5-Minute Long Term Care Needs Analysis

To learn if the cost of long-term care represents a possible threat to your financial security and retirement dreams - and to help determine if private insurance is a sensible option for you - please complete this simple 5-Minute Long-Term Care Needs Analysis. You may want to print this out and complete it in pen or pencil.

Do I Need Private Long-Term Care Insurance?

1. What is your net worth? $__________
Guideline: If your net worth is between $75,000 and $2 million and you're relatively healthy, you're an ideal candidate for long-term care insurance.

2. How old are you?_______
Guideline: The average age of new applicants is 68. However, the sooner you   apply, the easier and less expensive it is to qualify.

3. Do you have heirs or a favorite charity? (circle one)  Yes   /  No
Guideline: In addition to helping protect your independence, private long-term care insurance protects your assets. So, most people who purchase it do so with the intention of safeguarding a portion of their nest egg to pass on to a loved one or favorite charity.

Am I Eligible?

Each applicant for long-term care insurance goes through an approval process called "underwriting." The underwriter must determine your ability to remain self-sufficient and live independently.

1. Have you been medically diagnosed as having chronic memory loss, liver cirrhosis, muscular dystrophy, Parkinson's Disease, Alzheimer's Disease, senility or dementia, or multiple strokes? (circle one)  Yes  /  No

2. Do you currently need a walker, wheelchair, oxygen, or kidney dialysis? (circle one)  Yes   /   No

3. Do you currently need the ongoing assistance or supervision of another person in performing any of the following activities: Getting out of bed or up from a chair, bathing, dressing, going to the bathroom, controlling your bladder, eating? (circle one)  Yes /  No
Guideline: Unfortunately, a "yes" answer to any part of Questions 1-3 will disqualify you. On the other hand, answering "no" to all three doesn't assure you'll be accepted. The insurer will want to consider your medical history, mental acuity, physical abilities, home environment and social support. IMPORTANT: Most long-term care policies come with a 30-day money-back guarantee. So there's no risk or obligation to find out if you qualify.

How Much Do I Need?

1. What are the costs of long-term care in your area? $__________
Guideline: A typical stay in a nursing home will cost $30,000 a year in the South, Southeast and Midwest - and could be as much as $65,000 a year in the Northeast and on the West Coast. Part-time care at home typically costs $8,000 to $20,000 a year.

2. How much of the cost of long-term care do you wish to insure? (circle one)  100%    90%    80%    50%
Guideline: We recommend you attempt to insure at least 80% to 90% of your potential risk. Also, if you're younger than 75, we recommend an inflation protection option, if you can afford it.

What Type Should I Apply For?

1. Which type of coverage would you prefer?
___ Nursing-home and home-health care;
___ Nursing-home care only; or
___ Home-health care only
Guideline: Most experts recommend a plan that covers both. However, if you can't afford this, consider a plan that covers nursing-home care only. This represents your greatest financial risk.

2. Do you have family members nearby who could act as a support system in the event you needed assistance? (circle one)
Yes   /  No
Guideline: If so, would they be able to take care of you for an extended period of time -and would you want that?

Your Next Step Is Easy

Now that you've completed LTCQ's 5-Minute Long-Term Care Needs Analysis, you should know if private insurance is the most practical, cost-effective solution for you.

If the answer is "yes," you'll want to request a free, personalized quote a copy of the book "The Insider's Guide to Long-Term Care." Do to so, simply fill out this short form...

This information has been provided by Long-Term Care Quote. ElderCare Online assumes no responsibility or liability for information provided here.