Most middle-class workers often get into the dilemma of whether to get long-term care (LTC) insurance. One part of their mind protests at having to pay premiums every month, while the other part thinks it wise to get the insurance and not have to worry about healthcare in their old age.
To solve this dilemma, a person can consider some factors that will be helpful when deciding whether to get long-term care insurance. Perhaps the most important factor to consider is a person’s health, as well as his estimated longevity. Looking back at the family’s health history, if a lot of them lived long and healthy, then they can expect the same and will not need much healthcare, even in old age. However, if his family has a long list of people who developed Alzheimer’s or other disease, then he should probably consider getting LTC, just in case he too, develops the illness.
Another factor that one can consider is his post-retirement budget. Will it sustain his LTC premiums or not? Most financial experts advise those people with limited means to just save for retirement rather than get LTC coverage. For those with even lower means, they are usually advised to apply for Medicaid.
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There are people who, instead of getting LTC insurance, get a less expensive insurance policy that includes coverage for critical illness. This, however, can become a costly mistake, as this kind of policy might not cover everything that an LTC insurance policy covers, especially those most important benefits one might need in their old age.
