Only you can say. Your decision should depend on personal health and wealth matters. Start by asking yourself these questions:
About your health
Are you a good candidate for a long stay in a nursing home during your lifetime?
- How healthy are you?
- Do you have healthy habits?
- What is your family's health history?
About your wealth
What type of resources do you have? (Include things such as income, property, investments, and savings.)
- Can you afford the policy, now and later?
- Can you afford extended nursing care?
- Do you want to leave your family anything?
Will you need long-term care to protect your health?
While there are no guarantees, if you answer YES to any of the following statements, your chances of needing long-term care might be higher than the average person.
Your parents, grandparents, and other family members have generally lived into their 80`s or older. There`s a good chance you`ll do the same. And the longer you live, the more likely it is you`ll need long-term care.
You are female. One fact of American life is that women live longer than men. As a result, women have a greater chance of being alone and needing long-term care.
Health & Habits
You've been a heavy smoker, have high blood pressure or diabetes, or other health habits or conditions that could result in more serious problems in the future. Anyone can have a disabling accident, develop Alzheimer's or have a stroke, but your chances are greater if you've had a history of health problems.
Your parents, grandparents, or other relatives have suffered from senility or Alzheimer's in their old age. There's no guarantee the same thing will happen to you, but your chances may be greater.
Should you buy long-term care insurance to protect your wealth?
Many people who need long-term care may not need long-term care insurance. These questions will help you decide where you fit financially.
Do you now receive Medicaid or Supplemental Social Security Income (SSI)? If YES, you do not need LTC insurance.
If you were eligible for Medicaid, would you be willing to have Medicaid pay your long-term care bills? If NO, you will need a supportive family or a good LTC insurance policy.
Would relatives or friends be willing and able to take care of you if you needed continual help with such things as eating, dressing, bathing, etc.? If YES, you may not need to worry about the cost of long-term care. If NO, you will need to plan for the cost of long-term care needs.
Can you depend on having a monthly income of at least $4,800 to pay for long-term care? If YES, you might not need LTC insurance. You would be able to pay the average cost of care out of your own pocket at today's prices.
Can you afford to pay $100-200 (or more, the older you are) from your income or savings every month for insurance premiums? If NO, you might not be able to afford LTC insurance. Today's premiums will probably be even higher in the future.