A long term care benefits program is a smart choice for many people, but not for everyone.

You should consider long term care benefits if you have assets of at least $70,000 (excluding your home) and/or you have income you want to protect. You may also want to consider a long term care benefits program if you want to choose where to receive long term care and/or you do not want to burden your family with caring for you.

You should not consider a long term care benefits program if you cannot afford the premiums. If you will be paying participation fees with money received only from your own income, a rule of thumb is that you may not be able to afford this type of benefits program if the premiums will be more than 7% of your income.

If your sole income is from Social Security or Supplemental Security Income (SSI) or if you are struggling to meet your basic monthly living expenses, this coverage may not make sense for you. If you are providing for long term care benefits to protect your assets and your assets are less than $70,000, you may wish to consider other options for financing your long term care.