Do I need long-term care insurance?  If you needed long-term care and would soon qualify for Medicaid benefits, then you should think twice before purchasing private insurance.  If your savings won’t last more than about 6 months before it runs out when paying medical expenses out of pocket, then you fit into this category. 

In this case the cost of private insurance is greater than the savings in the long run. However, if your savings or retirement will allow you to live comfortably for a longer time, long-term care insurance can help you protect your money.

It can also allow you to have more control over your care.  For example, you’ll have more nursing homes or assisted living facilities to choose from than you would on Medicaid.  You’ll also be less dependent on family members to take care of your expenses.

Where can I get long-term care insurance?  You may be able to get this insurance from your employer at a discounted premium.  A quick trip to the Human Resources office is all it takes to sign up.  If your employer doesn’t offer long-term healthcare insurance, you can always purchase it from private insurance agents, banks or sometimes from large professional organizations where you’re a member.