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Are You a Candidate for Long Term Care Insurance?
If you meet any two of the three following criteria, then a long-term policy may be of benefit:
- You have more than $150,000 but less than $450,000 worth of retirement assets, including their home
- You feel very strongly about preserving what remains of those assets for your heirs -- or for one surviving family member in particular, such as a disabled child or a son or daughter who is a single parent
- You have reason to believe that you may require long-term nursing care (due to a factor in your own health or direct family history) but do not yet have a specific, diagnosed condition, such as Alzheimer’s disease, that would prevent you from getting insurance
If you have over $450,000 worth of retirement assets, you will probably be better off self-insuring or trying a combination of strategies that includes self-insuring, reverse mortgages and private insurance.
Source: Smart Money, November 1999
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