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Can You Live Without Long-Term Care Insurance?

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Nearly 10 million adults aged 65+ receive care at home or in residential care settings other than nursing homes. However, less than eight percent of Americans have long-term care insurance.

The reasons for skipping long-term care coverage are numerous. Increased premiums, cancelled policies and confusion about coverage options have made Americans wary. Yet the 65+ population, currently at 40 million, is projected to skyrocket to 70 million by 2030. If you're among this population, can you afford to live without long-term care insurance?

Unfortunately, there are no exact guideline on who should buy the insurance and how much to pay. However, by asking the right questions and finding a trusted advisor, you can determine whether long-term care insurance is right for you.

Questions to ask when thinking about long-term care insurance:

  1. Can you comfortably afford the premiums?
  2. Can you still afford to pay premiums if there are increases of any kind?
  3. Do you have enough money saved to pay for long-term care on your own?
  4. Are you willing to risk paying for care on you own, or would you still prefer the cushion of insurance to cover extreme costs?
  5. Does the long-term care policy have adequate inflation protection?
  6. How much will long-term care insurance cost you, based on your current age and health?
  7. Does it make sense to buy a hybrid policy that bundles long-term care with annuities and life insurance?
  8. Does it make sense to share a policy with your spouse and pool your coverage together?
  9. Are there alternative measures you can take that will lessen your need for long-term care insurance?
  10. Do you have a trusted advisor to help me examine your long-term care insurance options?

These questions are an excellent starter to the long-term care insurance discussion. Finding the right policy to fit your needs can be difficult, but with careful planning and expert support, you can find the best plan for care in later years.

More Resources

How To Save Big On Long-Term Care Insurance

Potential Concerns and Risks For Traditional Long-Term Care Insurance

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