October 5, 2006 5:59 AM
Quick Test Of Long-Term Care Insurance Suitability
After reading many literature of long-term care insurance, I found this quick test to be quite effective in determining whether one should acquire long term care insurance coverage.
From Consumer Reports:
Consider a plan if:
By around age 55, you have a chronic medical condition that you and your doctor believe could eventually require nursing-home care or if you have a family history of a debilitating disease.
AND
Your assets are between $200,000 and $1.5 million, and you must protect them for a spouse or relatives.
AND
You have no willing or available family member to take care of you. Even with the support of community and professional home-care services, you’ll need a family caregiver. Because women live longer than men, they are more likely to need nursing-home care.
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