National Long Term Care Awareness Month: Examining the Pros and Cons

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National Long Term Care Insurance Awareness Month is coming to a close, prompting Nathan Sanow, Executive Director and co-founder of LTC Consumer, to revisit some of the pros and cons of getting long term care insurance.

You’ve done your homework, and understand what LTCI is and how it works. If these conditions apply, LTC insurance may be a good idea for you or your parents.

National Long Term Care Insurance Awareness Month is coming to a close, prompting Nathan Sanow, Executive Director and co-founder of LTC Consumer, to revisit some of the pros and cons of getting long term care insurance. “It’s a great option for some, albeit not perfect for everyone,” he said.

“First, the pros,” he starts. “You’ve done your homework, and understand what LTCI is and how it works. You realize neither your current health care insurance nor Medicare are intended to cover long term care. You don’t have a large amount of money in retirement savings, but you don’t see yourself submitting to the asset spend down requirements to qualify for Medicaid long term care services. You now realize you have exposure and need an economical method to handle and transfer the risk. If these conditions apply, LTC insurance may be a good idea for you or your parents.”

“On the other hand,” Sanow continues, addressing the cons, “if you are insurance adverse and have two to three hundred thousand dollars in liquid funds available that are not dedicated for other purposes, insurance coverage may not be worth the price to you. You have both the ability and willingness to try to self-fund the risk. Or, if you’re already uninsurable due to certain health issues, you may not qualify for a policy. In either of these situations you may realize long term care insurance is not right for you.”

Sanow concluded that ultimately, after all the logical and emotional issues are examined, the decision to have long term care insurance coverage can be simplified to: if an individual would rather have it and not need it, or need it and not have it. He believes the right decision is always in the eye of the beholder.

LTC Consumer is an independent free online service for information on long term care insurance, whose website offers education on what long term care insurance is, when to buy it, and how much it costs – all without having to speak to a commissioned sales agent. Users can choose to be put into contact with a professionally licensed LTC Consumer specialist who can answer questions, help them with the process of evaluating specific policy features and carriers, and assist them in completing an application.

National Long Term Care Awareness Month is the creation of the American Association for Long-Term Care Insurance. Founded in 1998, the American Association of Long-Term Care Insurance is a national professional organization dedicated to promoting planning for long term care needs. Its members constitute “the nation’s most knowledgeable and committed professionals along with leading LTC providers,” as stated on its website.

For more information on LTC Consumer, visit http://www.LTCconsumer.com.
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Nathan Sanow
LTC Consumer
+1 503.473.8827
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