Long Term Care Insurance Case Study

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Wyatt Didier
Section 1 As the baby boomer generation continues to grow older, more and more face the tough decision on whether they should purchase long term care insurance or not. It’s a thought that no one wants to think about, but it is important for everyone in their fifties to plan for the future incase they develop a disability, or has an accident that prohibits them from taking care of themselves. The cost of long term care insurance is steep so there are multiple things you should think about before you purchase a policy. One thing someone in their fifties should think about is their current health situation, as well as their family medical history. Someone who stays active and is in shape is probably more likely to be able to take …show more content…
They most likely will not have proper medical training and will only be able to do so much in that aspect. Also, they have to live their lives as well and they might not even have then time to provide the care that is needed. So relying on family members is not always the best thing to do when thinking about whether to purchase long term care insurance. The last thing to think about before purchasing long term care insurance is your financial position. To the lucky few that are financially well off, you may not even need to worry about purchasing insurance because self-insurance could be an option for you. Making wise investment choices makes it possible for you to skip out on getting a long term insurance policy and use your investment money to pay for expenses if the need arises. Although, a question that you need to ask yourself is will you actually invest the money you'd spend on premiums, and whether your returns on your investments will keep pace with health care inflation (Education & Outreach). If the answer to both of those questions is yes, then you could decide to self-insure instead of purchasing an insurance policy. But if the answer to either of those questions is no, then self-insurance is not
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