Who Should Consider Long Term Care Insurance and Why? 






Those concerned about financial health of loved ones if assets were spent down for care

Allows funds to remain invested, allows income stream to continue, supports continuing lifestyle

Those who have a strong desire to remain in their home if care is needed

Provides funds for the NEW and ADDITIONAL expense of care.

Those who want to preserve assets for spouse, children, charity

Provides an outside source of funds to pay for care thereby preserving the assets

Those who have experienced a family member’s need for care

Provides peace of mind that funds will be available to pay for care

Those concerned about potential conflict in their family regarding spending money for care if needed

Policies can be structured to provide funds that can ONLY be accessed for care—therefore avoids debate about use of anticipated inheritance for care

Those who simply do not want to use their own funds for care

Shifts the risk of all or part of the cost of care to an insurance company

Married couples seeking to keep their finances separate (with or without a prenuptial agreement)

Protects spouse’s funds from having to spent down for care (even with a pre-nuptial agreement funds of both spouses are considered available before qualifying for Medicaid)

Those who had children later in life

Provides funds if care is needed while children still require financial support

Single individuals who are concerned about who will provide, supervise and coordinate care

Provides case manager who facilitates and coordinates care and claims management

Those who plan to self-insure for long term care needs

New life insurance and annuity products available with riders that pay for long term care if needed. Allows for leveraging of dollars—either get cash back, a death benefit, or a long term care benefit



Those who may be considered uninsurable due to severe diabetes, recent cancer, cardiac problems, height/weight issues, etc.


New annuity/long term care combo policies are more lenient in their health requirements and provide long term care benefits &/or annuitization with significant tax benefits

Business Owners seeking a tax deduction

Valuable tax deductions available to all types of business owners.   Benefit can be offered to only select group in the workplace.

Those with history of Alzheimer’s in family

LTC Insurance can provide funds for potentially extended periods of care



Those Who are Not Candidates


Those already diagnosed with chronic conditions including Alzheimer’s disease, dementia, Parkinson’s disease, multiple sclerosis, ALS

A medically underwritten immediate annuity (provides a higher payout based on shortened life expectancy) may be an option. They are not candidates for a traditional long term care policy.

Those already requiring help with activities of daily living including bathing, dressing, toileting, getting in and out of bed

Same as above

Those using oxygen, wheelchairs, walkers, quad canes

Same as above

Those with Social Security as the only available income

Premiums may not be affordable UNLESS children are able to contribute

Those with nominal assets other than their homes

Premiums may not be affordable UNLESS children are able to contribute; they also may qualify for Medicaid fairly quickly