Home > Personal Finance Center  > Life Insurance > Do You Need Long Term Care Insurance?

Do You Need Long Term Care Insurance?

Do You Need Long Term Care Insurance?

An accident, illness, or the effects of age may create the need for long-term health care. If that happens, you'll want the best possible care without incurring financial difficulties. Long-term care insurance can cover nursing home stays, home health care and community-based services.

Should you purchase a long term care insurance policy? As a general rule of thumb, if you have less than $500,000 in assets to protect, it is probably not a good idea to get long term care insurance since you should qualify for Medicaid. If you have more than $2,000,000 in assets, self-insurance – where you simply pay for expenses as they occur – is probably your best bet.

If your assets fall somewhere in between then long-term care insurance might be a good option. Look for a policy that covers nursing home stays and assisted living. If the policy covers in-home care, make sure it offers a full range of community-based services including adult day care, or be sure you can receive monthly cash allowances that you can spend however you choose for your care.

What is New

Stock Market

Stocks headlines
Index Last Change
Dow 16514.37 65.12
Nasdaq 4126.97 -34.49
S&P 500 1875.39 -4.16
NYSE 10581.55 -17.47
AMEX 2609.57 -5.75
Input stock ticker 
Or company name