Who should (and shouldn't) buy Long Term Care insurance?

The idea of purchasing long-term care (LTC) insurance to offset future costs is gaining popularity as the only option that allows you to keep your assets. In addition to the financial benefits, long-term care insurance gives you more options and more control over your future health care.

If you consider yourself middle- or upper-income and are in reasonably good health, long-term care insurance is an option worth looking at. However, long-term care insurance is not the answer for everyone. As a rule of thumb, if you cannot afford the yearly premium you should not be buying long-term care insurance. People with low income and limited assets usually meet their long-term care need through their county's Medical Assistance program (also called Medicaid or M-A). Once a person qualifies for Medical Assistance, all expenses for nursing home care, qualified home care and medical costs are covered by the state.

This information is from the MN Dept. of Commerce.

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Martinson Insurance
518 Hawthorne Street • PO Box 8
Alexandria, MN 56308
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