To qualify for Medicaid, many people have to spend down their assets to a qualifying amount. The fact is, a majority of Long Term Care costs fall on the individual to pay. Are you prepared to cover these expenses?

Long term care (LTC) insurance is not for everyone. To determine whether it is a good option for you, you should first consider the following:

• Your current assets. You should probably not buy a long term care policy if paying the premiums will cause financial hardships or you may have difficulty paying the premiums later in life. However if you have a lot of assets you wish to preserve for your family, an LTC plan may be for you.
• Your health. Do you have any health or lifestyle factors (smoking, being overweight, having high blood pressure) that may put you at risk for needing long term care?  Does your family have a history of chronic health problems? 
• Your life expectancy.  Consider the average age your family members live to be. This may be a good indication whether you can expect a long life, hence putting you at greater risk for needing long term care in your lifetime.
• Your gender.  Women are at a greater risk for needing long term care and generally spend more time in a nursing home than men because of their greater average life expectancy.

Source:  A Shopper's Guide to Long-Term Care Insurance, 1999.