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Who
Should Buy Long Term Care Insurance?
Marlene
S. Stum, Ph.D. & Claire Althoff, Family Social
Science
You
should CONSIDER buying long term care insurance
if:
- You
have sufficient income to pay for the premiums
today and in the future.
- You
want to protect some of your assets and income.
- You
will not have enough income and assets to be
able to self-insure, but enough that spending
down to Medicaid would not a fairly immediate
solution.
- You
want to pay for your own care.
- You
want to stay independent of the financial support
of others.
- It
helps you meet your later life financial goals.
- If
it is important to you to leave an inheritance.
You
should NOT buy long term care insurance if:
- You
cannot afford the premiums today as well as
in the future.
- You
have limited assets and income and would quickly
become eligible for Medicaid.
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