Are You a Good Candidate for Long Term Care Insurance?,”
“Are You a Good Candidate for Long Term Care Insurance?,” by Kaden Berrington, New York Pilot
Quote: “Generally, you should consider long-term care insurance only if you have at least $75,000 in assets excluding your car and home, and an annual income of $35,000 per year at minimum (although this can vary by state) according to the United Seniors Health Cooperative.”
LTC Comment: I hate to see this fallacy raise its ugly head again. The main reason to own LTC insurance is not to protect assets. It is rather to ensure access to quality care at the most appropriate level when needed. So, how many assets you have doesn’t matter. What matters is whether you or someone who cares about you can afford the premiums for private insurance. In a rational world, where easy access to Medicaid after the insurable event occurs didn’t distort financial priorities, most young and middle-aged people would be concerned about long-term care for their aging parents and would plan for that cost and risk as well as for their own.
