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Risk Management - Long-Term Care Insurance (LTCI)

 

The risk of contracting a chronic debilitating illness (and the resulting catastrophic medical bills incurred) is considered by many to be one type of risk best passed on to an insurance company through the purchase of a LTCI policy.

A number of factors increase your risk of requiring long-term care in the future. Naturally, your health status affects your likelihood of incurring a long stay in a nursing home. Indeed, people with chronic or degenerative medical conditions, such as rheumatoid arthritis, Alzheimer's disease or Parkinson's disease are more likely than the average person to require long-term nursing home care. Since women usually outlive the men in their lives, women stand a greater chance of requiring long-term nursing home care. However, if you already have a primary caregiver, such as a spouse or child, your likelihood of needing a long stay in a nursing home will be less, particularly if you are a man. Since the cost of long-term care can be astronomical and may exhaust your life savings, purchasing LTCI should be considered a part of your overall asset protection strategy.

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Long-Term Care Insurance

During the "golden years," when income typically declines, the purchase of LTCI should be carefully considered. People with significant discretionary income and substantial resources to protect for spouses, children and other loved ones should seriously consider purchasing LTCI. Individuals with modest resources (e.g., less than $50,000 net worth) may find the premiums unaffordable and may qualify for Medicaid by spending down their assets and/or engaging in a little Medicaid planning.

 
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