Long-Term Care Insurance: Weighing the Options

The cost of Long-Term Care Insurance premiums is largely dependent on several factors, including age, policy type, and level of coverage (nursing home vs. in-home or assisted-living care or other type of care). Therefore, it is always smarter to purchase a policy while you are younger and healthier since coverage will always be less expensive and easier to meet health qualifications.

Hybrid insurance products that include a death benefit are also worth exploring for many people.

Having a plan in place to address extended care can provide these benefits:

  • Keeping financial commitments during retirement
  • Securing the financial viability of the other spouse
  • Potentially reducing taxes by avoiding selling an asset that would involve capital gains
  • Potentially avoiding the need to sell assets during a down market in order to fund care

If you have no assets and don't have the income to afford long-term care insurance, you might be eligible for Medicaid. In this case, long-term care insurance might not be right for you.

But for many Americans, a sensible policy purchased at a relatively young age can be one of the smartest retirement-planning moves one can make.


I’m Meredith Pensack and since 2003 I’ve helped well over a thousand people protect their retirement portfolio as well as their families. I specialize in LTC insurance solutions, including hybrid options that combine either life insurance or an annuity. This is my passion and I look forward to helping you, too.