Do I need Long Term Care Insurance?
Below is a simple self-assessment to see if you really need LTC.
Please answer all the questions honestly and objectively…
|1. I want to live in my home as long as possible?||YES No|
|2. I would like to remain independent as I get older?||YES No|
|3. The quality of care I receive is important to me?||YES No|
|4. When I need Long Term Care, I would like to have options of care providers/places?||YES No|
|5. I don’t want to be a burden to family member as I grow older?||YES No|
|6. I have had a personal experience making arrangements for someone in a nursing home?||YES No|
|7. I believe needing Long Term Care as sometime in my lifetime could happen to me?||YES No|
|8. I realize this is not an “old age” issue, that a Long Term Care event can happen to anyone…at any age?||YES No|
|9. Protecting myself from losing everything I’ve worked for all my life is a concern to me?||YES No|
|10. I would like to “safeguard” my family assets for my loved ones if something happens to me?||YES No|
|11. An unexpected annual expense in excess of $100,000 would affect my family and me?||YES No|
|12. My total assets are greater than $100,000 and less than $3.5 million dollars?||YES No|
|13. I have done some financial planning?||YES No|
|14. With Long Term Care costs exceeding $50,000 annually, I would run out of money within 4 years?||YES No|
|15. I realize that as expensive as a Long Term Care event is now, I understand that costs are expected to triple over the next 20 years?||YES No|
|16. I think Long Term Care is the BIGGEST unprotected risk to my life saving?||YES No|
|17. I feel I could pay for my Long Term Care policy out of interest I receive on my savings?||YES No|
|18. Long Term Care Insurance sounds like something I could benefit from if I could qualify for coverage?||YES No|
|19. If I could own a Long Term Care policy and pay in an entire lifetime of premiums what would be the cost of less than one year in a care facility, it would make sense for me to insure myself against the uncertainty of needing Long Term Care?||YES No|
|20. I don’t believe the Medicare/Medicaid will pay my Long Term Care?||YES No|
|21. I want to receive Long Term Care benefits that are tax-free?||YES No|
|22. If I could save a substantial amount of money in premiums, I would apply today?||YES No|
So, do I need Long Term Care Insurance?
To determine your score, please add up all of your “YES” answers…
Total of your “Yes” answers_______
15 or more…
If you had a total score of 15 or more “Yes” answers – Everyday you procrastinate getting the “peace of mind protection” a Long Term Care policy provides, puts you at a greater risk of your health jeopardizing your qualifying! You should already own a Long Term Care policy! What are you waiting for?
If you had a total score of 10 to 15 “Yes” answers – You should definitely submit an application today to see if an insurer would consider you an “insurable risk.”
Less than 10…
If you had a total score of less than 10 “Yes” answers – You should re-examine your priorities to see what your alternatives are before committing to a Long Term Care policy.
Abe Glickman, LTCA, LTCP
Member: AALTCI, NAHU, NAIFA, SOA
Abe Glickman Insurance Group
Toll-Free Phone: 877-298-5824
“It is better to create a plan 10 years too soon than one day too late.”
Questions or Comments? Give me a call!