Long Term Care Insurance Purchase: An Alternative Approach

11 Pages Posted: 23 Apr 2013

See all articles by Jean M. Lown

Jean M. Lown

Utah State University - Emma Eccles Jones College of Education and Human Services

Lance Palmer

University of Georgia

Abstract

Due to uncertain future income and premium increases as well as the negative ramifications of letting a policy lapse, educators and advisors should consider the advantages of the self insurance option for long term care. Self insurance offers the flexibility of using funds for long term care or basic living expenses if other funds are depleted, and allows assets to be passed onto heirs if no or little long term care is required. However, self insuring would provide only approximately one third of the insurance coverage provided by a competitive long term care insurance policy.

Keywords: Long term care, Insurance, Financial decision making, Elderly, Retirement

Suggested Citation

Lown, Jean M. and Palmer, Lance, Long Term Care Insurance Purchase: An Alternative Approach. Journal of Financial Counseling and Planning, Vol. 15, No. 2, 2004, Available at SSRN: https://ssrn.com/abstract=2255137

Jean M. Lown (Contact Author)

Utah State University - Emma Eccles Jones College of Education and Human Services ( email )

Logan, UT
United States

Lance Palmer

University of Georgia ( email )

United States

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
37
Abstract Views
382
PlumX Metrics