Should I Buy Long-Term Care Insurance?

Long­term care insurance is not a smart purchase for everyone. If you have significant assets you wish to protect and income that will allow you to pay premiums without financial difficulty, long­term care insurance may be right for you. However, if you have a limited income or have trouble stretching your income to meet financial obligations, such as paying for rent, utilities, food, or medicine, you should not buy a policy. People with very limited income and assets may qualify for Medicaid`s Long­Term Care Services Program. The decision to purchase long­term care insurance will depend on your health, age, overall retirement objectives, and your income. You should discuss this purchase with a family member or financial advisor.

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