Long term care insurance is not right for everyone, but for many seniors it is one of the smartest protective moves. Here is how to decide.
When long term care insurance is worth it
Coverage tends to pay off when you have meaningful savings or a home to protect, want to avoid burdening adult children with hands-on care, value choosing your own care setting, or have a family history of dementia or chronic illness. Since the U.S. Department of Health and Human Services estimates about 70% of those turning 65 will need some long term care, the risk is real and common. For middle-class seniors especially, a policy can mean the difference between preserving an estate and spending it down. A 1-800-MEDIGAP advisor can help you weigh your odds honestly.
When it might not be worth it
Long term care insurance may not make sense if your assets are low enough that Medicaid would cover care anyway, or if you are wealthy enough to comfortably self-fund years of care from savings. It can also be a poor fit if premiums would strain your budget to the point of dropping the policy later, since lapsing wastes the money paid. The decision is genuinely individual. Rather than guessing, call 1-800-633-4427 and a 1-800-MEDIGAP advisor will give you a straight, no-pressure assessment of whether it fits.