Who Buys Long Term Care Insurance?
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaLong term care generally is a consideration in your senior years. Most advisers begin addressing long term care insurance with their clients and prospects around age 50. But it seems that many seniors purchase it in their early 60s. The #1 risk in retirement is human longevity. Living longer impacts retirement funds and the increased probability of needing assisted living and/or nursing home care. But people whose families have predispositions to disease or chronic hospitalization may want to consider long term care while they're young and healthy.Answered on August 21, 2013flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.The people who buy long term care insurance are those who have assets to protect and/or those who want to have a say in where they will spend their final days of life. Without long term care insurance, assets must be spent down in order to pay for the care. When those funds are gone, Medicaid pays, and the care must be received where Medicaid is accepted. Most long term care insurance now pays the insured person so that they can spend the funds in the location of their choice.Answered on August 21, 2013flag this answer
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