Is Long Term Health Insurance Worth It?

  1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    Long Term Care (LTC) insurance is an indemnity policy.  That means that if certain conditions are met the insurance company will make you "whole" as defined in the contract.  If you never meet the conditions described in the contract then no payments are made.  If you do meet the conditions the company is obliged to pay to the limits of the policy which could be a multiple of premiums paid.
    Answered on February 19, 2014
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  2. 63333 POINTS
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    Peggy Mace
    Most of the U.S.
    Long Term Health Insurance (known as Long Term Care Insurance) is worth it for some people and not for others. If you have a large amount of savings, investments, and/or property, Long Term Care Insurance can protect your estate by paying for the cost of caring for you if you cannot care for yourself. If you have very little in the way of assets, LTCI may not be worth it, as Medicaid would cover the cost of staying in a nursing home. However, whether you have a large estate or not, Long Term Care Insurance does provide some freedom in choosing where you receive your care. And for some people that is worth the price of the insurance.
    Answered on February 21, 2014
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