Things to Consider Before Purchasing LTC Insurance

• Are you eligible for Medicaid? If so, Medicaid will pay your long term care expenses.
• How much can you afford to pay out-of-pocket for long term care expenses?
• How much can you afford to pay for an insurance policy covering long term care services?
• If you are planning to retire, will your reduced income be enough to pay the premium?
• All long term care policies are medically underwritten, (i.e., your physical/mental condition and health history will be evaluated) so, if you intend to purchase a policy, don't wait until you have a medical condition that could make long term care coverage more expensive or unavailable.
• In most cases, the premium for a policy will be lower when purchased at a younger age. Also, insurance policies covering long term care services are only offered at certain ages.
• What types of long term care services would best meet your own personal needs and preferences? What are the costs of these services in the locality where you would be receiving them?

Checklist for Purchasing Long Term Care Insurance (PDF)