Though appearing in 2003 Consumer Reports, this gives an overview.
Skip a plan if:
Your net worth is less than $200,000. Medicaid will pick up the bills after you exhaust your
funds. Depending on the state, your spouse may be allowed to keep some assets and his or
her own income up to a specified limit, and also to remain in the family home.
OR
Your assets exceed $1.5 million. You will be able to afford to pay for your own care.
OR
You can’t afford the premiums for the necessary coverage, or you don’t anticipate having
enough money to cover sharp premium hikes that may take place during the years you own the
policy.
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Consider a plan if:
By around age 55, you have a chronic medical condition that you and your doctor believe could
eventually require nursing-home care or if you have a family history of a debilitating disease.
AND
Your assets are between $200,000 and $1.5 million, and you must protect them for a spouse or
relatives.
AND
You have no willing or available family member to take care of you. Even with the support of
community and professional home-care services, you’ll need a family caregiver. Because
women live longer than men, they are more likely to need nursing-home care.
