IS GROUP LONG TERM CARE RIGHT FOR YOU?
If you are wondering whether or not you need long term care insurance, you should first consider whether you can afford it. If your annual income is low (for example, less than $20,000 per year) and you do not expect it to increase over time, you may not be able to afford the premiums. Also, consider whether you have assets you want to protect. If your total assets are low (e.g., less than $30,000), you may qualify for Medicaid relatively easily.

Medicaid is the single biggest source of funds for long term care services. It was designed to help those with limited means, so in order to qualify, you must “spend down” your assets to a very low level, and you must use a provider that accepts Medicaid patients.

In addition to financial considerations, consider the following as you think about whether to enroll in MPEL:

  1. Does your family have a history of Alzheimer’s disease, Parkinson’s disease, or other similar diseases that are likely to require long-term care services?
  2. Is it important for you to maintain your independence? If you are ever in the situation where you require long-term care services, do you want to choose where and from whom you receive care?
  3. Do you have a support network of family or friends that would be willing to care for you if you became chronically ill? Would you be willing to ask them for help?

If you think long term care insurance may be right for you, click “Continue” below.

 
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