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Do I Really Need Long-Term Care Insurance?

Written by Jacob Edward on June 26, 2014 in Insurance  |   3 comments

Many Americans will need the services of a long-term care provider as they get older. Unfortunately, Medicare and private health insurance companies do not cover assisted living facilities and private home care agencies, and many seniors quickly deplete their funds paying for care. There is…

do-i-really-need-long-term-care-insurance-2Many Americans will need the services of a long-term care provider as they get older. Unfortunately, Medicare and private health insurance companies do not cover assisted living facilities and private home care agencies, and many seniors quickly deplete their funds paying for care.

There is no one way for you to predict whether you will need long-term care in the future. But if you’re worried about the expenses associated with it, long-term care insurance is an option to consider.

When to purchase long-term care insurance

If you choose to purchase long-term care insurance, you should do so well before you need it. Insurance companies offer policy discounts to people that are in good health when they apply. Typically, these discounts are locked in, so enrolling sooner allows you the benefit of paying for your policy at a lower rate than you would have otherwise. And your coverage will start immediately, so if something happens sooner than you expected, you will have coverage for care.

Long-term care insurance companies will not issue a policy if they feel that the risk factor is too high—i.e., you are likely to need long-term care in the near future. According to the American Association for Long-Term Care Insurance, 23 percent of applicants aged 60 to 69 are denied coverage, while only 14 percent of those aged 50 to 59 are denied.

(Shopping for life insurance? Click here for the top six myths about life insurance you need to know)

How to purchase long-term care insurance

If you are still working, check with your employer to see if your company offers long-term care insurance. Many companies, especially large national corporations, can get you coverage at a discount.

Even if you apply through your employer, however, you should still shop around to make sure you are getting the best rate.

Certain long-term care insurance plans are not tax qualified (NTQ), while others are tax qualified (TQ). Contributions to TQ plans are tax deductible, but TQ plans have more restrictions around how and when the insurance pays. NTQ plans, on the other hand, generally have fewer restrictions. Carefully review the policy details to determine whether the benefits of having an NTQ plan outweigh the tax-deductible TQ premium.

Long-term care insurance should be purchased only after consulting with family. Each person’s financial situation is different and requires different considerations to be made.

Jacob Edward is the Manager of Senior Planning, a long-term care-planning agency in Phoenix, Arizona.

The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.


  1. Tom B. says:

    I was almost in that 23% category. The insurance company sent over a nurse to do all the paper work and took my blood pressure, ONLY ONCE. Of course I had a slightly elevated BP and was turned down. I had to get a letter from my primary doctor that I had never had high BP in the 30 years I have been his patient. Fortunately it worked. I was 65 at the time. I’m a bit over 71 now and feel just as good as I did then.

  2. Scott K. says:

    Thanks for giving such a good information to us.

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