Should I Purchase Long-Term Care Insurance?

Long-Term Care Insurance (LTCI) is an extremely important safeguard against potential financial hardship from the cost of long term care.  Quality health care is extremely expensive and the longer life expectancy of the population makes LTCI a necessary purchase.

The most prudent policy has a ten year payment schedule.  The ten year policy might be more expensive for the ten years but then the premiums end and you are covered for life.  The premium is locked in for ten years so you know exactly what the policy is costing you.  There are policies available with lower premiums that last forever but the LTCI provider can increase premiums at any time for unlimited amounts.

One of the features that you can purchase as part of your LTCI is a rider that covers the cost of inflation.  Your policy will have more expensive premiums but your care won’t be compromised by the inflationary pressures of health care.

Another option is the purchase of a feature that will return premiums to your heirs if you never need long term care.  This is an unnecessary expense and you would be better served to pay for the inflation protection option.

The recommended LTCI is to purchase a policy with a ten year premium term, inflation protection, and no payments to heirs upon death.  Long-Term Care Insurance is an effective safeguard against debilitating financial expenses and ensures that you will have quality care when you need it most.


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I am passionate about sharing senior citizen news and resources discovered from both my profession and personal journey.

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