Long Term Care Insurance Pros and Cons

It is important to be aware of long term care insurance pros and cons before making a final buying decision. For some people, buying long term care insurance is a no-brainer. Others, though, may not need to make this purchase at the present time.

Evaluating Long Term Care Insurance

Below are several long term care insurance pros and cons that will help you better evaluate your situation:


  1. Studies have shown that approximately 40 percent of people who turn age 65 will need some sort of nursing care later in life. Long term care insurance can help pay for this costly expense.
  2. Long term care insurance is flexible. Generally speaking, this type of policy will pay for whatever type of care you need – from a nursing home to home health care to assisted living.
  3. Some long term care insurance policies are tax qualified. In short, this means that the premium is tax deductible.


  1. You may never use your long term care insurance. Just like any type of insurance, you never know if you are ever going to rely on the coverage made available to you. In other words, you may pay a premium for many years but never actually use the policy.
  2. It costs money. Just like any type of insurance you are going to pay a monthly premium. Can you afford to pay for long term care insurance for an extended period of time? It does you no good to buy young and then drop your coverage before you reach the age in which you will likely need the policy.
  3. Long term care insurance is underwritten. This means that older people or those with prior health conditions will have to pay more for a policy. Along with this, some people may not qualify at all.

With these long term care insurance pros and cons in mind you should find it easier to decide if buying a policy is worth the time, money, and effort.

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