Who Should Not Buy Long-Term Care Insurance?

Shawn Plummer

CEO, The Annuity Expert

Who Should Not Buy Long-Term Care Insurance?

Long-term care insurance (LTC) is a significant financial product designed to cover costs that aren’t typically covered by health insurance, Medicare, or Medicaid.

However, there are certain circumstances where purchasing LTC insurance may not be advisable:

  1. Financial Constraints: If you cannot afford the premiums comfortably, LTC insurance might not be the best choice. It’s essential to ensure that paying for this insurance doesn’t cause financial strain or impact your ability to meet other necessary expenses.
  2. Limited Income and Assets: Individuals with limited income and assets might find the cost of LTC insurance prohibitive. In some cases, they might qualify for Medicaid, which can cover long-term care costs.
  3. Health and Eligibility Issues: People with certain pre-existing health conditions may not be eligible for LTC insurance, or the premiums might be prohibitively expensive.
  4. Alternative Coverage: Some may have other means to pay for long-term care, such as substantial savings, investments, or a robust retirement plan, making LTC insurance less necessary.
  5. Preference for Different Care: Individuals who prefer relying on family or community-based services might opt not to invest in LTC insurance.

Factors Influencing the Decision Against LTC Insurance

Financial AffordabilityAbility to pay premiums without financial strain.High cost can deter individuals with limited budgets.
Income and AssetsThe level of personal financial resources available.Limited resources might lead to Medicaid eligibility, reducing the need for LTC insurance.
Health StatusPre-existing health conditions and overall health.Poor health can lead to high premiums or ineligibility.
Alternative ResourcesAvailability of other resources to pay for long-term care.High personal wealth or savings can negate the need for LTC insurance.
Care PreferencesPersonal preference for types of long-term care (family care, community services, etc.).Preference for non-institutional care might reduce the need for LTC insurance.


Choosing whether to purchase long-term care insurance is a decision that requires careful consideration of your financial situation, health status, and personal preferences. If LTC insurance causes financial strain, or if you have other means to comfortably manage potential long-term care expenses, it may not be a necessary investment. Assess your individual circumstances thoroughly to make an informed decision.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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