Long-Term Care Insurance: Is It Right for You (and Your Parents)?

Most people have to think about buying long-term-care (LTC) insurance. Your parents may be considering it, whether they’re still working or retired. The purchase often presents the most nagging insurance question for people over 50.

What’s more, LTC coverage may not be necessary or affordable. Before buying, take the following into account:

Family status. Consider the financial risk of incurring out-of-pocket expenses for long-term care: impoverishing a spouse, partner, or other financially dependent family member. Single people don’t face that risk, so all other things being equal, they have less need for LTC insurance.

Affordability. Most LTC experts say the ideal candidates for long-term-care coverage are those who can comfortably afford the premiums and can handle premium increases, which are becoming quite common. … Back to Article