nursing homes closer to where you would like to be. It’s important

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