Is long-term care insurance right for you? It depends on your current health and financial resources.

You qualify for coverage with your good health. You must be in reasonably good health in order to qualify for coverage. Once it's in place, your coverage is guaranteed renewable for as long as you pay required premiums.

Is it affordable? If those premiums become unaffordable, you will lose your coverage, and usually you lose your prior premium payments as well. You should not purchase long-term care insurance if the costs impact your ability to pay for basic household expenses. If you are in doubt about your ability to continue premium payments you are likely to qualify quickly for Medicaid's long-term care benefits.

If you are healthy and have sufficient assets to pay the premiums, a well-designed long-term care insurance plan can provide you with financial independence and the freedom to choose from a variety of care providers, including professional home care services and apartment-style assisted living facilities.

Click here to develop a personal long-term care plan.