Who Should Buy Long Term Care Insurance? 
A better question would be `` Who Should n't Buy Long-term Care Insurance '' ? Thats simpler to answer . The following people should NOT buy long term care insurance : 1 . Those that can not afford the premium on even a base policy . 2 . Those that have virtually no assets to pass on to the next generationand will need every available dollar saved for retirement . 3 . Those that will have to work until they die for lack of savings and insufficient Social Security payments or private pension . 4 . Those that can not medically qualify . 5 . Those that are already unable to perform regular daily activities of living without assistance . People in those conditions may qualify for the payment of long-term care through Medicaid -LRB- MediCal in California -RRB- if they come to a point in their life where they need care and ca n't afford it . If the above conditions describe you in any way , you should be sitting down with your adult children or closest relatives and coming up with a plan of action should you be unable to take care of yourself . Everyone else should consider buying some long-term care insurance through an agent or agency that either specializes or has a specialist that is experienced in handling long-term care insurance casework . Having some amount of insurance is better than having none . When one qualifies to receive payments from the insurance company for long-term care , they are usually near the end of their life . The average long-term care claim is approximately 2 - 2.5 years . For those that need care longer than that , virtually all but the most unusual claims are paid out after 5 years . Families with a history of late-life mental illness -LRB- dementia or Alzheimers -RRB- should consider buying a larger pool of money than others , if they can afford it . It is in the best interest of the adult children to help out with long-term care premium payments if the elderly parents can not afford to pay all of the costs . Long-term care is an emotional , psychological , sociological , and family problem as much as it is financial . For the dignity of those who need care and the people or person most likely to be the caregiver , there needs to be a plan of action determined and long-term care insurance should be a part of that plan if it can be afforded and the person is medically qualified . Long-term care insurance is best purchased when young . Premiums can and will go up during the life of the policy if all the bells and whistles are included in the design of the coverage . But , those increases will seem like pocket-change if one needs long-term care . $ 80,000 per year is not unusual for facility care today . 24/7 home care can exceed $ 20,000 per month ! With family help , home care costs can be kept down . But , if facility care is required , there 's not much that can be done about avoiding high costs . Long-term care costs vary by place . The left - and right-hand coasts are the most expensive . Relocation may be necessary to get affordable care in a quality facility . 