Long Term Care Insurance: To Buy or Not To Buy?

Posted on January 3, 2011 by - Elder Care Marketing

Deciding whether you should purchase Long Term Care Insurance is a complex choice. It is a life, family, and personal decision. The question you have to ask yourself is “Do I want to protect my assets in order to leave an estate to my family, along with providing legacies for charities that matter to me?”  My Linked In friend, Raymond Lavine of Lavine Financial in Gig Harbor, Washington wrote this guest post giving his personal opinion on the benefits of Long Term Care Insurance.

Long Term Care is an UMBRELLA policy to protect the assets you have accumulated to pay for health care service expenses not paid by other insurance coverage. When you compare the premiums for long term care, it may not cost as much as the combined insurance you are now paying. When you need the benefits, the premiums paid will be insignificant when you consider how quickly the money will pay for health care services.

The list of “pros” for buying long-term care insurance is short but powerful. Long-term care expenses can eliminate your retirement savings. Long Term Care Insurance will help prevent this from happening, and you can significantly reduce the burden on family and friends. Many long term care plans offer tax advantages where you may use a portion of the premium payments as a tax deduction.

If you do not purchase long-term care insurance, then you should carefully analyze whether you have sufficient home equity combined with savings dedicated to covering long-term care expenses. And you should look into your State’s financial aid programs.

Planning for the possibility of long-term care expenses is a Life Planning issue, whether we are in our working years, approaching retirement, or have already retiredand are senior citizens. Take the time to discuss it with your loved ones and make the decision that best suits you.

Raymond works with individuals and companies and resides in Gig Harbor, Washington. His website is www.longtermcareinsuranceguy.com .   Focus on Aging does not endorse Lavine Financial.

Marla Levie, BSW, MA, President and Founder of Focus on Aging, has successfully been providing marketing consulting services to the elder care market and to other service-related professions in the Chicago area for over 20 years. Use the contact tab to email Marla for additional information about her services.


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