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their employees, retirees, and their families. This program is voluntary and premiums are paid by participants. You can also get long-term care benefits through a life insurance policy.
Is Long-Term Care Insurance Right for You?
Whether you should buy a long-term care insurance policy will depend on your age, health status, overall retirement goals, income, and assets. For example, if your only source of income is a Social Security benefit or Supplemental Security Income (SSI), you probably shouldn’t buy long- term care insurance since you may not be able to afford the premium.
However, if you have a large amount of assets but don’t want to use them to pay for long-term care, you may want to buy a long-term care insurance policy. Many people buy a policy because they want to stay independent of government aid or the help of family. They don’t want to burden anyone with having to care for them. However, you should not buy a policy if you can’t afford the premium or aren’t sure you can pay the premium for the rest of your life.
As recommended by the National Association of Insurance Commissioners, you should NOT buy long-term care insurance if:
• You can’t afford the premiums.
• You have limited assets.
• Your only source of income is a Social Security benefit or Supplemental Security Income (SSI).
• You often have trouble paying for utilities, food, medicine, or other important needs.
• You are on Medicaid.
On the other hand, you might consider buying long-term care insurance if:
• You have significant assets and income.
• You want to protect some of your assets and income.
Protecting What You Have–An Introduction to Long-Term Care 37