Long Term Care Insurance as a Long Term Care Financing Option

Marlene S. Stum, Ph.D. & Claire Althoff, Family Social Science

Most consumers have had little experience with long term care insurance. Take time to examine if this financing alternative makes sense for your situation. If so, compare policies and coverage options carefully to make sure you know what coverage you are purchasing. This checklist will help you gather information and learn about long term care insurance. When you are done, you should be able to answer the following questions:

• ____ Can you afford to pay the premiums for long term care insurance now and in the future?
• ____ Will long term care insurance help you achieve your financial goals?
• ____ Will you be able to qualify to purchase long term care insurance?
• ____ Do you have assets that you want to protect? Is this the best way to protect them?
• ____ What other financing options can you combine with long term care insurance to help protect yourself financially?
• ____ Will your current and future income and assets be sufficient to cover the costs of your long term care?
• ____ Will your children choose to purchase long term care insurance on you to help cover the costs of your care and to protect your estate?
• ____ What is the first step you need to take to be able to finance your long term care costs with insurance?