Long-Term Care Insurance: Do I Really Need It?

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Insurance is at the root of nearly everything we do on a regular basis. Our car insurance covers the potential financial fallout of an accident, our home or renter’s insurance gives us the comfort that our belongings can be replaced, and our health insurance gives us the power to stay healthy and resolve disease when it begins. Long-term care insurance is a lesser known type of insurance that is rarely on the mind of anybody under the age of 50 or 60. The name speaks for itself, but the question is, do you really need it?

How Does Long-Term Care Insurance Work?

Long-term care is defined as a range of services that aren’t covered by standard health insurance but still might be required by you in the future. These services mainly relate to assistance with routine daily activities like dressing, bathing, walking, and eating. The people who most commonly require long-term care have chronic illnesses, disabilities, or other conditions that make daily responsibilities too much to handle.

Many Factors Influence Your Potential Need

There is no straightforward “yes” or “no” answer when it comes to long-term care insurance. Instead, you need to consider a number of factors that may make this form of insurance appropriate – or necessary – for you in the future.

First, how old are you and what is your health like? Policies cost less when purchased at a younger age and in better health. Older people with chronic conditions are either forced to pay expensive premiums or denied altogether. Either way, can you afford to pay the premium your long-term care insurance requires? Consider that premiums often increase over time, and you run the risk of losing your entire investment if you are unable to pay your premiums in the future.

Your income, support system, investments, and taxes also play important roles in determining whether to enroll in long-term care insurance. There are benefits and drawbacks for every consideration, so it’s a matter of determining which choice makes you most capable of protecting and caring for your interests in the future.

Since long-term care insurance is extremely complex and filled with loopholes and exclusions, it is best to speak to an elder law attorney before making any final decisions. At the Law Offices of Kimberly K. Muenter, P.A. in Tampa, Florida, Attorney Muenter can offer the expertise you need to make such an important choice for your future. Call 941.567.1671 now to make an appointment.

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