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Self-insuring
as a Long Term Care Financing Option
(using personal income, assets, and savings)
Marlene
S. Stum, Ph.D. & Claire Althoff, Family Social
Science
Individuals
may choose to finance long term care costs through
a variety of methods. This checklist will help
you gather information and determine if and how
self-insuring is a realistic financing option
given your goals and situation.
To
determine if you will be able to self-insure for
long term care costs, learn more about your current
and future financial situation by completing this
checklist. Then explore the costs of long term
care in your area. When you are done, you should
be able to answer the following questions:
- Will
your current and future income and assets be
sufficient to cover the costs of your long term
care? Your spouse/partners long term care?
- If
not, what changes will you need to make in your
finances to be able to self -insure?
- How
much would you need to save to be able to self-insure?
Is this realistic?
- If
you can't self-insure against all possible costs,
is there a portion of the costs you could cover?
Determine
your current and future net worth.
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