3 Reasons NOT To Buy Long Term Care Insurance!


Although there are many more great reasons to buy Long Term Care insurance, there are also a few reasons you shouldn’t or will not be able to purchase Long Term Care insurance.

Main reason to buy Long Term Care insurance is the fact that 70% of people over the age of 65 will require some Long Term Care during their life!
Long Term Care is very expensive and could wipe out your entire retirement savings unless you prepare in advance. Buying Long Term Care Insurance now, while still healthy, puts the majority of the Long Term Care expense burden later in life on the insurance company.

Below are three reasons why you should not or may not be able to buy Long Term Care insurance.

  • Your health conditions may prevent you from being qualified for approval with a Long Term Care insurance plan.
    Many insurance companies that are still carrying Long Term Care insurance are relatively liberal with what health conditions and histories they will accept. Even conditions such as: Obesity, diabetes, depression, hip or knee replacements, heart attack, osteoporosis, and some cancers are many times approved. Although, an approval will depend on your individual situation.
    However if you have any of the following conditions, then you most likely will not be able to get approved for the purchase of Long Term Care insurance: Alzheimer’s disease, Parkinson’s disease, Dementia, Multiple Sclerosis, Schizophrenia, Amyotrophic Lateral Sclerosis (ALS) and even some brain injuries. If you can't perform (or need assistance performing) your activities of daily living (such as: bathing, dressing, eating, transferring, continence and toileting), you won't be able to purchase a policy.

  • You simply can’t afford to buy Long Term Care Insurance.
    If you have less than $100,000 in savings and also have less than $25,000 of income per year, you may spend down all your assets as well as income for just paying for your Long Term Care services and that could possibly qualify you for your state’s Medicaid program. However you may not be satisfied with the limited choices of the Long Term Care services available through Medicaid such as: the actual limited facility choices available under Medicaid and the quality of care provided by Medicaid.
    Note: Children may purchase a Long Term Care insurance policy for their parents. With that approach their parents can actually pick a Long Term Care facility of their own choosing or their parents even stay in their own home with assistance, if applicable.

  • Your age may prevent you from purchasing Long Term Care Insurance.
    Age is a definitely a consideration for Long Term Care Insurance approvals. The older you are, or the less healthy you are, the higher the insurance premium. (That is, if you can still get you approved.) Each insurance carrier may have their own age ranges. However, generally people over age 80 (some companies may even go up to 84), you will not be eligible. Health conditions are also a large part of the approval process. So if you are healthy and at an older age, you may still qualify, but at a higher premium.

Contact me at (941) 404-5334 to discuss your long term care options and/or get you started on the right track of getting yourself insured.

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