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Many planners refer to Long Term Care insurance as "asset protection."
Individuals need to have assets worth protecting in order to justify the
purchase of a policy. (Medicaid eventually pays for Long Term Care
services once an individual becomes impoverished).
In other words, if you are able to pay Long Term Care insurance premiums
without having to change your lifestyle - you should transfer that risk
to the insurance company.
Health is another important consideration. The state of one's health is a
determining factor in one's ability to secure Long Term Care protection.
This sometimes poses a problem as people don't often consider Long Term
Care insurance until an unfortunate event has affected their health or
the health of a loved one.
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Long-Term Care
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Supplement
