Should You Have Long Term Care Insurance? 
That is a great question ! While it is true that at some point the majority of us will need some form of long term care , buying a policy might not be necessary . Many insurers have learned that these policies ate far more profits than they 'd planned , and so they either dropped the policy line altogether , or they scaled back benefits , and raised the prices . In many cases , to the point where they may not really be an affordable option for Elder Citizens . There are insurance policies and annuities that make promises to pay extra for a certain amount of time to cover your LTC needs , but they really need to be looked at carefully , as they often are n't as generous as they first appear . The best solution comes from -LRB- believe it or not -RRB- our Government , that enacted a law in 2006 that went into effect in 2010 that allows for any structured payments -LRB- annuities , 401k payments , etc. -RRB- that are used solely for LTC expenses to be tax free . So it may be that your best option is to fund some retirement accounts , or purchase an annuity or two , and earmark them specifically for that purpose . Depending upon your age , and the amount that you are able to fund , this may be a more affordable option over the long haul , and one that protects your retirement income . It may be beneficial for you to talk this over with a trusted adviser to weigh out which option is best for you . I hope that helps , thanks for asking ! 