I am an almost 80 year-old woman and I have had a LTC Policy for many years. I pay $1800 a year for it and worry that the benefits due me won’t be enough, when and if the time comes when and if I need it. I called the company and they said nothing has changed benefit wise. How do I know what the Salesman told me at the time of purchase will be enough to take care of any LTC I need? Money as you know is in short supply and if paying for it is not a good idea should I discontinue doing so? Thank you very much.

Still Paying but Wondering

Dear Still Paying,

Whether you need your LTC policy depends upon what you have for assets – money or homes, and whether you have a spouse.  If you have a spouse living in your home, for example, you can qualify for Medicaid and your spouse can keep the home.

There are other reasons to keep your policy.  Generally, LTC insurance would allow you to have somewhat nicer accommodations at the nursing home, than Medicare or Medicaid would offer.  It depends upon how generous your policy is.  

To figure out whether it is worth keeping your LTC policy, you could talk to a financial planner or to a Professional Geriatric Care Manager.  You can find a PGCM at the National Association of Professional Geriatric Care Managers website. 

Good luck and best wishes for your good health!