There are several reasons why someone may choose not to buy long term care insurance:
1. Cost: Long term care insurance can be expensive, especially if you purchase it at an older age. Premiums can increase over time, and if you stop paying, you may lose the coverage and any premiums you have already paid.
2. Limited coverage: Long term care insurance may not cover all of your needs. There may be restrictions on the types of care covered, the duration of coverage, and the amount of benefits provided. It's important to carefully review the policy to understand what is and isn't covered.
3. Alternative options: There may be alternative ways to fund long term care, such as personal savings, investments, or government programs like Medicaid. Depending on your financial situation and eligibility, these options may be more suitable than purchasing long term care insurance.
4. Health eligibility: Long term care insurance typically requires medical underwriting, which means you may be denied coverage or charged higher premiums if you have pre-existing health conditions.
5. Changing needs: Your long term care needs may change over time. You may never need long term care, or you may need it for a shorter duration than anticipated. In such cases, the premiums paid for long term care insurance may not provide a significant benefit.
Ultimately, the decision to buy long term care insurance depends on your individual circumstances, financial situation, and risk tolerance. It's important to carefully evaluate the pros and cons, and consider consulting with a financial advisor or insurance specialist to make an informed decision.