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Who buys long term care insurance?

People who have purchased long term care insurance give many reasons for buying this coverage including:

  • Desire to preserve assets for spouse and/or other heirs
  • Wish to maintain independence
  • Have the ability to choose where and how services are provided
  • Desire to avoid Medicaid
  • Provide peace of mind that care needs will be met

There are also reasons why people should not purchase long term care insurance:

  • Income and assets are too low. People with very few assets to protect or who would find it a struggle to pay premiums (before and during retirement) are probably not good candidates for long term care insurance.
  • Health status or age make insurance unavailable or prohibitively expensive. If you have a health condition, you may find it difficult to buy a policy and if an insurer will sell you one, the premium may be more than you can afford.
  • No heirs. If you have no heirs, you may not have as much reason to protect assets with long term care insurance.



Dr. Joyce Cavanagh, Former Assistant Professor and State Specialist, Consumer and Family Economics








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Last update: Monday, July 14, 2008




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