Long Term Care - Who Should Buy

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long term care insurance: who should buy long term care insurance?

Long term care insurance is one option to help you plan for the high cost of future care. Long term care insurance can help relieve the emotional and financial strains a long term care need can place on you and your family. And, it can give you peace of mind knowing that you have a plan in place to help protect your assets, preserve your estate, and retain more control and choice over your future care. In addition, premiums paid by an individual for a tax qualified policy are treated as an itemized medical expense for tax purposes, subject to certain limits. Benefits paid are generally not considered part of taxable income. Here are some reasons to consider long term insurance.

1. To help protect your assets and your estate – including your home.

Paying for long term care services out of your pocket could quickly deplete your savings and assets. Long term care services can be very expensive. The national average cost to have a home health aide for 8 hours a day is $4,623 a month or $55,480 a Year. The national average cost for a year in a private nursing home room is $77,745, and can be almost double in some areas of the country.*

* Source: MetLife Mature Market Institute, The MetLife Market Survey of Adult Day Services & Home Care Costs, September 2007. The MetLife Market Survey of Nursing Home & Assisted Living Costs, October 2007.

2. To help maintain your spouse’s standard of living, financial security, and peace of mind.

If you spend down your savings to pay for your ongoing care, would your spouse still be able to live comfortably?

3. To help relieve family and friends from providing your care.

With most adult children working full-time and living further away from their parents, it may be difficult for family members to provide your care.

4. To help preserve your independence, allowing you to live where you wish.

Once you spend down your savings to pay for care, you may be able to qualify for Medicaid. However, Medicaid does not pay for care at home and may limit facility care to certain locations. A customized long-term care policy can provide you with more choices.

5. To have more choices and control over your future care.

Long term care insurance helps give you more independence and control over health care decisions and, with some policies, where your care takes place, such as at home, in the community, or in a facility.

The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. MassMutual, its employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.

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